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A wide range of group retirement products and services can help you maintain a long-term retirement strategy.
There may be implications under the Employment Retirement Income Security Act (ERISA) depending on how certain types of insurance policies are made available to employees and whether such an arrangement constitutes an "employee benefit plan" under ERISA.
You can, however, be certain that you've taken action to help protect yourself and your business from the unexpected.
Think about what would happen to your business if you, your business partner, or a key employee were to unexpectedly die or become too sick or injured to work.
If the policy is a Modified Endowment Contract, policy loans and/or distributions are taxable to the extent of gain and are subject to a 10% tax penalty.
Access to cash values through borrowing or partial surrenders can reduce the policy's cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.Consider a few of the following retirement planning options.Annuities Establishing individual retirement arrangements funded by annuities is easy for small business owners.There's no doubt that this would have a tremendous impact on your business and its continued success.But there's good news: this is something you can plan for.Long Term Care Insurance Having long term care insurance is part of smart business planning and can help protect your business and family if a long term care need should arise.In today's highly-competitive marketplace, it is becoming increasingly difficult to attract and retain top talent. Employees are also looking at an employer's overall benefits package and its potential to help protect their families and adequately prepare them for retirement.Having the foresight to protect your business against the loss of an owner or an essential employee—perhaps the company's most valuable asset—can mean the difference between business as usual or closing up shop.Just as you would insure your business property, you should also consider insuring the people who have the biggest impact on your company's success.Providing for your employees' retirement can create a loyal and dedicated community around your business.A variety of retirement-planning products exist to provide the benefits that support your employees' commitment to your business.