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Small Business Retirement Plans in Ormond Beach FL & Daytona Beach FL

Offering a retirement plan for your employees could be one of the best things you'll do for your small business. The benefits aren't just in the future, either—as pointed out by the Department of Labor, starting a retirement plan offers immediate tax benefits in the form of deductibles, deferred taxation, and tax-free growth. Small employers can also usually take advantage of available tax credits that help offset the creation and administration of their plan, making it both easy and affordable to get started.

Types of Small Business Retirement Plans

If you're going to start offering small business retirement plans, you need to decide what type of plan(s) are actually going to be offered. There are a few different choices, each with their own advantages for different types of business owners.

401(k) Plans

A 401(k) plan—named after its designation by the IRS—is a special type of retirement account that allows employees to contribute some of their earnings into a savings plan. The three main forms of 401(k) plans available are Safe Harbor, Automatic Enrollment, and Traditional, all of which have important differences for small businesses. We encourage talking to a certified financial professional prior to selecting a plan in order to ensure that it's right for your company's needs, both now and in the future.

*Federal income tax laws are complex and subject to change. Neither Nationwide nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions. 

Profit Sharing Plans

If your company's income is variable, you can opt for what's known as a "profit sharing plan." These plans accept contributions at the discretion of employers, and typically do not require a certain amount of contributions each year. This is especially useful for startups, who may not have funds to spare as they work to establish themselves and deal with the challenges of creating a new business.

While all plans are required to file a Form 5500 each year to report their performance, the plans are accepted for businesses of any size and can even be used by companies that have other retirement plans in place. A East Coast Insurors agents would be happy to discuss these and other options with you.

Guarantees and protections are subject to the claims paying ability of the issuing insurance company.

1. "Choosing a Retirement Solution for Your Small Business." Accessed April 12, 2016. http://www.dol.gov/ebsa/publications/choosing.html.

2. "Form 5500 Corner." Accessed April 12, 2016. https://www.irs.gov/Retirement-Plans/Form-5500-Corner.

Our Locations

East Coast Insurors

801 S. Yonge St
Ormond Beach, FL 32174
Main office: 386-677-4787
Fax: 386-677-4119

Palm Coast, Florida location

4845 Belle Terre Pkwy
Palm Coast, FL 32164
Main office: 386-446-3426

Our Providers

Testimonials

Thanks for all your help. You're the best in the business! I get a lot of other agents calling for our business and I always tell them that we are really happy with who we have and their service!!!!
Elizabeth Stevenson- Skyway Builders, Palm Coast, FL
This letter is an attempt to express our gratitude to you and your firm for sharing your professional expertise and advice. We approached you initially for assistance with a Worker's Compensation audit that we believed was unfair. You not only fully assisted us in our dispute of this audit - your actions resulted in a savings of more than $6,000. While this would be a significant savings to any business, to us it means even more. Halifax HFH is a non-profit Christian housing ministry that builds homes with families in need. We sell the home to the family at no-profit to Habitat. The savings that you realized for us means we are closer to assisting another family escape the sometimes horrific conditions of sub-standard housing and achieve the American dream of home ownership.
Lori Gilooly, Executive Director- Halifax Habitat for Humanity
To Cindy Galisin East Coast Insurers Palm Coast Fl. Cindy,I want to express my deepest gratitude for your assistance yesterday on getting my auto insurance policy written, submitted and approved while we were at the Auto Dealership. Your effort saved us making a 200 plus mile trip. Thank you for your extra effort.
Glenn and Barbara Matula
Vicki, just wanted to thank you soo much for the great advice you gave. Because of that we are saving over $1,100.00 in discounts on our homeowners insurance. That is a wow moment. You made my day. Again, thanks so much for your support. You guys are terrific. Have a great day.
Clint Parker
Margaret, We would like to take a moment and say "Thank You" for everything you always do to help us with all the insurance matters that arise in our car business. We started using you and your company many years ago and have never once looked back with any regrets. You have always handled all of our business situations in such a manner that we feel like we are dealing with a true close friend, and not just an agent. When it comes to our many insurance needs, you have always pointed us in the direction that would benefit us the most. You always take the time to listen and understand just what we are looking for and have never just tried to sell us something, for the sake of a sale. You give us many options and ultimately help us to make the right decisions. We always come away knowing the experience was a positive one and we know that in the future when we are looking for perhaps another proposal, we know who we will call. Insurance is most confusing sometimes and in the car business we are required to have many different things. You always make it simple and easy for us to understand and your expertise in your field certainly stands out. Your knowledge about the various things that are required is vast. It makes it nice too, knowing that we can get everything we need all handled in one location and you are always just a phone call away. Thanks Margaret, for being a friend as well as a great agent. Looking forward to yet another year of doing business with you. You sure make it a pleasure.
Sandy and Jerry Barrow, Paxon Motors Inc- Jacksonville, FL