Bottom Line Up Front

• Stock purchases prioritize continuity but carry more risk. The buyer acquires the entire company, including employees, contracts, benefit plans, and all existing liabilities. 
• Asset purchases offer more control and tax advantages. Buyers can selectively assume assets and liabilities, but benefit plans typically do not transfer and must be rebuilt. 
• Deal structure has real implications for employee benefits. Retirement plans and pensions can significantly affect risk, cost, and post-closing complexity, making early planning essential

When a business is acquired, the structure of the deal matters — a lot. Two transactions that look similar on the surface can have very different consequences once you dig into the taxes, liabilities, employees, and benefit plans. 

Most acquisitions fall into one of two buckets: stock purchases or asset purchases. While lawyers and tax advisors usually drive the final structure, understanding the basics can help you avoid surprises especially when retirement plans or pensions are involved.

Let’s break it down. 

The Big Picture: Two Ways to Buy a Business

At a high level, here’s the difference:

• Stock Purchase: The buyer purchases the ownership interests (stock, membership interests, or shares) of the company itself. 
• Asset Purchase: The buyer purchases specific assets and only the liabilities they choose to assume. The seller remains the legal owner of the existing business.
  

Same company. Very different outcomes. Each approach has different legal, tax, and operational consequences.

From the Buyer’s Perspective 

Stock Purchase – Pros

A stock deal keeps the business largely intact.

• Continuity is built in. Contracts, licenses, vendor agreements, employees, and benefit plans usually carry over automatically. 
• Fewer moving parts after closing. There’s no need to retitle every asset or renegotiate dozens of  agreements. 
• Customer relationships stay smooth. From the outside, the company looks and operates the same. 

This structure is often attractive when speed, simplicity, and continuity matter most. 

Stock Purchase – Cons 

The continuity comes with a price. 

• All liabilities come along for the ride. Known and unknown — tax issues, legal claims, environmental exposure, and benefit plan compliance problems. 
• No tax step-up on assets. The buyer doesn’t get increased depreciation or amortization deductions. 
• Heavier due diligence. Buyers must dig deep into historical operations to avoid inheriting unpleasant surprises. 

__________________________

Asset Purchase – Pros 

Asset deals offer more control. 

• Liability protection. Buyers can pick which liabilities they want and leave the rest behind. 
• Tax advantages. Purchased assets are stepped up to fair market value, often producing meaningful future tax deductions. 
• Flexibility. Buyers can decide which employees, contracts, and operations to continue. 

This structure is common in closely held businesses or situations where risk mitigation is a priority. 

Asset Purchase – Cons 

That flexibility adds complexity. 

• Everything must be transferred individually. Contracts, leases, permits, intellectual property—it all takes time. 
• Consents may be required. Landlords, lenders, and customers may need to approve assignments. 
• Employee disruption is more likely. Workers are often technically terminated and rehired. 
• Benefit plans don’t automatically move. More on that below. 

From the Seller’s Perspective 

Why Sellers Prefer Stock Sales

For many sellers, stock sales are the cleanest exit. 

• One transaction, full exit. The entire company changes hands. 
• Tax efficiency. Gains are typically taxed at capital gains rates. 
• Liabilities move with the company. The seller can walk away cleanly. 

The downside? Buyers may be hesitant to assume all that risk therefore driving lower price points. 

When Asset Sales Make Sense for Sellers

Asset sales can sometimes command a higher price. 

• Buyers may pay more because of tax benefits. 
• Sellers can retain certain assets or carve out parts of the business. 

However, asset sales often bring complications: 

• Double taxation risk for C corporations. The company pays tax on the sale, then shareholders pay tax again when proceeds are distributed. 
• More administrative work. Asset transfers, employee matters, and lingering liabilities all need attention. 

What Happens to Employee Benefit Plans?

This is where deal structure really starts to matter. 

Stock Purchases and Benefit Plans 

In a stock deal, the company and its plans continue to exist. 

• 401(k), pension, health, and welfare plans stay in place.
• Employees typically see little to no disruption.
• No immediate re-enrollment or plan setup is required. 

That said, buyers inherit everything, including compliance issues. Any past problems with ERISA, Form 5500 filings, or pension funding become the buyer’s responsibility. 

Asset Purchases and Employee Benefit Plans

In an asset purchase, employee benefit plans typically do not transfer to the buyer. Instead, the plans usually remain with the selling entity, and the buyer must decide how, and when, to establish new benefit plans for the employees they choose to bring over. As a result, benefit transitions often require more planning and communication than in a stock transaction. 

From the employee’s perspective, this usually involves termination followed by rehire under the buyer’s entity. While day-to-day work may feel the same, benefit participation often changes behind the scenes. 

At a high level, in asset purchases, employee benefit plans generally remain with the seller.

• The buyer’s entity must establish new benefit plans for transferred employees. 
• Employees may be eligible to roll over retirement balances or, in some cases, take distributions. 
• If there is a Defined Benefit Plan, the owner needs to ensure that this doesn’t result in IRC 415 limit issues where  plan assets exceed the benefits that may be paid.

Defined Benefit (Pension Plans)

DB plans require special attention and are often a major risk consideration in asset transactions. 

• These plans usually remain with the seller unless the buyer explicitly agrees to assume them. 
• If the plan is not assumed, the seller remains responsible for:
  
  • Ongoing funding requirements
  • Plan administration 
  • Any termination-related liabilities
    
• If the plan is assumed, the buyer takes on:
  
  • Funding and compliance obligations
  • Potential exposure to the Pension Benefit Guaranty Corporation (PBGC)

Because of this risk transfer, early actuarial and legal due diligence is critical when a pension plan is involved. 

401(k) and Other Defined Contribution Plans 

DC plans, such as 401(k)s, are generally more straightforward, but will still require coordination. 

• The seller’s 401(k) plan typically remains behind or is terminated 
• The buyer establishes a new plan for transferred employees
• Employees may roll over existing balances into the buyer’s plan or an IRA
• Short-term disruptions can occur, particularly around:
  
  • Payroll deductions
  • Employer matching contributions 
  • Enrollment timing
    

Clear communication and advance planning can help minimize confusion and ensure a smoother transition for employees. 

Side-by-Side Comparison 

To bring these differences together, the comparison below highlights how stock purchases and asset purchases compare across key considerations.

