Meet Corey, Dentist

Corey has owned his own dental office for almost 15 years and has been steadily adding employees to his staff. With more than 25 employees working under him, Corey decided it was time to ramp up his benefits package to help recruit and retain top talent in his area while building a succession plan for the associate dentists in his practice.

Corey knows the benefits of a 401(k) plan and has saved in a 401(k) through previous employers in the past. He rolled those savings over to the new 401(k) to maximize contributions and match those contributions on behalf of the business. Corey doesn’t have a financial advisor and isn’t particularly investment savvy, so he looked for a 401(k) plan that offered investment selection and management, fiduciary protection, and plan design support already built into the service. He also knows time is money, so he wanted a 401(k) provider that could integrate with his current payroll company to streamline his benefits processes and allow him to be relatively hands-off.

With Corey’s goals of taking advantage of pre-tax deferrals as the business owner, as well as creating efficiencies to save time in his day-to-day, Corey decided a CoPilot Prime 401(k) plan was the best fit for him and his small business. With flexibility in plan design—such as employer matching arrangements and profit sharing options—Corey crafted a plan that truly works for his needs.

With a New Comparability Profit Sharing plan, compensation is considered when building out different groups of employees to receive different levels of contributions. This allows Corey’s associate dentists and himself (highly compensated employees) a larger contribution compared to the rest of his staff (non-highly compensated employees). As long as non-discrimination testing is passed, this enhanced profit sharing benefit fits right in with Corey’s succession planning goals for his practice. 

Many small business owners can relate to Corey’s goals, attitudes, and challenges when it comes to running his small business while also preparing for the future.

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