510 North Humphreys Street
At Benefit & Financial Strategies, we provide employers in Cottonwood, Arizona, with a comprehensive suite of services and strategies that help them support their employees and grow their businesses.
Our team of financial professionals has decades of experience designing employee group benefit and retirement plans, and we pair it with cutting-edge technology and educational resources. Our approach allows businesses to leverage our knowledge and expertise to create robust and affordable benefits packages that demonstrate their commitment to employee well-being and help them attract and retain top talent.
Group employment benefits are governed by an ever-changing landscape of compliance guidelines that are challenging for small and even large employers to keep track of. At Benefit & Financial Services, we monitor compliance changes and benefits trends so Cottonwood, AZ employers can focus on their businesses. In addition, our flexible group insurance plans include health, dental, vision, disability, and life insurance plans backed by continuous assistance and support to employers and their employees every step of the way.
Medical InsuranceFinding the best group health insurance benefits for your employees without breaking the bank is no small task. At BFS, we help Cottonwood, AZ business owners evaluate, select, and purchase group medical insurance that protects their employees' well-being. We also identify tax credits and other offsets that reduce employer's financial burden and protect their bottom line.
Dental InsuranceThe financial professionals at BFS can help employers purchase and manage additional group health benefits for employees, such as dental insurance. Employers in Cottonwood, Arizona, and across the US aren’t required to provide group dental insurance to their employees. However, in competitive job markets like the one we’re experiencing now, companies that offer group benefits, including dental coverage, are often better able to attract and retain highly-sought workers.
Vision InsuranceProviding comprehensive group health benefits for your employees, including group vision insurance, is a smart way to protect your business and your employees’ well-being at the same time. Top performers and candidates are likely to field offers from multiple employers. Businesses offering health, retirement, and other benefits can attract top talent and retain them once they’re on board.
Life InsuranceThe financial professionals at BFS understand the needs of Cottonwood, Arizona’s business owners, and can help you evaluate and select life insurance coverage that suits the needs of your employees and your business. Life insurance is not only a crucial element of your employee’s financial planning, but it can also help your business recover should a key employee pass away.
Disability PlansWhen an off-the-job injury or illness prevents an employee from working, disability income insurance provides payments equal to a portion of their lost income until they return. Employers in Cottonwood, AZ, may offer disability income insurance as a voluntary, employee-paid benefit or employer-funded benefit. The financial professionals at BFS can help you explore available disability benefit plans and identify tax savings and other offsets if you choose to fund the benefit on behalf of your employees.
Navigating the world of group retirement plans can be challenging. BFS offers small business retirement plan services so employers in Cottonwood, Arizona, can implement and manage executive benefit plans and succession planning services with the support of a dedicated service representative. We also provide one-on-one implementation and administration support for a suite of employee retirement plans, including cash balance plans, buy/sell arrangements, SIMPLE and SEP IRAs, 401(k) and 403(b) plans, and pension plans.
Pension, Profit Sharing, 401(k) Plans, 403b Plans: Cottonwood, AZ, employers have many options when it comes to helping their employees save for retirement. Business profit-sharing arrangements allow employers to split a portion of company profits among employees eligible for the plan, while pension plans are employer-funded retirement savings for a business’ vested employees. In addition, clients of BFS small business retirement plan services may offer 401(k) and 403(b) retirement plans to their employees. We offer implementation and administration support for these popular retirement plans, which combine tax-deferred employee contributions with employer-matched funds.
Cash Balance Plans: Cash balance plans are a defined benefit plan that allows Cottonwood, AZ employers to credit a designated account for eligible employees with a percentage of their annual compensation. Depending upon the plan’s provisions, employees may receive this benefit as a lump sum or monthly annuity upon retirement.
Buy/Sell Agreements: Cottonwood, AZ, businesses can implement buy-sell agreements to protect against financial loss after the death or disability of a business owner or employee. The most common types of arrangements are cross-purchase agreements and stock purchase agreements. Depending on the type of agreement in place, after a qualifying event, other employees may have the option to buy the newly available ownership shares (cross-purchase), or the company’s key employees may agree to purchase the shares (stock purchase agreement).
Simple and SEP IRAs: SIMPLE (Savings Incentive Match Plan for Employees) IRA plans provide Cottonwood, AZ employers a straightforward and inexpensive retirement benefit. Under a SIMPLE plan, employers can make non-elective contributions of 2% of an employee’s salary or matching contributions up to 3% of an employee’s salary. Employees can contribute up to $13,500 ($16,500 for workers over 50) in 2021. Unlike SIMPLE IRA plans, SEP (Simplified Employee Pension) IRA plans are funded 100% by employers. In addition, SEP plans have higher annual contribution limits than SIMPLE plans and low administration costs, making them a popular retirement vehicle for small business owners and the self-employed.
Deferred Compensation and Defined Benefit Plans: Deferred compensation plans are often offered to executives or as a supplemental option in addition to 401(k) or other retirement plans. Under a deferred compensation plan, an employee defers accepting a portion of their salary until a specified date in the future. During the deferral period, the individual’s tax liability is reduced. Defined benefit plans are more commonly referred to as pension plans and provide employees with a specific payment amount in retirement, which may be paid as a lump sum or in monthly payments, depending on the plan’s rules.
Succession Planning: If you own a business, succession planning is essential to secure your company’s future. In the event of a tragedy or upon your retirement, a thoughtfully developed and implemented succession plan can ensure you retain the assets you need to retire and provide for your family while successfully transferring the company's ownership.
Executive Benefits: Benefit & Financial Services can help employers in Cottonwood, Arizona, navigate the highly-regulated landscape of executive benefits. Our expert financial planners design executive compensation and benefits packages that ensure compliance with the US Department of Labor regulations that govern qualified and non-qualified executive benefits.
Since 1988, employers in Cottonwood, Arizona, have trusted Benefit & Financial Strategies to help them support their employees and grow their businesses. As a small Arizona business, we understand the needs of small businesses. Our financial professionals have decades of experience and education to help each BFS client secure the products and services they need to ensure the physical and financial well-being of business owners and their employees.
Contact us today to learn more about our group health and retirement services for small businesses.
We look forward to working with you!