What Often Drives the Final Deal Structure

Smaller and closely held businesses often lean toward asset purchases because they offer greater control over risk and liabilities. The ability to selectively assume assets and obligations can be especially appealing when historical exposure or benefit plan risk is a concern.

Larger organizations, on the other hand, tend to favor stock purchases for the continuity they provide. Keeping contracts, employees, and benefit plans intact can reduce operational disruption and help preserve momentum immediately following the transaction.

Defined Benefit pension plans tend to be a key inflection point in deal discussions. In a stock purchase, buyers inherit all funding, compliance, and regulatory responsibilities tied to the plan. In an asset purchase, those obligations typically remain with the seller unless expressly assumed—making early actuarial analysis an important part of evaluating risk.

Across both structures, benefit plan transitions require early coordination. Clear communication around what is changing, what is staying the same, and when decisions need to be made can help prevent confusion and protect employee trust during a period of significant change.

In Summary

Ultimately, the difference between a stock purchase and an asset purchase isn’t just a legal distinction, it’s a decision that shapes risk, tax outcomes, and the employee experience long after the deal closes. What may seem like a technical choice on paper can have lasting implications for liabilities, retirement plans, and organizational continuity. 

For buyers, the structure determines what you inherit and what you can leave behind. For sellers, it affects not only taxes and proceeds, but how cleanly you can step away. And for employees, especially those relying on retirement or pension benefits, the transaction structure often determines whether their benefits feel seamless or suddenly uncertain. 

There is no one-size-fits-all answer. The “right” structure depends on the business, the people involved, and the risks each party is willing to take on. That’s why early coordination between legal, tax, and benefit advisors is essential, particularly when retirement plans or pension obligations are in play. Thoughtful planning upfront can help ensure the transaction supports long-term stability rather than creating unintended consequences down the road. 

The post Stock Purchase vs. Asset Purchase? How the Choice Shapes Risk, Taxes, and Benefits appeared first on Odyssey Advisors, Inc.

Bottom Line Up Front

• If you have a full-time job and a side business with no employees, you can contribute to both a regular 401(k) and a Solo 401(k).
• Employee contributions are capped at $24,500 total across all 401(k) plans in 2026 ($32,500 if 50+ with catch-up).
• Employer contributions are separate for each plan – each employer can contribute up to $72,000, but this amount is reduced by any employee contributions made to that plan.
• If you contribute the full $24,500 as an employee, the maximum combined employer contributions across both plans would be $119,500, bringing the total possible contributions to $144,000 ($152,000 if 50+).

Absolutely! If you have a 9-to-5 with a company 401(k) plan and a side hustle with 1099 income, you might be leaving money on the table if you’re not using a solo 401(k). Many people don’t realize that having multiple income streams means you can also have multiple retirement plans – allowing you to stack contributions and maximize tax savings.

Unlike IRAs, which have a hard cap on contributions no matter how many you have, 401(k) plans work differently. Your side business opens the door to another retirement account, allowing you to save even more. The best part? You get to play both roles: employer and employee, meaning you can potentially sock away thousands more in tax-deferred (or tax-free, if Roth) savings. Let’s break down how it works.

Why Having Two Retirement Plans Can Be a Smart Move

Many people assume that if they have a 401(k) through their employer, they’ve maxed out their retirement contributions—but that’s not entirely true. If you also have a side business with a Solo 401(k), you have additional tax-advantaged savings opportunities. The key is understanding how the limits work.

A 401(k) has two types of contributions:

1. Employee Contributions: This is the portion you contribute from your paycheck or side business income. In 2025, the total employee contribution limit is $24,500 across all 401(k) plans ($32,500 if you’re 50+).
   
   
   • For example, if you contribute $10,000 to your employer’s 401(k), you can only contribute $14,500 more as an employee across either your employer’s plan or your Solo 401(k).
     
     
2. Employer Contributions (Profit-Sharing): This is where things get interesting. Employer contributions are separate for each plan because they’re based on each employer’s earnings.
   
   
   • Employer contributions are separate for each plan, meaning each employer can contribute up to $72,000, but this amount is reduced by any employee contributions made to the plan.
     
   • If you maximize employee contributions ($24,500), the combined employer contributions across both plans would be $119,500.
     

Unlike employee contributions, where the limit is shared across plans, the employer contribution limit applies separately to each plan – which is why a Solo 401(k) can be a powerful tool for increasing retirement savings.

Perks of Having Both a 401(k) and a Solo 401(k)

• Double the Savings Potential: While you’re limited on employee deferrals, employer contributions give you another bucket of tax-deferred savings. You get to wear both hats and can make contributions as both an employee and employer.
  
• Lower Your Tax Bill: Contributing more means reducing your taxable income from both your day job and side hustle.
  
• More Investment Choices: Employer-sponsored 401(k)s often have limited options, while solo 401(k)s can offer more flexibility, including real estate and alternative investments.
  
• Tax Planning Flexibility: You can choose a Roth or traditional for both plans, letting you balance taxable income now vs. tax-free withdrawals later.

Common Solo 401(k) Misconceptions

“If I max out my work 401(k), I can’t contribute to my Solo 401(k) at all.”

Not true. You can still make employer contributions from your self-employment income, even if you hit the employee limit at your day job.

“Solo 401(k)s are for full-time business owners.”

False! Even if your side hustle only brings in a few thousand dollars a year, you can still take advantage of tax-advantaged savings.

“I should just open a SEP IRA instead.”

Maybe, but Solo 401(k)s generally allow higher contributions at lower income levels because they let you contribute both as an employee and an employer. SEP IRAs only allow employer contributions.

Having two retirement plans isn’t just possible, it’s a smart strategy for anyone juggling a 9-to-5 and a side business. Next, let’s break down how to maximize your contributions without running into issues with the IRS.

Maximizing Contributions Without Overstepping IRS Rules

The key to maximizing contributions is understanding how the IRS limits apply across both plans. Here’s how to make the most of your retirement savings without accidentally contributing too much.

1. Know the Two Types of 401(k) Contributions
   
   There are two main types of contributions to be aware of:
   
   
   • Employe Deferrals: You can contribute up to $24,500 in 2026 ($32,500 if 50+) across all 401(k) plans combined.
   • Employer Contributions: Your employer (including your own business) can contribute up to 25% of your compensation from each job up to a total of $72,000 for each job (reduced by the amount of your employee contributions to that plan excluding the catch-up).
     
