Ohio Retirement Plans

Peppermint401k qualifies as an Ohio state retirement option

Ohio Just Mandated Retirement

If you have a business located in Ohio and have more than 5 employees listen up! Your state has begun to process of mandating that employers offer retirement benefits to their employees.

What is a Pooled Employer Plan?

A PEP allows organizations to pool resources with other employers to make retirement plans less expensive and easier to manage.

Peppermint manages all the administration, so you don’t have to expend your valuable resources. We also take care of the risk, audits, and reviews.

Bonus: Setting up a PEP may give you up to $15,000 in tax credits over 3 years

Learn more about our Pooled Employer Plan

All Options Include:

    • Profit sharing options
    • Funds are invested in retirement plans before being taxed
    • Ability to transfer funds from prior retirement accounts
    • Flexible eligibility for enrollment
    • Automatic enrollment options
    • Access to borrow from retirement accounts
    • Ability to withdraw funds in an emergency
    • All options reduce an employer’s taxable income

Choose from 3 contribution options:

Dollar for Dollar

 

Allows the employer and participants to maximize contributions.

    • Safe Harbor Option
    • Employer matches 100% on the first 4% of deferred compensation
    • Employee keeps 100% of investment if they leave the company at any time
    • Exempt from most annual compliance testing 
    • Optimizes your highly compensated employees’ personal retirement

Fixed 3%

 

Assures that all employees receive retirement benefits.

 

    • Safe Harbor Option
    • Employers put in 3% of employee’s compensation, even if the employee does not contribute
    • Employee keeps 100% of investment if they leave the company at any time
    • Exempt from most annual compliance testing 
    • Optimizes your highly compensated employees’ personal retirement 

Discretionary

 

Gives the employer the ability to adjust contributions as business needs change.

 

    • Non-Safe Harbor Option
    • Employer has more flexibility and can contribute as little or as much as they would like
    • Employer may withhold a percentage of the employee’s earnings based on time of service at departure
    • This plan requires testing and evaluation which cost an additional $1000 annually
    • Employer directed

Not sure which plan is right for you? CLICK HERE to access our guide.

Check out our plans guide and contact us to learn more about peppermint plans