401(K) Retirement Plans
While PMG Agency does not directly offer 401(k) retirement plans, we know they are an essential part of a complete employee benefits package. That’s why we partner with a local, independent financial advisory firm to connect our clients with professional guidance on plan design and implementation.
What is a 401(k)?
A 401(k) is an employer-sponsored retirement savings plan that allows employees to save and invest a portion of their paycheck before taxes are taken out. Contributions grow tax-deferred until withdrawal at retirement age. Employers often offer matching contributions to help employees save more.
Key Features of 401(k) Plans
- Employee Contributions: For 2025, employees can contribute up to $23,500 annually. Those aged 50 or older may contribute an additional $11,250 as a catch-up contribution.
- Employer Match: Many employers match a portion of employee contributions, boosting retirement savings.
- Tax Advantages: Traditional 401(k)s reduce taxable income, while Roth 401(k)s allow for tax-free withdrawals in retirement.
- Investment Options: Employees can typically choose from mutual funds, index funds, and target-date funds.
- Vesting: Employer contributions may follow a vesting schedule, requiring employees to stay a certain length of time before gaining full ownership.
How PMG Can Help
PMG Agency specializes in health and ancillary benefits. To ensure our clients have access to retirement planning expertise, we partner with a trusted local financial advisory firm. Together, we provide:
- Access to professional retirement plan design
- Guidance on employer match structures
- Compliance support with IRS and Department of Labor regulations
- Employee education and enrollment support
Important Note: PMG Agency does not administer or manage 401(k) plans directly. All retirement plan services are handled by our independent financial advisory partner.
Why a 401(k) Matters
Offering a retirement plan helps employers:
- Attract and retain top talent
- Support employee financial wellness
- Benefit from potential tax savings on contributions
For employees, a 401(k) provides:
- Long-term financial security
- Employer match contributions
- Automatic payroll deductions for consistent savings
- The power of compound growth over time
Ready to Learn More?
A 401(k) plan can be a valuable addition to your employee benefits package. Let PMG connect you with the right professionals to design and implement a retirement plan that fits your business.
