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It is becoming more common for us to see retirement plans where the owners are not able to fully fund their portion because it is tremendously expensive because of the employees.  We have a special retirement plan design that may allow you (the owner) to maximize your contributions in a very efficient way for the pharmacy cash flow.  We believe that this is one way you should be rewared for taking the risk of pharmacy ownership.  This site is dedicated helping you create a more efficient benefit for the company and fulfill your responsibilities for being a plan sponsor.

Pharmacy 401k plans are a great way to save money and provide a benefit to your employees. Please visit the website at www.pharmacy401k.com to learn more.  Below is Waypoint's blog dedicated to pharmacy 401k plans and retirement planning for pharmacy owners.

Is Your Pharmacy 401k Advisor Helping Each Employee Specifically?

Posted by Benjamin Coakley on Wed, Apr 09, 2014 @ 01:36 PM

One of the key fiduciary resposibilities you have as a plan sponsor is to make sure thepharmacy 401k pharmacy 401k advisor is delivering specific outcomes to each of your employees.  This typically requires meeting one-on-one with each employee at least one time per year to make sure they fully comprehend how to use this plan to reach their retirement goals.

Items that should be discussed in this meeting include: risk necessary to achieve retirement objectives, savings required to meet their retirement objectives, how much money they will need to accumulate by retirement, the age in which each employee would like to retire, etc. These are all imperative to answer if any of your employees want to achieve his or her retirement objectives.

This also can help really distinguish your retirement plan as a key benefit for the employees. They will truly begin to understand that you want to help them achieve their retirement goals.  The key is for you to have an advisor that truly understands his or her responsibility to the employees in the plan.

If you are not getting this service now, then we recommend you add this immediately to your 401k service options.  This should not raise your fees one penny over what you are paying now because this should be a standard offering by all 401k advisors.  If you are unsure if this is being offered now, then you can simply ask your employees the following questions:

  1. Do you know how much money you need to save each paycheck to achieve your retirement objectives?
  2. Do you know how much risk is necessary to achieve your retirement objectives?
  3. How much total money do you need to retire?
  4. Have you discussed the above three things with the 401k advisor in a one-on-one session?

If the answer is no to any one of these questions, then the employees may need an additional level of service to be successful with your plan.  Them answering no to any of these questions mean you may not be fulfilling one of your core resposibilities for being a fiduciary on the plan. Also, the benefit may not be working the way it should and even may not be perceived as a benefit at all.

Our mission is to help you with your pharmacy 401k.  You and your employees work too hard for your money to not be getting the service and advice you deserve. Understanding these key issues is the first part to evaluating if you have the right plan, advisor, or both. We want to see you be successful with this and everything else you do.  

Email info@waypointus.com or visit www.pharmacy401k.com if you would like to set up a time to discuss this in further detail.

Topics: pharmacy 401k, pharmacy retirement plan, pharmacy benefit program

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