     
2. Max Out Your Employee Deferrals Wisely
   
   Since the employee contribution limit is shared between both plans, you’ll need to decide where to contribute first:
   
   
   • If your W-2 job offers a match, contribute there first to get free money.
   • Once you’ve maxed out your match, you can split additional deferrals between both plans or focus on the one with the better investment options and lower fees.
     
     
3. Use the Employer Contribution Loophole
   
   Even if you max out employee contributions at your W-2 job, your side business can still contribute to your solo 401(k) as an employer. Here’s how:
   
   
   • Sole Proprietorship / Single-Member LLC: Employer contributions are 20% of the net self-employment income (after deducting half of your self-employment tax).
   • S-Corp: Employer contributions can be 25% of your W-2 wages from the business (not total revenue). Remember that S-Corp dividends are NOT considered compensation for retirement plan purposes.
     
     
     
4. Consider Roth vs. Traditional Contributions
   
   If you expect higher income in retirement, Roth contributions (tax-free withdrawals later) might be better. If you want to lower your taxable income now, traditional (pre-tax) contributions make sense.
   
   You can mix and match: Roth for one plan, traditional for another.
   
5. Avoid Common IRS Pitfalls
   
   
   • Excess Employee Deferrals: You can contribute $24,500 to each plan (traditional, Roth, or combined). The limit is shared across every 401(k).
   • Miscalculating Employer Contributions: Employer contributions are separate, but they still can’t exceed 25% of your eligible earnings from each employer.
   • Missing the Tax Filing Deadline: Solo 401(k) contributions must be made by your business’s tax return deadline (including any extensions). A great tip? Set a calendar or phone reminder for when you want to contribute.
     
     
6. Track Contributions and Work with a Tax Pro
   
   401(k) rules can be complicated – especially with multiple plans. Keep a running total of contributions throughout the year and work with an accountant, TPA, or financial advisor to stay within IRS guidelines.

The Bottom Line

By strategically using both a Solo 401(k) and an employer-sponsored 401(k), you can maximize tax-deferred (or tax-free) savings, reduce your taxable income, and accelerate your retirement goals as both an employer and employee. It definitely pays to know your retirement plan options.

Keep in mind that you need to understand the difference between employee and employer contributions to avoid overstepping IRS rules. That’s why it’s important to work with an experienced retirement third-party administrator, financial advisor, or tax pro to ensure you’re making the most of your savings while staying compliant.

The post Can I have a Solo 401(k) and a Company 401(k)? appeared first on Odyssey Advisors, Inc.

Bottom Line Up Front

• The IRS requires that most plans perform an annual nondiscrimination testing to determine whether or not all employees are treated equally as far as tax advantages and contributions go. 
• The nondiscrimination testing separates employees into two groups: non-highly compensated employees (NHCEs) and highly compensated employees (HCEs).
• To find out which employees are considered highly compensated employees, the IRS has two tests: an ownership test and a compensation test.

What is a Highly Compensated Employee?

Internal Revenue Service (IRS) Section 414(q) sets forth two tests to determine whether an employee is an HCE: an ownership test and a compensation test.  If you meet the standards of either of these tests, then you are deemed to be an HCE.

• Ownership test: Have you owned at least 5% of the sponsoring company at any point during the current or prior plan year?
• Compensation test: Did you receive compensation of at least a certain amount determined by the IRS ($135,000 for 2022 and $150,000 for 2023) in the prior plan year? This amount increases with inflation at $5,000 intervals.

If one is classified as a highly compensated employee then their plan contributions are limited because the IRS wants to ensure that contributions aren’t disproportionately benefitting HCEs over NHCEs. 

How to Identify if Someone is a Key Employee?

The IRS has three set tests to determine whether an employee is a Key Employee: a 5% ownership test, a 1% ownership test, and an officer test.  If you meet the standards of any of these tests, then you are deemed to be a Key Employee.

• 5% Owner test: Have you owned at least 5% of the sponsoring company at any point during the current or prior plan year?
• 1% Owner test: Have you owned at least 1% of the sponsoring company and did you receive compensation in excess of $150,000 for the current plan year? This dollar amount is set and does not increase with inflation.
• Officer test: Are you an officer of the sponsoring company and did you receive compensation in excess of an amount determined by the IRS ($200,000 for 2022 and 2023) in the current plan year? This dollar amount increases with inflation at $5,000 intervals.

How to Identify if Someone is an Owner?

Someone is deemed to be an owner if they have owned at least 5% of the sponsoring company at any point during the current or prior plan year.  This can mean different things under different company entity types.

• Corporation: The greater of the value of all classes of stock held by the individual as a total percentage of the value of the company, or the voting power of all classes of stock held by the individual as a percentage of all stock with voting rights.
• Partnership: The greater the percentage of the capital interest or profit interest.
• LLC or LLP: The percentage of membership interest out of the total membership interest.

Additionally, if you have the option to acquire stock, even if you have not exercised those options yet, they are also used to determine whether you are an owner or not.

What is Ownership Attribution and How Does It Work?

In short, if you are deemed to be an owner of the sponsoring company then your family members may be deemed to be owners of the sponsoring company as well.  Below is a chart to describe which family members have attributed ownership and which are not:

What Do These Different Designations Mean and Why Do They Matter to Me?

The name of the game is non-discrimination testing.  The IRS requires that most retirement plans perform a non-discrimination test every year. These tests are used to determine if the plan is disproportionately benefiting highly compensated employees over non-highly compensated employees (NHCEs).  If the plan fails these tests it can lose the tax deductions that it receives for the contributions made to the plan.

The Key Employees designation is used in determining if the plan is considered “top-heavy”.  A plan is considered top-heavy if the total account balances or total present value of accrued benefits is disproportionately attributed to Key Employees.  If a plan is deemed to be top-heavy it may be required to make minimum contributions to the plan for non-key employees.

The owner designation is important to keep in mind because of the attribution rules listed above.  When you are deemed to be an owner you are then deemed to also be a Key Employee and a highly compensated employee.  This can have a large effect on your non-discrimination testing.  The most common issue we see is that an owner will hire their child – if the plan design doesn’t explicitly address benefits paid to key employees, this may result in them receiving employer contributions or benefit allocations. Often, the owner’s child is one of the youngest employees at the company – so even if they are paid a very small amount they are still considered a highly compensated employee and can cause your non-discrimination tests to fail.

