Retirement has a different meaning today than that of 10 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 your options. Strategic Pension Services, LLC can design a plan to meet both your objectives and those of your employees. Many times employers are looking out for the benefit of their employees’ needs for their retirement years, in addition to creating longevity within the company.
Retirement plans that should be considered by the employer are:
- Safe Harbor Plans
- 401(K) plans
- Profit-sharing plans
- Combination of a profit-sharing plan with a 401(K) component
- Cash Balance Plans
Once you have decided on the type of plan you would like to provide, you will need to determine the amount of flexibility within the desired plan.
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 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.
Strategic Pension Services, LLC can work with many investment advisors or provide advisor references when you do not have an advisory relationship. We offer a variety of funds or you can select a portfolio of funds that meets your fiduciary responsibilities, as well as the philosophy of your company.
Strategic Pension Service, LLC offers comprehensive retirement plan services, including:
- Census collection
- Eligibility determination
- Contribution allocations
- Non-discrimination testing
- Determination of vesting
- Loan processing
- Trust accounting
- Form 5500 preparation
- Participant statements
- Annual reports to plan sponsors
We review each client’s plan on an annual basis to ensure the 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 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, LLC sponsors a Defined Contribution Prototype Plan Document. We have both Standardized Adoption Agreements and Non Standardized Adoption Agreements. Strategic Pension Services, LLC 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.