ERP will provide you with a proposed contribution scenario to determine which plan features would work best to provide the owner with the optimal retirement plan. We use census data to calculate which type of plan would best suit the objectives of the company. Our objective is to offer the best alternatives that will provide the owner with the greatest possible benefits and tax savings, at the lowest costs.
ERP will work with you to execute customized plans designed to meet your retirement goals. Our comprehensive services support the analysis of the potential financial impact to your organization.
Plan Design Options
The following, or a combination of the following features, are some of the options that are available:
Once you have decided on a plan design that meets your needs, ERP crafts a pre-approved plan document or a plan document prepared for submission for IRS approval.
ERP provides record keeping services or coordinates with your current record keeper to determine contribution amounts each year and ensure that the plan is operationally in compliance with IRS laws and regulations.
After retirement programs are implemented, ERP will continue to assist you in monitoring programs to ensure the financial security of your company or firm. ERP will also keep you informed of any new pension law and how it may impact retirement program.
Many small businesses and partnerships provide a 401(k) savings plan that only offers employers and employees the opportunity to defer a salary portion toward their retirement account and possibly allows a company matching contribution. This is a very common retirement plan design that in many cases does not provide sufficient income at retirement and does not maximize on the potential tax savings that are available. A 401(k) safe harbor and new comparability plan can be implemented which provides maximum benefits and tax advantages for the owner. If you wish to have the best of both worlds then a 401(k) cash balance combination plan would significantly increase retirement savings and tax advantages.
ERP is dedicated to providing you with complex, customized plan design strategies that allow your organization to take full advantage of the potential retirement benefits that are permitted under law and provide maximum tax efficiency.
Some of these programs require very little change to existing plans. Others are more complex and require sophisticated nondiscrimination testing. ERP works with you to apply a design that meets your retirement goals and to analyze the financial impact to your company or firm.
ERP assists you in understanding retirement plan benefits in a manner that is easy to comprehend. Some of the general consulting that we provide includes:
ERP offers the following defined contribution administrative services:
ERP offers the following actuarial and defined benefit services:
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