Whenever you’re ready, here are three ways we can help:

1. Business owners, get a free review of your current retirement plan design here.
2. Minimize your tax burden and secure your employees’ futures here.
3. Financial advisors, help your clients defer income while providing retirement benefits for their employees here.

The post How to Identify a Highly Compensated Employee appeared first on Odyssey Advisors, Inc.

Bottom Line Up Front

• Your employee compensation package may not be getting the due diligence it should. 
• Many are hyper-focused on the amount of their salary and never learn the total cost of their benefits. 
• Employers can use a Total Compensation Statement to communicate what they provide beyond base pay.

Even though you have put together a comprehensive (and pricey) benefits package, your employees might not know or understand the total value of what you offer. When looking for a job, most people focus on finding one that pays the highest base pay and completely overlooks the cost of any extra benefits provided.

As a business owner, you know how important it is to offer a competitive employee benefits package and you know how much each benefit costs. But how do you communicate this with potential hires and your current employees?

The Biggest Misunderstanding When it Comes to Employee Compensation

When most employees think about their compensation they think of their base pay and PTO, and then the rest are nice “benefits” to have. They don’t sit and do the math to figure out what their total compensation is. During a job hunt, they don’t realize that a job with a lower base pay may actually have higher total compensation than a job with higher base pay, but lower benefits. 

This has become a giant misunderstanding. 

For example, let’s say Jennifer gets two job offers:

Offer #1

Area 51 gives her an offer letter with a base pay of $60k, 15 vacation days, comprehensive Medical, Dental, and Life Insurance, disability, and a retirement plan.

Offer #2

Fred’s Stuffed Possum Emporium gives her an offer letter with a base pay of $55k, 15 vacation days, comprehensive Medical, Dental, and Life Insurance, disability, and a retirement plan.

Based on the two offers, it looks like Area 51 is a layup, but their retirement plan is employee contributions only. Also, the insurance plans (which cost a total of $20k) are 50% employee paid.

Fred’s will match 5% of base pay towards the retirement plan and pays 100% of the insurance plans (which for the sake of simplicity, we’ll assume are the same as Area 51’s).

So let’s break down each offer into what everyone understands – dollar bills:

Offer #1 Breakdown

$60k base pay + $10k insurance + $3,460 PTO = $73,460 Total Compensation

Offer #2 Breakdown

$55k base pay + $20k insurance + $2,750 retirement plan match + $3,175 PTO = $80,925 Total Compensation

So if you break it down, Fred’s offer is Jennifer’s best bet for total compensation. Now, whether being around stuffed possums all day would creep her out is another consideration entirely and outside the scope of this article. Yet, without a detailed understanding of the benefits, she would most likely go with Area 51’s offer.

Why Don’t Potential Hires Ask for Clarification on Total Compensation?

Quite frankly, it’s uncomfortable.

Imagine sitting in an office filled with stuffed possums staring at you and having to negotiate with someone you just met. The stuffed possums alone would make most of us feel a little out of our comfort zone, now add in a job interview with a complete stranger. 

But the reason isn’t as important as the fact that your candidates, generally, won’t ask so it may be beneficial for all parties if the company takes the lead in laying it out. 

What Can Companies Do to Showcase Their Total Compensation Packages?

Explaining it at some point in the interview process is an option, but seeing it on paper or a screen is generally more helpful for people. One thing that companies can do is provide statements that showcase the complete compensation package broken down. 

In Jennifer’s case, here’s what the two offers would look like with total compensation statements.

Offer #1 Statement of Compensation

Offer #2 Statement of Compensation

General statements would more likely not show the actual figures and provide links to rate tables for the insurance offerings. For example, Fred’s statement might look like this: 

What About Current Employees?

You can issue annual or quarterly statements to show current employees their total compensation, like the examples above. Additionally, some firms have portals that employees can access at any time to see their total compensation. 

Are General or Specific Compensation Statements Better?

From an employee’s perspective, a specific compensation statement is more helpful. From a company’s perspective, there are a few considerations to determine which one is best for you. First, there’s a cost associated with the statements. If you do them, there will be labor costs that go into producing these statements. If outsourced, there will be a hard dollar cost, with specific compensation statements costing more than general statements. 

Additionally, there is a higher chance of error with specific compensation statements. And without knowing what coverages they may take, it will be impossible to show a potential new hire the exact compensation for insurance. 

The Bottom Line

Many potential new hires and current employees don’t have an understanding of what employers offer beyond their base pay. It’s your responsibility to communicate the value of your total compensation package with them. Providing an easy-to-understand Total Compensation Statement may help them see a more holistic picture of the value you are offering. 

If you have any questions, we’d be happy to help. You can reach me or another Odyssey consultant by dropping us a message here.

The post The Biggest Misunderstanding About Employee Compensation and How to Fix It appeared first on Odyssey Advisors, Inc.

Bottom Line Up Front

• A fiduciary financial advisor manages a client’s assets and provides financial advice while acting in the client’s best interest.
• Fiduciaries are legally obligated to disregard their interests to act in their clients’ best interests, avoid any conflicts of interest, and fully disclose any that may arise.
• There are two standards financial advisors may follow, the Fiduciary Standard and the Suitability Standard.

The word fiduciary originates from the Latin term Fiducia, which simply translates to “trust”. A fiduciary can be anyone who acts on someone else’s behalf. There are many examples of fiduciaries such as fiduciary financial advisors, bankers, business advisors, and attorneys. Understanding the difference between fiduciary and non-fiduciary financial advisors can be important to clarify your relationship’s parameters and maximize the return on your investments.

Understanding What a Fiduciary Is

When it comes to investing, not every financial professional is required to act solely to benefit their client. Luckily, some financial advisors choose to act under the fiduciary standard, a standard of practice put into place by the Investment Advisers Act of 1940. A fiduciary has a requirement to always put their client’s interests before their own. In some cases, breaking this fiduciary trust can result in large fines or even jail time.

The Three General Fiduciary Duties

While every state has its specific laws about fiduciary duties, there are three general duties that fiduciaries are required to follow (be aware that the SEC has issued new proposed rules on February 9, 2022):

1. Duty of loyalty. The duty of loyalty simply means that the fiduciary is tasked with always making the best decision for the client, and not for their gain. An example of this could be an executive at a company using confidential information for their gain, which would violate the duty of loyalty to the company and shareholders.

2. Duty of care. This duty dictates that fiduciaries use in-depth research and critical analysis to make informed decisions on the behalf of their beneficiaries.

