Understanding Vermont's State Mandates for Retirement Plans: Options and Compliance
Help clients in Vermont understand and comply with state mandated retirement plan requirements and deadlines.
Key Points
- Understanding Vermont's Requirements: Inform clients that Vermont requires employers with five or more employees to offer a retirement plan for employees to save in.
- Advantages of State-Run Option: Highlight the benefits of the Vermont Saves program, such as its minimal administrative burden on employers.
- Alternative Solutions: Discuss other qualified retirement plan options like 401(k) plans and PEPs, focusing on their flexibility, higher contribution limits, and potential tax advantages for both employers and employees.