What Small Businesses Need to Know about Retirement Plans with Matt Harrington

In the very first episode of the Grow Money Business podcast, Grant interviews Matt Harrington, the President & CEO of Benefit Resources.  Benefit Resources is a third party administration firm. They help businesses create and maintain qualified retirement plans, including 401k, cash balance, and defined benefit pension plans. In today’s podcast Matt and Grant talk retirement plans and what every business owner should know about them.

 

 

Show Notes

[03:58] Matt’s Background – Matt talks about his professional work and how he got the opportunity to take over the family business and what they do at Benefit Resources.

[08:22] Qualified retirement plans – Matt describes the nature of qualified plans and some other available options.

[17:04] Setting up retirement plan packages –  Matt talks about how different businesses have different objectives and strategies and setting up retirement plans that suits the objectives of a business.

[18:47] Safe Harbor 401k – What is it, what are the differences and what business owners should keep in mind about it.

[25:21] ACP & ADP tests – Matt discusses the two major tests related to the compliance of retirement programs, Actual Contribution Percentage test and Actual Deferral Percentage test.

[32:24] Cash Balance plans – Grant and Matt compare & contrast more simplistic plans such as SEP-IRA & solo 401k and why cash balance plans are beneficial.

[48:26] Matt’s business structure – Matt talks about how they have structured his firm and the way they handle retirement plans.

[55:00] Matt’s goals – Matt talks about their growth objectives for his firm in the next year.

[1:01:00] Matt’s transition – Matt talks about the transition to being the CEO of Benefit Resources in a succession from his mother, Beth Harrington.

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