3. Duty of good faith. Just researching all of the choices on behalf of the client isn’t enough to be considered a fiduciary. After using due diligence to thoroughly examine all of the possible options, the fiduciary is then required to choose the option that best serves the interests of the client.

Types of Fiduciary Relationships

Fiduciary relationships come in a variety of forms, but here are some common ones:

Lawyer and client

Since lawyers are entrusted with clients’ personal information, the relationship between them and their clients carries a considerable amount of trust. Lawyers bear a great deal of fiduciary responsibility and can be severely punished if they breach them. 

Board and shareholders

Members of a board are responsible for deciding the direction of the company. When it comes to making decisions on behalf of the company, the board members must act in the best interests of all shareholders. This means that they are required to explore every option that’s available to them before a final decision is made. 

Trustee and beneficiary

When someone is making arrangements on behalf of their estate or a trust, they must designate someone as a trustee. After the trust or estate trustee has legal control, it is then their responsibility to make decisions concerning the assets held in the trust or estate’s name, but they must ensure such decisions are in the best interest of the beneficiaries. 

Employers and employees

In a general sense, employers don’t hold fiduciary responsibilities when it comes to their employees. However, when an employer offers a retirement plan, they become a fiduciary for that plan. Under this relationship, employers must act solely in the best interests of plan participants using the prudent-person standard.

To relieve some of those responsibilities, employers can hire someone to share some of the fiduciary responsibilities, such as a third-party retirement service provider. 

Financial advisor and client

When someone starts working with a financial advisor, they give them access to and control of their money and investments. Some financial advisors have limited control over their client’s assets, which means that they can make decisions on their behalf, sometimes without approval. 

But not every advisor follows the fiduciary standard. There are actually two different standards that advisors can operate under and sometimes it’s not always clear which standard they’re working within. 

The Two Standards of Financial Advisors 

The Fiduciary Standard

Advisors who are Registered Investment Advisors (RIAs) must provide financial advice based on the Fiduciary Standard. This means that they must act in the client’s best interest at all times, avoid any conflicts of interest, and fully disclose any that may arise.

Also among the class of fiduciary financial advisors, are CFPs or Certified Financial Planners. Because there is a rigorous accreditation process, only a small fraction of advisors are CFPs. If you’re looking for a fiduciary advisor, every CFP is legally held to the Fiduciary Standard.

The Suitability Standard

Under the Suitability Standard, financial advisors can sell investment products to clients as long as those products match the financial situation of their clients. 

What’s the difference between Fiduciary and Suitability Standards?

The main difference between the Fiduciary and Suitability Standards is that the Suitability Standard does not require your advisor to act solely in your best interest.

Does that mean that all non-fiduciaries will only suggest their most personally lucrative options? Certainly not, the key difference is that the Suitability Standard only requires advisors to consider what is most suitable which may not completely align with the client’s objectives and risk profile. Under the Fiduciary Standard, the client’s needs must be entirely prioritized over the advisors’ own interests. 

Conclusion

If you are looking to hire a financial advisor, you need to start by ensuring that whoever you entrust with your assets is looking out for your best interests. Advisors that follow the Fiduciary Standard are obligated to act in the most beneficial way towards their clients. By working with a fiduciary, you are guaranteeing that your needs are being prioritized.

The post What is a Fiduciary Financial Advisor? appeared first on Odyssey Advisors, Inc.

Bottom Line Up Front

• Employee benefits are the additional perks, either tangible or intangible, that an organization offers on top of an employee’s salary as part of their total compensation package.
• Organizations are using these benefits to retain current employees, attract new talent, mitigate taxes, and increase morale.
• The most sought-after benefits in 2021 include increased healthcare, remote/flexible work options, childcare, and family benefits, and additional lifestyle benefits.

What are Employee Benefits?

Let’s start this from the top and define exactly what an employee benefits package is. Employee benefits packages are the additional perks, either tangible or intangible, that an organization offers on top of an employee’s salary.

Think back to when you were between the ages of 21 and 25 years old. That’s right around when you most likely got kicked off of your parent’s health insurance plan. For most of us, that was the first time you had to take a step back and look at your employer’s benefits package without the rose-colored glasses on.

The benefits offered vary from business to business. Some are required by law while others are voluntary. Employee benefits can also be used as a way for organizations to retain current employees, stand out from their competitors when trying to attract new talent, mitigate taxes, and increase morale.

The Basics

Most Commonly Offered Benefits

While some of these benefits are legally required, others are not. Here is a general list of the most common benefits offered in an employee benefits package:

• Health Insurance
• Retirement Savings Plan
• Additional insurance such as life and disability
• PTO for vacation, sick days, and personal days
• Remote/hybrid and flexible schedule options

Your workforce is what drives your business so that’s why many business owners want to offer benefits that will help recruit and retain top talent.

Legally Required Employee Benefits

As an employer in the United States, you’re required to participate in and contribute toward certain employee benefits. The Department of Labor describes these benefits as those that provide workers and their families with a retirement income and medical care, mitigate economic hardship resulting from loss of work and disability, and cover liabilities resulting from workplace injuries and illnesses.

These benefits include:

• Time off to vote, serve on a jury, and perform military service
• Provide worker’s compensation
• Social Security, Medicare, and FICA
• Unemployment insurance
• Family and Medical Leave (FMLA)
  • Private employers with 50 or more employees and all public sector businesses are required to provide a maximum of 12 weeks of unpaid leave in a 12-month period to be used as per the DOL.
• Health insurance
  • This is only required by businesses with 50 or more full-time employees

Voluntary Employee Benefits

Voluntary benefits, also known as supplemental benefits, are those offered by employers, typically used to entice and retain employees, mitigate taxes, and increase overall morale. These benefits can range from additional health coverage including vision and dental to lifestyle benefits or employee perks. They are typically cheaper through an employer since they can get reduced group pricing.

As mentioned above, you aren’t obligated to offer these supplemental benefits, but to stay competitive in the job market and retain your current employees, these benefits have become vital. Another benefit (pun intended) is that these benefits are another way to decrease your payroll taxes and increase job satisfaction.

