Did you know that most 401ks are boiler plate plans where very little time is spent optimizing them for each specific situation?  Did you also know that you can customize your plan to the specific demographics of your pharmacy and establish specific objectives for the plan?

Most pharmacy owners we meet with about their 401k plan were never fully explained the options when establishing a 401k plan.  They then tell us that they may have done things differently if they had known there were other options.

The good news is that it is not too late to make plan design changes to your company 401k plan. Some of these changes can even positively affect the plan immediately.  A few of the positives from updating your plan design are listed below:

1. Owners can get a higher percentage of the contributions - we often hear that 401k plans (profit sharing plans) are too expensive to fund because the owners do not get a high enough percentage to make it worthwhile.  The right plan design can change this.
2. The cash flow required to fully fund the plan may be reduced - the right plan design can make the plan more efficient from a cash flow perspective.
3. Key employees may be able get a higher percentage than rank and file employees - many owners tell us that they would like to do more for certain people in the plan.  The right plan design can allow you to do this.

These are just a few of the positives of having the right plan design in your pharmacy 401k. Because of changes in pharmacy, most owners are looking for ways to be more efficient with their money and this is a great place to start.

Click the below button and fill out the form for a complimentary plan design analysis. Select "Efficient Plan Design" from the drop down menu.