Whether you are considering establishing a new 401(k) plan or converting your existing SEP or SIMPLE IRA plan, we'd be happy to discuss the advantages of a 401(k) and the potential for both cost savings and tax benefits for your clients. While SEP and SIMPLE IRAs offer small business retirement plan solutions, the benefits of a 401(k) are clear: More flexibility Higher contribution limits for all Opportunity to maximize contributions Roth contributions Both employee and empl

Suppose you are thinking about switching from a traditional pension plan to a cash balance plan for your company and employees. How much will this cost your company? What is a cash balance plan? How does it work? If you have never heard of a cash balance plan these may be questions that you have in this situation. Let's look at what a cash balance plan is so that if a situation like this ever comes up you know what to expect. What is a Cash Balance Plan? A cash balance plan i

As a guy who has earned his living from the qualified retirement plan business for many years, I can confidently say the retirement plan business has been a great place to be. In my opinion, the advisor has been at the forefront of this business. The hard work in this business has been prospecting, finding businesses that will listen to you, gaining their trust, and being willing to implement your suggestions. The human touch is irreplaceable. No recordkeeper—hundreds or even

When it comes to saving for retirement, companies offer many different types of retirement plans. Among the most popular are 401(k) plans which allow employees to contribute a percentage of their income to their personal retirement account. With a 401(k) plan, most employers will match a portion of the employee's contribution, providing an immediate boost to the individual's savings. However, the perks don't stop here, let's discuss some of the lesser-known benefits of 401(k)

As with the preceding phases of retirement plan testing, there are many ways in which errors can occur during the valuation phase. It is important to understand what takes place in the valuation phase and what your RPC should be doing to ensure a smooth process. Here, we have outlined the process and the steps that must be taken to ensure there are no issues. The valuation phase occurs after inputting all census data and reconciling any errors, the Consultant can begin testin

If you sponsor a retirement plan for your employees, you will soon discover that the bulk of the government compliance work done by your Retirement Plan Consultant (RPC) occurs in the first quarter of each year. Your duties as a Plan Sponsor will also become more demanding during that time as you gather the required data and have more frequent communications with your RPC. We often get questions on why the RPC is requesting so much data and what work is being done. In this po