Pinnacle offers a national 401(k) retirement plan through Empower with no administrative cost to the owner of the business. Pinnacle coordinates the administration and assists in the set up.
Why Offer 401(k)?
It is a great way to attract and retain quality team members. The longer a team member stays with you, the more money they build up for retirement!
401(k) payroll deductions are done “pre-tax”, which means the employee does not have to pay taxes on that portion of each paycheck.
Any matching contributions from the business owner are a tax deductible expense for the business.
Pinnacle already has a master plan document in place which makes it easier to initiate a plan for our clients. The business owner can select from many options, such as matching amounts (if any), safe harbor options, vesting options, and investment choices. The plan is administered by Empower, one of the nation’s top 401(k) providers. See retiresmart.com for more information. Empower acquired MassMutual is early 2021.
Business owners should contact your Pinnacle account rep to receive a 401(k) brochure and Installation Kit. Team Members cannot enroll in 401(k) until the owner does a client set up. Our 401(k) representative in the office is Lu Gutierrez at (210) 344-2088.