|Retirement plan problems…
|“Retirement plans are too complex and expensive.”
||Not with a simplified Employee Plan (SEP) or Savings Incentive Match Plan for Employees (SIMPLE) – contributions go directly to participants’ IRAs. Minimal record keeping.
|“My profits fluctuate; I can’t afford to make regular contributions to a plan… but I’d like to make contributions in profitable years.”
||Try a SEP or Profit Sharing Plan – contributions are optional; up to 25% of covered payroll.
|“I’d like the bulk of any contributions to go to the older employees who have contributed the most to the business – including myself.”
||New Comparability Profit Sharing and Defined Benefit Plans have higher effective contribution rates for older participants.
|“My business can’t afford to make contributions to a plan, but I’d like to encourage my employees to save for retirement.”
||A 401 (k) Plan allows for tax deductible employee contributions.
|“We need to plan for the transfer of the business from parent to child.”
||A qualified retirement plan can provide a tax deductible funding vehicle for parent’s retirement income.
|“My business is too small to sponsor a retirement plan.”
||We specialize in making small plans worthwhile. Some of our plans have only one participant.