Below is a list of common voluntary benefits offered today:

• Retirement savings plans (i.e. 401(k), Profit Sharing, 403(b), Cash Balance Plan)
• Hospital indemnity insurance
• Dental & Vision insurance
• Disability insurance
• Gym memberships
• Financial Management services
• Life insurance
• Remote and flexible work schedule
• Pet insurance

The list doesn’t end there.  Organizations are starting to get more creative to stay competitive in the job market and employees are placing greater emphasis on supplemental benefits as they consider changing jobs. One study revealed that 78% of employees say that their benefits packages are just as important as their salaries when it comes to keeping them at their current employer.

Most Valuable Benefits Employees are Looking For in 2022

There are a lot of benefit plans out there so how do you know what your employees will be looking for? Since the pandemic, there has been a momentous shift in how both employees and employers look at benefits.

Many believed that employers would decrease their benefits, but that wasn’t the case. According to a recent study conducted by Unum, employers are wanting to add additional benefit packages to protect their employees after seeing what the pandemic has done. They’ve seen disability, critical illness, and viral/infectious disease coverage as the most frequently listed benefits that businesses were adding because of the pandemic.

According to the Employee Benefit Research Institute’s (EBRI) 2020 Workplace Wellness Survey, seven out of ten employees agreed that they need their employer’s help ensuring they are healthy and financially secure. They also felt that employer-offered benefits contribute to their feelings of financial security.

#1 Health Insurance

The Society for Human Resource Management (SHRM) found that healthcare is consistently ranked as the most important benefit category. They found that Preferred Provider Organization (PPO) plans are the most popular health insurance options, followed by high-deductible health plans (HDHPs).

According to their study in 2019, 85% of employers offer PPO, and 59% percent of employers offer HDHP linked to a health savings account (HSA)/health reimbursement account (HRA).

There are also more voluntary health insurance options that you can offer to supplement your standard health insurance plans such as:

• Accidental death & dismemberment (AD&D)
• Dental & vision
• Hospital indemnity
• Long-term disability
• Short-term disability
• Accident coverage
• Critical illness
• Mental health coverage

When you provide your employees with well-rounded health benefits, it’s been shown that they’ll take fewer sick days, feel more satisfied with their job, and gain a sense of security which leads to more productivity and better profit margins.

#2 Remote and Flexible Work Schedules

Before the pandemic, remote and flexible work schedules were heard throughout the grapevine, but no one put much thought into it. It was similar to the gossip of a 4-day workweek. You’d hear about it from a friend of a friend or come across a news article about some progressive company testing the waters, but it was this far-fetched idea.

Now, most employees have gotten a taste of it as states issued stay-at-home orders during the pandemic. As the country is opening back up, more employees are requesting that remote and flexible work schedules become the norm.

According to a study conducted by Mercer, 87% of employers say they will embrace greater flexibility post-pandemic – with most planning to maintain the hybrid model of onsite/work-from-home options. It’s important to note that not all of these options are feasible for every organization. If you’re considering remote or flexible work options, make sure to assess your organizational needs along with your employees’ needs to determine if there’s a reasonable option that works for both parties.

#3 Childcare and family benefits

Many working parents juggled jobs and childcare during the pandemic. When schools closed and classes became virtual, many had to pivot when and where they worked or take a leave of absence to stay home with their children. Data gathered by Pew Research showed that almost double the number of women vice men quit the labor force in the first year of the pandemic. 2.4 million women and 1.8 million men left the workforce between February 2020 and February 2021.

Many organizations noticed this trend and have responded by increasing childcare and family benefits to mitigate the loss of skilled employees. Some of these benefits include:

• Backup care
• On-Site child care
• Eldercare
• Flexible Schedules
• Flexible childcare spending accounts
• Childcare subsidies
• Additional paid parental leave

#4 Lifestyle Benefits

Lifestyle benefits, also known as employee perks, are non-salary-related benefits that are given to employees to improve their lifestyles. Unless you’ve been living under a rock, you’ve heard about Google’s infamous employee perks. Things like free gourmet food and snacks, being able to bring your pets to the office, massage credits, extended maternal and paternal leave, increased death benefits for spouses, free fitness classes, gym memberships – and the list goes on.

These benefits provide employers an edge in how they differentiate themselves from competitors in the job market. They’ve also been proven to increase employee engagement, retention, and satisfaction. They provide a way to personalize your organization’s employee experience.

How to Showcase Your Employee Benefits Package

Share your policies, perks, and procedures when you’re interviewing a new candidate. When you make a job offer, add the benefits to the offer letter as part of their total compensation package. This is a great way to showcase the complete value of what you’re offering. Yes, you can include numbers! You can even do this with your current employees on an annual basis. Include everything that is part of your compensation package – health insurance, dental, salary, paid leave, retirement benefits, flexible spending accounts, etc.

Snap a picture of everyone sitting down for lunch together that you provided and share it on your LinkedIn, incorporate direct quotes or short videos from your employees about the support these benefits bring them whether that’s through their personal goals, their health, being able to care for loved ones without worrying about their job, etc. Everyone loves a good story and this is the perfect way to showcase your company culture and the benefits of working there.

Conclusion

Recruiting and retaining top talent requires a competitive, top-tier benefits package, more so now than ever before. Make sure your employee benefits are meeting your employees’ basic needs and then ask them what they would like to see more of. An anonymous survey is a great way to give your employees a safe space to open up. Do your research on the market, look at what your competitors are offering, and take into account what your employees would like.

Benefits shouldn’t be viewed as another expenditure – rather, think of them as an insurance policy for your business and your employees. With the pandemic (mostly) behind us and the increasing pressure from the great resignation, now is the time to start reevaluating the benefits you already offer.

If you have any questions or need further information, please reach out to one of our Odyssey consultants. We’d be happy to help.

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KEY POINTS

• The 3 most popular employer-sponsored healthcare accounts you can supplement your current healthcare insurance with are Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), and Health Reimbursement Accounts (HRA).
• FSAs, HSAs, and HRAs all offer tax-free savings that you can use to pay for eligible medical, dental, vision, and sometimes long-term care expenses. 
• The bottom of this article includes an in-depth table comparing the three accounts.

Good healthcare insurance is an important benefit that many employees look for. In addition to insurance, many employers offer supplemental plan options. In this article, I’m going to cover the key differences between the 3 most popular employer-sponsored accounts: Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), and Health Reimbursement Accounts (HRA).

Flexible Spending Account (FSA)

FSAs are employer-owned, but employee-funded accounts that can be used to pay for any eligible healthcare costs that aren’t covered by your healthcare insurance. They’re available to anyone with a healthcare plan that includes them. You can make contributions to the account pre-tax (subject to a yearly IRS limit), but you can only rollover $550 to the next year. You’ve probably seen the advertisements at the end of the year reminding people to use their FSA funds before they expire. Upon termination of employment, any unused funds left in your FSA will most likely be forfeited back to the employer.

