From start to finish, ERP implements new retirement plans that will meet the retirement needs of the whole organization - principals and their employees.
A 401(k) savings plan allows you to defer up to $19,500 annually into a tax-deferred retirement savings plan. You can incorporate a profit-sharing feature that permits up to a $58,000 (or more) annual tax-deferred contribution. The tax savings frequently exceed all the costs of providing benefits to the rank and file employees.
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
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 your 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: