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Small Business Retirement Plans in Middletown DE & Newark DE

Offering a retirement plan for your employees could be one of the best things you'll do for your small business. The benefits aren't just in the future, either—as pointed out by the Department of Labor, starting a retirement plan offers immediate tax benefits in the form of deductibles, deferred taxation, and tax-free growth. Small employers can also usually take advantage of available tax credits that help offset the creation and administration of their plan, making it both easy and affordable to get started.

Types of Small Business Retirement Plans

If you're going to start offering small business retirement plans, you need to decide what type of plan(s) are actually going to be offered. There are a few different choices, each with their own advantages for different types of business owners.

401(k) Plans

A 401(k) plan—named after its designation by the IRS—is a special type of retirement account that allows employees to contribute some of their earnings into a savings plan. The three main forms of 401(k) plans available are Safe Harbor, Automatic Enrollment, and Traditional, all of which have important differences for small businesses. We encourage talking to a certified financial professional prior to selecting a plan in order to ensure that it's right for your company's needs, both now and in the future.

*Federal income tax laws are complex and subject to change. Neither Nationwide nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions. 

Profit Sharing Plans

If your company's income is variable, you can opt for what's known as a "profit sharing plan." These plans accept contributions at the discretion of employers, and typically do not require a certain amount of contributions each year. This is especially useful for startups, who may not have funds to spare as they work to establish themselves and deal with the challenges of creating a new business.

While all plans are required to file a Form 5500 each year to report their performance, the plans are accepted for businesses of any size and can even be used by companies that have other retirement plans in place. A PeopleFirst Insurance agents would be happy to discuss these and other options with you.

Guarantees and protections are subject to the claims paying ability of the issuing insurance company.

1. "Choosing a Retirement Solution for Your Small Business." Accessed April 12, 2016. http://www.dol.gov/ebsa/publications/choosing.html.

2. "Form 5500 Corner." Accessed April 12, 2016. https://www.irs.gov/Retirement-Plans/Form-5500-Corner.

Our Location

PeopleFirst Insurance

5236 Summit Bridge Road
Middletown, DE 19709
Main office: 302-416-6830
Toll free: 866-285-6475
Fax: 888-229-0267

Our Providers

Testimonials

Best service around! PeopleFirst insures my business and personal needs with care and personalization every time. Vicki and Lisa have been great.

James, Wilmington, DE
I can't say enough good things about PeopleFirst Insurance. They found an amazing auto insurance rate for us when our last policy renewed at nearly twice its former premium. Linda has been wonderful helping me get a chip repaired in my windshield at no cost. Thanks, PeopleFirst, I love working with a local business that cares about its customers!

Kathleen T., Middletown, DE
I made the switch from AARP to your agency and am getting better coverage and I am saving money.

Dotty, Lewes, DE
PeopleFirst insurance is awesome!!! Saved me over $500 dollars on my car insurance!!!! Made it easy as can be and was really fast! A special thank you to the staff member who took my call, and patiently gave me all the time I needed to gather my information she needed and give it to her over the phone. Not to mention she gave me a call back WITHIN AN HOUR of the good news that I can save a fourth of what I used to pay! Thank you guys so much for the help!!!

Sara K., Northvale, NJ
Your Agency takes care of me. The rates are reasonable and the Customer Service is excellent. Linda is a wonderful person to deal with.

Iphdeller, Middletown, DE