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News|Articles|October 1, 2013

Post-recession: Is it time for veterinary practices to match 401(k) contributions again?

Q. We stopped matching 401(k) contributions when the recession rolled in, but employees are asking when we're going to start up again. What are the pluses to matching contributions?

401(k) plans are great ways to save for retirement. Employer matching contributions—typically 3 percent of the employees' wages—can be costly for the employer but build goodwill with employees. If other local practices offer matching contributions, you may want to do so to stay competitive.

So when do you know the right time to start matching again? If your hospital is profitable and vendor obligations are within 30 days, there's no reason not to begin matching again, according to Gary Glassman, CPA, a Veterinary Economics Editorial Advisory Board member, and partner with Burzenski & Co. PC in East Haven, Conn.

"The issue with retirement savings today is that we are living longer and the need for savings is that much greater," Glassman says. "Since the government offers tax advantages, everyone should participate. You cannot begin to save early enough in your work career."

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