Learn More

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.

The Details Are Very Important for Your Pharmacy 401k

Posted by Benjamin Coakley on Tue, Sep 30, 2014 @ 11:00 AM

We have all heard the term "the devil is in the details" and this applies to all community pharmacyMH910216363 retirement plans. These details are intricate (and often written in the small print) and having a basic understanding of them is important.  These include, plan design, plan fees, service providers, fiduciary responsibility, etc.

You are a plan fiduciary on your company retirement plan. This means that one of your primary responsibilities is to have a basic understanding of how your plan works and how your employees use the plan to achieve there personal retirement goals.  You are allowed to hire outside experts to assist with this but this doesn't mean you are absolved from all responsibility.

You should have an annual meeting with your hired experts to review how the plan works and to discuss with them the level of service required to help your employees use the plan the most effective way.  Many owners we discuss this with say they do not know this is part of their fiduciary requirement.

To summarize, you should understand your fiduciary responsibility and the level of service that is required for your employees.  You should also have advisors (experts) that understand and can help you with this.

Click Here to Signup for a Free Fiduciary Checkup

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

Subscribe For Email Updates