Retirement Plan Design Built Around Your Business
No two businesses are alike, and your retirement plan shouldn’t be either. We work with small- to mid-sized companies to design plans that fit your workforce, budget, and long-term goals, whether you’re setting up a 401(k) for the first time or optimizing an existing plan that’s due for a second look.
Our retirement plan design process covers plan structure and eligibility, contribution strategies including catch-up contributions for employees nearing retirement, beneficiary designation frameworks including primary and contingent beneficiaries, and integration with broader estate planning considerations. We make sure the plan is built correctly from the start because good design makes everything downstream easier.
What We Handle So You Don’t Have To
Managing a retirement plan entails real administrative and legal responsibilities. We serve as an active partner in keeping your plan compliant, cost-effective, and running smoothly.
Fiduciary Oversight and Protection
We take on fiduciary responsibility so you don’t have to, protecting plan sponsors and ensuring your employees are always looked after.
Investment Oversight and Review
Your investment lineup is built to a defined criteria, kept cost-effective, and monitored continuously. No set-it-and-forget-it approach here.
Benchmarking and Fee Analysis
Not happy with your current plan? We’ll give you an honest assessment of performance, fees, and service quality — and show you what better looks like.
Financial Wellness for Your Employees
A retirement plan is only as valuable as employees’ understanding of it. Too often, workers don’t engage with their benefits because no one ever took the time to explain them clearly. We consider ourselves an extension of your leadership team, which means we show up for your employees, not just for you.
We provide financial wellness programming through group education sessions and individual one-on-one meetings, covering everything from enrolling and optimizing contributions to beneficiary designations, inherited IRA considerations, and long-term retirement planning. Employees who feel financially confident are more productive, more loyal, and more likely to actually value the benefit you’re working hard to provide.
Working With a Qualified Retirement Planning Team
Retirement plan management isn’t a side service for us; it’s a core part of what we do. Our team maintains independent relationships with reputable record keepers and third-party administrators (TPAs). That independence matters: We’re not locked into one provider, which means we can find the right fit for your plan rather than the most convenient one for us.
Frequently Asked Questions About Retirement Planning
Retirement planning services typically include retirement plan design, investment planning, retirement income strategies, and tax-efficient withdrawal planning. Advisors like Onawa Group help business owners establish employer-sponsored retirement plans, optimize employee contributions, and ensure plans align with long-term financial goals.
There are several retirement plans designed specifically for small business owners. Common options include:
- 401(k) plans for small businesses
- SEP IRAs (Simplified Employee Pension)
- SIMPLE IRAs
- Cash balance plans
The best option for your business depends on its size, eligible employees, contribution limits, and long-term retirement goals. A financial advisor can work with you to determine which plan structure works best.
Setting up a 401(k) for a small business usually involves selecting a plan provider, determining plan design features, and establishing contribution guidelines for both employers and employees. Business owners should also define eligibility rules, contribution limits, and vesting schedules. Working with a retirement planning advisor can help ensure the plan meets regulatory requirements while maximizing benefits for the business and its employees.
Retirement plan design means the structure and rules of an employer-sponsored retirement plan. This includes determining contribution limits, employer-matching policies, employee eligibility requirements, vesting schedules, and investment options. A well-designed retirement plan helps attract and retain employees while providing tax-advantaged savings opportunities.
A retirement plan beneficiary designation identifies who receives the assets in a retirement account upon the account owner’s death. Individuals typically name a primary beneficiary, such as a spouse, and may also designate a contingent beneficiary in case the primary beneficiary is unable to inherit the assets. Properly naming beneficiaries — such as spouses, family members, or trusts — can help ensure assets transfer efficiently and may provide tax advantages for heirs. Keeping beneficiary designations up to date is an important part of both retirement planning and estate planning, especially after major life events such as marriage, divorce, or the birth of a child.
401(k) investment advisors help individuals and business owners select investment options, monitor performance, and align retirement portfolios with long-term financial goals. Advisors can also help evaluate contribution strategies, including catch-up contributions for individuals nearing retirement, and ensure the investment strategy supports future income needs.
Employees can contribute a portion of their income to retirement plans such as 401(k)s or SIMPLE IRAs. Contributions are usually made on a pre-tax basis, so savings can grow tax-deferred until retirement. Many plans also allow catch-up contributions for individuals age 50 and older, helping them increase their retirement savings as they approach retirement.