For employers, choosing and funding the right retirement plan(s) for employees and key executives is a critical decision. There are many factors to consider when designing a plan that will work for your organization – many of which depend on company structure, how much emphasis is placed on employee engagement and retention, and business cash flow. 

This article will explore important questions to help your company choose and monitor the most effective plan, unique challenges affecting construction companies, and important regulation considerations going forward. 

Considerations for Choosing Your Retirement Plan 
When reviewing the qualified and nonqualified plans available, as well as service and operations requirements, consider the following questions:

• What do you want your plan to accomplish?
• Are you focused on attracting and retaining key employees?
• Who will benefit from your plan?
• What do employee demographics (ages, salaries, and tenure) look like? How many employees would be affected? What is the average employee turnover rate?
• What dollar-level of funding do you anticipate making to a plan, and is that level sustainable?
• Will your company provide funding, and will voluntary employee contributions be allowed?
• Is your current process designed to offer high-quality, objective, and actively monitored investment options?
• Are provider fees reasonable and based on the value of service received?