CONTACT US
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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
As a small business owner, you recognize the need to recruit and retain talent. While good wages and health insurance typically are the most important benefits for workers, business owners shouldn’t discount the advantages of helping their employees save for the future.
1. SIMPLE (Savings Incentive Match Plans for Employees) IRA or 401(k) are limited to businesses with 100 or fewer employees. Employers make non-elective contributions of 2% of compensation to each eligible employee; or match individual contributions up to 3% of compensation. The plan is easy and inexpensive to set up and operate and has no filing requirement.
2. SEP (Simplified Employee Pension Plans) are available to any size business to set aside money in retirement accounts for the owner and employees. The business owner contributes up to 25% of compensation to a SEP IRA. Employee contributions are not allowed. The plan is easy to set up and operate and administrative costs are low. There are no filing requirements, and annual contribution amounts are flexible.
3. 401(k) Plans enable employees to contribute a portion of their wages to individual accounts. Salary deferrals are excluded from taxable income (with the exception of designated Roth deferrals, which are made after tax). Employers can contribute to employees’ accounts. The employer must file paperwork every year to show the plan is in compliance with IRS regulations.
505521-2
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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