Call Us Today:
717.467.4253
Follow Our Blog

Small Business Retirement Plans in Hanover PA & Gettysburg PA

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 Barrick Insurance 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 Location

Barrick Insurance

1401 Baltimore St
Hanover, PA 17331
Main office: 717-467-4253
Toll free: 800-548-9810

Our Providers

Testimonials

You provided us fast service for our Homeowner's Policy so our loan could be processed. What a great surprise when we got our Auto Insurance at half the price we were previously paying! Thanks to your courteous staff!!!
Vada & Stanley Sheeler, Hanover, PA
We bought our first house 14 years ago, Barrick Associates helped us to fulfill our insurance needs and at a great price we wouldn't change companies.
Steven & Diane Kagarise, Littlestown, PA
We were in a bind without insurance, and your agency was the only one that could help us out. Also the service was great. Thank you,
Mary C. Shildt, Littlestown, PA
You have a great staff, cheap rates and are always understanding. Thanks for a great service.
Crystal Treadway, Hanover, PA
I am well satisfied with the service and rates. Thank you.
Gerald B. Thoman, Hanover, PA
Yes, I am now 55 yrs. old and was dealing with your company since I was 16 yrs. Old, I am very satisfied with your service.
Allen E Mundorff, Hanover, PA
Any services that I have needed through out the years, has been very satisfactory. Your staff is very helpful. Thank you.
Donald A. Hinkle, East Berlin, PA
Thank you for coming to our rescue when we needed car insurance and homeowners insurance. We weren't happy the way our last company dumped us after over thirty years of good service. Your staff is very accommodating and cheerful. It means a lot to me when you can talk to a real person that is accommodating and happy to serve you! Thank you again!
Nancy E. Leese, Hanover, PA
I have been with you and your predecessor R.J. Topper Agency for 56 years. This is a testimony for it's self.
Rev Msgr. VIncent J. Topper, Harrisburg, PA
I am well satisfied.
Gloria A. Geesey, Spring Grove, PA
One phone call and all of my needs & requests are handled in a quick, professional, and courteous manner.
Hugh F. Hoffman Hanover, PA