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What is a major non-tax advantage to set up a qualified plan?
Solution
A qualified plan is established by an employer to provide retirement benefits for its employees
and their beneficiaries.
Following are some of the non tax advantage to set up a qualified plan:
1. Employers are able to attract and retain high-quality employees. A qualified plan may be the
tiebreaker that wins over a skilled person who is offered relatively similar compensation
packages from different potential employers.
2. If the business has high start-up costs or little cash on hand, one can use a retirement plan to
supplement your compensation package.
3. Retirement benefits may give you a recruiting advantage.
4. If the plan is based on profits, the plan may enhance employee motivation and productivity.

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  • 1. What is a major non-tax advantage to set up a qualified plan? Solution A qualified plan is established by an employer to provide retirement benefits for its employees and their beneficiaries. Following are some of the non tax advantage to set up a qualified plan: 1. Employers are able to attract and retain high-quality employees. A qualified plan may be the tiebreaker that wins over a skilled person who is offered relatively similar compensation packages from different potential employers. 2. If the business has high start-up costs or little cash on hand, one can use a retirement plan to supplement your compensation package. 3. Retirement benefits may give you a recruiting advantage. 4. If the plan is based on profits, the plan may enhance employee motivation and productivity.