Retirement

Retirement planning for small and midsize businesses is our specialty. 

We serve over eighty 401(k), 403(b), Pension and Executive Bonus plans, ranging from sole proprietors to 300 employee companies.  Our goal for our clients is to bring value to your retirement benefits, changing the mindset of your 401(k) being a needed, but underappreciated benefit to a strong benefit in both recruiting and retention. We focuse on an initial gap analysis to identify any areas for your attention, following up with specific ideas and strategies to help maximize your retirement plans benefits to you and your employees. We work with many respected retirement plan providers including Fidelity, American Funds, The Principal, Great-West, ADP, and others.

 

 

401(k)

  1. Our team uses a unique hands on approach focusing on Plan Performance, Supporting Fiduciary Duties, and Implementing an Employee Education Program specifically tailored to your situation and demographic.

    Outline of Services Provided:
    1. Plan Performance
      1. Review plan design for potential enhancements, such as:
        1. Roth deferrals, Auto-Enrollment, Managed Account Programs, Company Matching Strategies, etc…
      2. Employee Participation program
      3. Investment Performance Reporting and Review
    2. Support Employers' in their Fiduciary Duties
      1. Investment Options Review
        1. Quality, Quantity, and Cost
      2. Quarterly/Semiannual investment meeting with investment with plan administrator/Investment board
        1. fi360 and Morningstar reports to analyze investment and fiduciary health
        2. End of year comprehensive plan review
        3. Review fiduciary regulations and risks
      3. Annual Fiduciary File to help organize and protect oneself in case of an audit
    3. Employee Education
      1. Employee Enrollment
        1. Group plan summary meeting
        2. Paystub simulation to show real impact of saving
        3. Individual enrollments for all current and future employees
      2. Complimentary Financial Planning Service offered to each and every owner, executive, and employee.

 

 

403(b)

  1. Our team uses a unique hands on approach focusing on Plan Performance, Supporting Fiduciary Duties, and Implementing an Employee Education Program specifically tailored to your situation and demographic.

    Outline of Services Provided:
    1. Plan Performance
      1. Review plan design for potential enhancements, such as:
        1. Roth deferrals, Auto-Enrollment, Managed Account Programs, Company Matching Strategies, etc…
      2. Employee Participation program
      3. Investment Performance Reporting and Review
    2. Support Employers' in their Fiduciary Duties
      1. Investment Options Review
        1. Quality, Quantity, and Cost
      2. Quarterly/Semiannual investment meeting with investment with plan administrator/Investment board
        1. fi360 and Morningstar reports to analyze investment and fiduciary health
        2. End of year comprehensive plan review
        3. Review fiduciary regulations and risks
      3. Annual Fiduciary File to help organize and protect oneself in case of an audit
    3. Employee Education
      1. Employee Enrollment
        1. Group plan summary meeting
        2. Paystub simulation to show real impact of saving
        3. Individual enrollments for all current and future employees
      2. Complimentary Financial Planning Service offered to each and every owner, executive, and employee.

 

 

Pension/Defined Benefit Plans

  1. A Defined Benefit (DB) plan can provide a solid foundation for retirement, rounding out a total retirement program. It can be used with 401(k), 403(b), profit sharing, money purchase and nonqualified plans, or on its own.
  2. Our pension team assists employers with both creating pension plans from scratch, as well as creating and offering specific strategies to underfunded existing plans.
  3. http://www.principal.com/retirement/biz/dbplan.htm

 

 

SIMPLE IRA

  1. SIMPLE IRAs are exactly that, simple.  SIMPLE IRAs provide employers a retirement plan with simple administration and lower cost.   SIMPLE IRAs are designed to provide employers with fewer than 100 employees a retirement plan that benefits both the employees and employer.  Our team is able to provide the same employee education program as our 401(k) platform.

 

 

Owner Only Plans

  1. Individual 401(k)
    1. Individual 401(k)s are unique plans designed to provide sole proprietors with some "big company" 401(k) plan characteristics at a price businesses can afford.
    2. This solution works for businesses whose only full-time employees are the owner or the owner and spouse whether incorporated or unincorporated, including partnerships and LLCs, as well as independent contractors
    3. (individuals earning 1099 compensation).This program allows owner-only businesses to reduce current personal and company taxes, while allowing them to contribute more into retirement savings than many traditional options such as SEP or SIMPLE IRAs.
      1. Easy set-up
      2. Easy to transition if more employees are added
      3. Can contribute up to $51,000 (for 2013 tax year) per year (participants who are age 50 and older can contribute an extra $5,500 for 2014 - indexed going forward).
      4. Investment options, recordkeeping and compliance services are all by one provider.
    4. http://www.principal.com/financialpros/calculators/individual401k/index.htm

 

 

SEP IRA

  1. A Simplified Employee Pension (SEP) IRA is a retirement plan for small businesses and self-employed individuals that allows employers to make discretionary contributions for themselves and their employees. Contributions may be federally tax-deductible to the employer and are generally not taxable to the participants until withdrawn.
    1. Administration is quick and simple. Cost is low.
    2. http://www.principalfunds.com/investor/retirement/sep.htm

 

 

Executive Bonus

  1. A reward with benefits for you and your best employees
  2. If you want to award select key employees with an incentive program, the Nonqualified Incentive Bonus Plan is up to the challenge. This tax-deferred bonus program gives you a retention and reward tool for key employees for whom you may have limited options. Qualified plans have contribution limits and nonqualified deferred compensation plan participants must meet “Top Hat” eligibility requirements. The Nonqualified Incentive Bonus Plan offers the opportunity to provide additional compensation to the employees you choose, while meeting your business goals.

 

 

Nonqualified Deferred Compensation

  1. A nonqualified (NQ) executive benefit plan offers an additional way for business owners and key employees to save for retirement. Higher-paid employees may still face a retirement gap. Limitations on most qualified plans make it difficult for them to ensure an adequate retirement income. Nonqualified plans can help close this gap. These solutions allow employers to tailor a plan that meets the needs of the company and a select group of key employees.
  2. Benefit to Company
    1. Retain and reward selected key employees (both Top Hat and non-Top Hat) by making discretionary incentive contributions that are tax-deferred.1
    2. Set vesting schedules that meet corporate objectives.
    3. Assets accumulated to finance the plan remain an asset on the company's balance sheet, while providing liquidity for benefit payments.1 Contributions to the plan are subject to FICA when benefits vest. Distributions are taxable to participants upon receipt. BB10209-02

 

 

Nonqualified Defined Benefit Plan