Business retirement plans: the plan you set up once and never checked again.
The short answer
Most small and mid-market businesses either have no retirement plan, or set one up years ago and have not looked at it since. A retirement plan review checks whether your state now requires you to offer coverage, whether federal tax credits are available for starting or improving a plan, and whether an existing plan is carrying fees higher than the market rate.
Retirement benefits sit in a strange spot for most small businesses. Either there is no plan at all, because it always felt like a project for later, or there is a plan that was set up once, years ago, and has not been touched since. Both situations are worth a second look right now, for different reasons.
If you do not have a plan yet
Two things have changed the calculus here. First, a growing number of states now require employers above a certain size that do not offer a retirement plan to either start one or enroll employees in a state-run auto-IRA program, so "we will get to it eventually" is becoming a compliance question in more places, not just a nice-to-have. Second, federal tax credits exist specifically to offset the cost of starting a new plan for a small business, covering a share of startup and administrative costs, and in some cases a share of the employer's own contributions for the first several years.
If you already have a plan
An existing plan is not something to set and forget. Plan fees, administrative and investment, are disclosed once a year in a required notice that almost nobody reads closely. Over time, a plan can end up carrying costs well above the market rate for a plan of similar size, and that difference comes directly out of employee returns. A benchmarking review compares what you are paying against current market rates and flags where a provider change or a plan redesign would meaningfully lower the cost.
Who is a candidate for this?
- Employers without a retirement plan, especially in a state that has introduced a mandate.
- Employers with an existing 401(k) or similar plan that has not been benchmarked in several years.
- Any business that wants to use retirement benefits as a genuine recruiting and retention tool, not just a compliance checkbox.
Worth pairing with a look at zero-cost employee benefits, since both draw on the same idea: value already sitting inside your payroll structure, unused.
What to watch for
- Eligibility depends on specifics. Tax credits and state mandates both hinge on business size, state, and plan design, which a specialist confirms for your situation.
- A plan review does not obligate you to switch anything. It is a comparison, not a commitment.
- This is not investment advice. A plan review looks at structure, fees, and compliance, not specific investment selections for you personally.
How Tappmedia fits
We do not design, administer, or advise on the plan ourselves. Our role is strategic connection. We help you see whether starting or improving a retirement plan is worth pursuing, introduce you to a specialized retirement plan partner who handles the setup or the benchmarking review, and stay in the conversation through delivery. As disclosed above, we are paid a referral fee if you engage them.
Common questions
Is my state going to require me to offer a retirement plan?
A growing number of states now require employers above a certain size that do not offer a retirement plan to either start one or enroll employees in a state-run auto-IRA program. Whether this applies to you depends on your state and employee count, which a specialist can confirm.
Are there tax credits for starting a new retirement plan?
Federal tax credits exist for small businesses that start a new retirement plan, covering a share of startup costs and, in some cases, employer contributions for the first several years. Eligibility depends on your business size and plan design.
How do I know if my existing 401(k) has excessive fees?
Plan fees are disclosed in a required annual notice, but they are rarely reviewed once a plan is set up. A benchmarking review compares your plan's administrative and investment fees against market rates for a plan of similar size to see whether you are paying more than you should.
Is Tappmedia paid for referring the specialist?
Yes. Donald Tapper and Tappmedia NYC are independent referral representatives for our specialized retirement plan partner and may earn a referral fee if you engage them. It costs you nothing extra, and the plan review or setup is performed by the specialist, not by Tappmedia.
Referral disclosure: Donald Tapper and Tappmedia NYC are independent referral representatives for a specialized retirement plan partner and may receive a referral fee if you engage them, at no additional cost to you. This article is general information, not tax, legal, financial, or investment advice, and it does not create an advisor-client relationship. State mandates, federal tax credits, and plan rules vary and change; the specialist partner confirms what applies to your business. Outcomes are not guaranteed. Consult a qualified professional before acting.