Health Savings Account (HSA)

HSAs are for anyone that has a qualifying high deductible plan (for 2022, an HDHP has an annual deductible of at least $1,400 for single and $2,800 for family coverage). Like FSAs, contributions can be made pre-tax. Unlike FSAs, however, the account belongs to you and can be transferred to your next job. Additionally, funds do not expire at the end of the year and can even be invested within the account. If funds are withdrawn for non-qualifying expenses, they’re subject to income tax (as well as an additional 20% penalty if you are under the age of 65).

Health Reimbursement Account (HRA)

HRAs are not owned by the employee, nor does the employer contribute to the plan — which means no portability when your employment is terminated. HRAs can be used in conjunction with both FSAs and HSAs. When paired with an HSA, the HRA can only be used for either dental or vision benefits or strictly for amounts over your deductible. After age 65, HRA contributions can be used to pay premiums (health, dental, vision, and long-term care) for the primary participant. 

FSA vs HSA vs HRA Comparison Table

Many factors determine what health plan is right for you and what supplemental plans might be most beneficial. When comparing FSA vs HSA, HRA vs HSA, or FSA vs HRA, it’s important to consider each plan with your particular circumstances. If you’re thinking about adding an FSA, HRA, or HSA plan to your health insurance, you can talk with your insurance provider or reach out to one of our Odyssey Consultants to determine if any of these might be a good fit for you and your specific needs.

Interested in learning more?

• Pension Contributions at Risk due to COVID-19
• Ways to Reduce Your Taxable Income & Save Money
• 2020 Year-End OPEB Trend Report

The post FSA vs HSA vs HRA: Which One is Better? appeared first on Odyssey Advisors, Inc.

KEY POINTS

• Original Medicare covers a majority of basic health necessities, but not everything.
• Medicare Supplement (also known as “Medigap”) was designed as a supplemental health insurance policy to cover additional out-of-pocket expenses that Original Medicare doesn’t cover.
• Medicare Advantage (also known as Part C), is a private insurance alternative to Original Medicare, which can include additional benefits, such as Part D (prescription drug coverage), dental, and vision.
• It’s important to weigh your options carefully and look into each plan’s costs, benefits, and approved doctors, and also consider your lifestyle and health.  Plan for a rainy day when selecting a plan and anticipate what you may need in the future.

When you prepare to enroll in Medicare, there is a lot to consider. Will you need dental or vision coverage? What exactly does Original Medicare cover and what is Part D? You may have specific medications you take – will those be covered? Which is better: Medicare Advantage or Medicare Supplement (“Medigap”)? It can be overwhelming.

It’s important to understand that Original Medicare doesn’t cover everything and will leave you responsible for any out-of-pocket costs. In this article, we’re going to walk you through Medicare Advantage and Medicare Supplement. Both of these plans will help reduce your out-of-pocket costs and can include added benefits that you may need.

What is a Medicare Supplement Plan?

Medicare supplement plans are also known as Medigap plans. A Medigap plan is a supplemental health insurance policy to your Original Medicare plan. Keep in mind that you will have two separate premium payments, first to your Original Medicare plan and then to the private insurer for your Medicare Supplement or Medigap plan.

Original Medicare includes Part A (hospital insurance) and Part B (medical insurance), but only covers about 80% of the total cost. You will be responsible for the remaining balance and any copays or deductibles. These costs can add up quickly, leaving you with a hefty bill. When you enroll in a Medigap policy, it pays a portion, if not the total, of any out-of-pocket costs that your Original Medicare Plan doesn’t cover.

What is a Medicare Advantage Plan?

Medicare Advantage plans, also known as Medicare Part C, are another option based on your eligibility for Original Medicare. Unlike Medigap plans that work as a supplement to Medicare coverage, these plans replace Original Medicare. Offered by private insurance companies that have contracts with Medicare, these plans boast more benefits. Since they’re offered by private insurance companies, they have more flexibility in how each plan is designed and what benefits they include.  

Medicare Advantage generally operates more like traditional non-Medicare plans such as HMO, PPO, or a High Deductible Health Plan. Medicare Advantage plans typically provide certain benefits that Original Medicare doesn’t, they usually include prescription drug coverage (Part D) and sometimes offer other benefits such as dental and/or vision coverage.

Do the Benefits Differ Across Medicare Supplement and Medicare Advantage Plans?

Medicare Supplement (Medigap) plans are largely standardized by location and there will be very little difference between plans in your area. With Medicare Advantage plans, the insurance companies have much more flexibility so there are large differences between these types of plans. A lot of Medicare Advantage plans include Part D (Medicare drug coverage), but remember to check whether the plan includes specific medications you may need. 

Do Medicare Advantage or Medicare Supplement Cover Costs that Original Medicare Doesn’t?

Medicare Supplement plans do not cover dental, vision, prescription drugs, or any other non-medical costs. These plans need to be purchased separately. Some Medicare Advantage plans do cover these related costs and will be reflected in the premium.

How Much Do Medicare Advantage and Medicare Supplement Plans Cost?

A big reason some choose Medicare Advantage over Medigap is due largely to pricing. Since Medicare Advantage plans are flexible with design, their pricing can vary quite a bit depending on the coverage. Some lower-benefit plans have no premium beyond what you pay for Medicare Part B. When comparing Medicare Advantage plans, make sure you look closely at the coverage and benefits it provides.

Medicare Supplement plans are standardized premiums and will be similar based on your location. 

Which Plan is Better: Medicare Advantage (“Part C”) or Medicare Supplement (“Medigap”)?

If you’re still wondering which plan is better, there’s no right or wrong answer. You’ll need to consider your specific medical and financial situation to determine which plan is the best fit for you and your needs. Some key factors to consider include:

• Monthly premiums
• If Part D is included, are your medications covered?
• Choice of doctors
• What are potential out-of-pocket expenses?
• How often do you plan to use healthcare services?
• Do you need additional coverage for items outside of Original Medicare?
• Expected costs of services included in each plan
• Copays and deductibles, if any
• If you travel, are you covered if you’re away from home?

Whenever you’re ready, there are 3 ways we can help you:

1. Minimize your liabilities with a comprehensive OPEB valuation here.
2. Build a better pension and OPEB plan here.
3. Get a free review of your last valuation here.

