Retirement has a different meaning today than that of ten years ago. Individuals today focus on insuring their independence for tomorrow. The need to plan for a financially secure tomorrow is a real concern for most people. Employers recognize this need and understand the importance of retirement plans. By implementing a retirement plan, an Employer can reward those Employees who are loyal and have been with the Employer for a long period of time.
Choosing a retirement plan can be somewhat confusing if you do not know all of your options. Strategic Pension Services can design a plan to meet your objectives and that of your employees. Many times an Employer is looking out for the benefit of their employees and families need for their retirement years, in addition to creating longevity within the company.
Retirement Plans, which should be considered by the Employer, are 401(K) plans, profit sharing plans, or a combination of a profit sharing plan with a 401(K) component. Once you have decided on the type of plan you would like to provide for yourself and your employees, you will need to determine the amount of flexibility within the plan that is desired.
Many times, within an Employer sponsored profit sharing plan, we are able to demonstrate great flexibility in maximizing contributions for the Highly Compensated Employees while reducing the overall employee cost. In a 401(K) plan, Employers find that they are reliant on the average salary deferral of the rank and file employees in determining how much of their own salary they may defer under the 401(K) plan. However, by implementing a Safe-Harbor 401(K) Plan, an Employer is not limited by the salary deferrals of the rank and file employees.
We can assist employers in implementing Section 125 plans to offer tax free benefits to their employees for health care premiums, un-reimbursed medical expenses and dependent care expenses. We can also assist employers in the selection of additional benefits to offer their employees and take an active role in finding the best company to service those needs in a cost effective environment.
Strategic Pension Services can work with many investment advisors or assist with the investments when you do not currently have an advisory relationship. We can offer many different fund families in which to choose from. You can select a portfolio of funds, which meets your fiduciary responsibilities, as well as the philosophy of your company.
Strategic Pension Service, LLC offers comprehensive retirement plan services, which include: census collection, eligibility determination, contribution allocations, non discrimination testing, determination of vesting, loan processing, trust accounting, Form 5500 preparation, participant statements and annual reports to plan sponsors. We review each client's plan on an annual basis to ensure the client's retirement plan objectives are being met. Contribution analysis can be done for a client to demonstrate the effectiveness of one allocation form over another. We are able to design a plan that will provide maximum benefits to the Highly Compensated Employees (HCE) of the company while offering flexibility in the cost of benefit dollars given to the Non-Highly Compensated Employees (NHCE). Strategic Pensions Services will work together with plan sponsors to educate employees about the importance of retirement benefits and the market fluctuation. We aid in the explanation of plan provisions and how it affects a plan participant. In addition to plan education, we can help individuals determine their risk tolerance with respect to investments. Strategic Pension Services sponsors a Defined Contribution Prototype Plan Document. We have both Standardized Adoption Agreements and Non Standardized Adoption Agreements. Strategic Pension Services can also assist an Employer with the termination of an existing plan.
Please contact us for a free analysis of your current Retirement Plan or to establish a new plan.