A profit-sharing plan is a retirement plan that provides employees with a share of the profits of a company. This type of plan, also known as a deferred profit-sharing plan (DPSP), allows employees to receive a percentage of a company’s profits based on its quarterly or annual earnings.
A profit-sharing plan is an excellent way for a business to give its employees a sense of ownership in the company. However, there may be restrictions on when and how an employee can withdraw these funds without penalties.
At our insurance agency, we understand the importance of retirement planning and helping employees prepare for their future. A profit-sharing plan can be a great addition to your retirement benefits package, providing employees with a stake in the company’s success. Contact us today to learn more about how we can help you establish a profit-sharing plan for your business.