Advantages of Adopting A Qualified Retirement Plan
All Our Services
Would you like more info on our services?
Our plans
401k Plan
A 401k allows employees to make pre-tax contributions through payroll deduction. This plan type can be designed in many ways; for example, it can be designed as a Traditional 401(k), Safe Harbor 401(k) or SIMPLE 401(k). This plan can also be designed to include employer matching and/or employer discretionary contributions.
The Traditional 401(k) Plan allows an employer to match employee contributions. The employer match can be designed as a fixed percentage/dollar amount or as a discretionary match. Employer matching contributions can also be subject to a vesting schedule.
The Safe Harbor 401(k) and SIMPLE 401(k) Plans have prerequisites which require the employer to match employee contributions (up to a specified percentage) or to make an employer non-elective contribution on behalf of the plan’s participants.
401(k) Plans can be offered in combination with a Profit Sharing component.
Cash Balance Plan
Cash Balance Plans are a type of qualified retirement plan that can allow business owners and highly compensated employees to accelerate savings and maximize tax deductions.
Profit Sharing Plan
A Profit Sharing Plan is a way for an employer can choose to contribute some of their profits (hence its name) to employees. Moreover, under a Profit Sharing plan the employer’s contributions are discretionary; thus, each year the employer can choose to make a discretionary, and can, but are not required to base its contributions on company profits. This plan provides the employer with the flexibility to make discretionary contributions or to suspend contributions in a particular year. and Moreover, In addition, contributions and Investment earnings thereon accumulate on a tax-deferred basis until withdrawn.
A Profit-Sharing Plan can include other features such as a 401(k) component and/or it can be offered in combination with a Defined Benefit Plan.
Defined Benefit Pension Plan
Allowing business owners to fund much higher contributions than permitted in 401(k) and Profit Sharing Plans. Many companies chose to go with a cash balance plans, Defined Benefit Plans are still a great option.
Money Purchase Plans
A Money Purchase Plan is an employer funded plan; thus, employers are required to make annual contributions according to a fixed formula, i.e., 10% of pay.