The post What’s the Difference Between Medicare Supplement and Medicare Advantage? appeared first on Odyssey Advisors, Inc.

KEY POINTS

• UPDATE: SECURE Act 2.0 clears the House Committee May 4, 2021, with 5 Key Revisions.
• A new bill has been introduced to the House which will build upon recent changes made with the passage of the SECURE Act.
• The bill is intended to help you save for retirement, directly targeting those just starting and those nearing retirement age.
• If you’re an employer, the bill also provides provisions that create actionable steps to help you entice your employees to adopt and continue to contribute to your retirement plan.

You’ve probably heard the term “SECURE Act 2.0” floating around in the world of retirement lately. If you’re a business owner or just doing some Google research on retirement plans for yourself, let me clarify the possible changes that might be coming soon and how they’ll affect you or your business.

A new bill set to further enhance provisions made by the SECURE Act in 2019 was introduced in October. The bill is being dubbed the SECURE Act 2.0, but formally known as the Securing a Strong Retirement Act of 2020. The new secure act retirement bill aims to encourage the adoption of running retirement plans by reducing many headaches as well as make it easier for your employees to save for retirement. Here are 8 key changes being proposed in the new bill:

Required auto-enrollment for new plans.

To make it easier for your employees to save for retirement under 401(k), 403(b), and savings incentive match plans for employees (SIMPLE) plans, the bill would enact auto-enrollment for new participants. Your employees will still have the option to opt out if they don’t want to be automatically enrolled.

Existing plans will be grandfathered in or exempt from adopting automatic enrollment if the plan is approved. It’s also important to note that automatic escalation of deferrals will be required (anywhere from 1% per year to a maximum of 10% of compensation).

Higher Age Threshold for Required Minimum Distributions (RMDs) of 75 years.

If you are turning 72 this year, you will be required to take RMDs from your retirement accounts. The SECURE Act 2.0 intends on raising the starting age for RMDs from 72 to 75. This would allow your money to grow for 3 more years untouched.

Exempt participants with less than $100,000 from RMDs.

If your retirement account balance is $100,000 or less on the year you meet the threshold age, you will be exempt from taking the RMD.

Increase catch-up contributions to $10,000.

The bill increases the limit on catch-up contributions from $6,500 to $10,000 for 401(k) and 403(b) plans if you are 60 years and older. It will also be adjusted with the cost of living moving forward.

With increased catch-up contributions and the RMD threshold being pushed to 75 years of age, this would allow you to significantly grow your savings.

Employees who are repaying student loans would be eligible for employer-match contributions.

If you have student loans, the bill would allow you to make payments towards your loans in place of your DC plans and still receive your employer match contributions under a 401(k) plan, 403(b), or SIMPLE IRA. This would allow you to pay off your student loan debt while still contributing to your retirement savings.

Authorize employers to offer incentives for plan participation.

As an employer, you will be able to offer de minimis financial incentives to encourage employees to participate in your company’s plan (e.g., small gift cards, etc.)

Two year threshold for part-time employees to be eligible to participate.

The bill would allow your part-time employees who have been with your company long-term to participate in your retirement plan after two years (the current threshold being three years).

Simplify plan administrative requirements.

Secure Act 2.0 would also simplify some plan administration issues such as alleviating some disclosure requirements, expanding the IRS Employee Plans Compliance Resolution System (EPCRS), and changing requirements on retrieving overpayments made to retirees.

In Conclusion

All of the provisions above are subject to change since the bill has only recently been introduced in the House of Representatives. Currently, this bill requires plan amendments to be made by the end of 2022. It’s expected to have broad bipartisan support, however, it has not been determined how much the bill will cost and includes no provisions to raise revenue so it is open to modification before being enacted.

The SECURE Act was passed almost entirely unanimously in both the House and the Senate so it’s likely that the SECURE Act 2.0 will be approved. If the legislation is passed, it could have a great impact on small businesses. I recommend keeping an eye on this bill.

Additional resources:

• How Common are Automatic Enrollment and Target Date Funds in 401(k) Plans?
• Required Minimum Distributions are Back. Tell a Friend.
• The Perfect Time to Start a 401(k) Plan

The post SECURE Act 2.0 and What You Need to Know appeared first on Odyssey Advisors, Inc.

Bottom Line Up Front

• As a small business that operates as an LLC, you can set up a 401(k) plan for yourself with some exceptions
• Below is a list of some things to consider, but the biggest is whether or not you are providing material services to the business

Short answer – yes! 401(k) deferrals and contributions are allowed as a general rule, but there are exceptions. The biggest issue to consider is whether or not the member or owner is providing material services that are income-producing for the LLC. Here is a basic list of things to consider:

1. Under IRS Code § 401(c)(1), the IRS states that “employee” includes “self-employed individual,” and that a self-employed individual is someone with earned income.
2. IRS Code § 401(c)(2) defines earned income as net earnings from self-employment (i.e., subject to tax as self-employment income) from a business where the member’s services are a material income-producing factor.
   • A member who is involved in the business has earned income.
   • A member who is not involved in the business does not have earned income, regardless of the payment of self-employment tax.
3. In general, a member of an LLC who provides services that are a material income-producing factor for the business shall be considered an employee.
   • As an employee, the member is eligible to participate in the plan.
4. The contribution shall be deducted from the member’s draw.
   • The member should NEVER write a personal check to the Plan.
   • Remember that the member’s earned income from the LLC is NOT the draw. The maximum deferral amount and/or employer contribution will be based on actual earned income which is not known until year-end
5. Assuming the LLC member is not on W-2 payroll, their employee contribution/deferral deadline is April 15^th following the plan year.
6. Members of LLCs that are taxed as partnerships are treated for tax purposes as though they were partners in a partnership.
7. Your plan document should define plan compensation as IRS Code § 3401(a) vs W-2 as an LLC Member will not be on payroll and will not have W-2 pay. This is a common problem for those with plan documents provided by payroll firms.

Should You Offer a Roth 401(k)?

Legal Disclaimer

Nothing in this post should be interpreted to be legal advice for the reader. Given that laws in this area change frequently, the reader is encouraged to seek review by your legal counsel to apply the law to the particular facts of your situation.

If you have questions about how to best design your retirement plan to align your personal goals with your business goals, please reach out to one of our Odyssey Advisor Consultants here.

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