Choosing the right retirement plan for your practice is tricky. Some smaller businesses, such as physicians' practices, choose more customized savings programs. However, most practices fall back on standard 401(k) plans. Be careful not to select such a plan without knowing much about the options it can offer. Before you make your decision, do a little research.
Smart Choices: Selecting and
Administering a Safe 401(k) Plan
($28.95; Blue Prairie Group, LLC; 2002) by Matthew Gnabasik, provides an easy-to-read, comprehensive guidebook for retirement plan sponsors who want to make the best possible retirement choices for their companies, providing a framework for understanding the basics of qualified plans. An up-to-date resource for first-time 401(k) buyers as well as those maintaining their existing plan, the book covers key points, including: plan design, fiduciary responsibilities, market overview, plan costs, investment selection and monitoring, employee education and communication, benchmarking, and vendor selection, among others. The comprehensive road map is written in a simple, clear style to assist physicians and their advisors with the huge responsibility of designing, selecting, and administering a successful retirement plan for their staff.