STEP ONE IN the selling process is getting the right information from your prospects! To get the answers you need — you have to know the right questions to ask. Here are some key questions to help get you started.

If the Company does not currently offer a retirement plan:

1. Are you saving enough for your retirement?

2. Do you need more corporate tax reductions?

3. Do you need more personal tax deductions?

4. Are you having a profitable year?

5. Would you like to offer an employee benefit that can assist in retaining valuable employees?

6. Can you afford 2% of payroll? A 50% matching contribution may attract more quality employees!

7. Do you typically provide a bonus to employees?

Ask for the following:

• Complete a proposal request form with basic information.

• Number of employees with at least one year of service

• For those eligible employees, what is the total payroll

If the Company currently offers a retirement plan:  

1. What type of retirement plan option do you currently offer?

2. Are you satisfied with your plan?

3. Are you satisfied with the administrative services? Are statements issued in an accurate and timely manner? Are you satisfied with the fees from your current provider?

4. Do you have high participation rates among all your groups of employees?

5. Are you satisfied with the mix of investment options and the returns from your investments?

6. Are you passing all your annual tests (discrimination test, 415 test, top-heavy test)?

7. Does the plan design accomplish what you want?

8. Were you aware that you and all your key employees have the ability to put away $44,000 in your profit sharing plan each year?

Ask for the following:

• Can I make a follow up visit and bring my ERISA Consultant?

• Complete a proposal request form with basic information. (See following form)

• If I can gather the following information, my ERISA Compliance team and I can properly review your plan to make sure you are maximizing all your benefit options:

  • A copy of the plan document

  • Summary Plan Description

  • Your latest IRS Form 5500

• Lastly, if you would like us to evaluate some plan design techniques we will need updated census information which includes date of birth, date of hire and annual salary.

Call Transamerica Retirement Services at 888.401.5826 to help build your business!

Return to Newsletter