Designing the optimum plan
We often meet business owners that are surprised at how customized we can design their company’s retirement plan to be. Some assume that every employee must be covered with the same level of contributions or benefits. Not so. Our experts can design qualified plans to meet a variety of business objectives and preferences.
We work closely with our client’s trusted advisors for investment services to ensure clear communication and implementation.
A 401(k) plan is a qualified profit sharing plan that includes a provision giving participating employees the option to defer part of their wages into the plan trust on a pre-tax or post-tax basis.
Employers make required contributions on their employees’ behalf to provide a pre-determined benefit at retirement. With a higher limit, large tax-deductible contributions can be made to employees closer to retirement age.
This plan provides deferred compensation programs offered to employees of tax-exempt organizations or certain educational organizations. 403(b) plans operate similarly to 401(k) plans.
Employers can make flexible and discretionary contributions to eligible employees. Profit sharing plans can be standalone arrangements or paired with a 401(k) component for maximum flexibility in a retirement savings strategy.
Prevailing Wage (Davis-Bacon)
Non-union contractors have the option of paying the prevailing wage and fringe benefits as additional compensation or actually use the hourly rate to provide qualifying retirement plan benefits.