Using a Retirement Plan Advisor:
A Path to Profitability and Employee Retention
Investing in the future with a retirement plan offers great benefits to you and your employees. These benefits include:
Minimizing business taxes by increasing deductions- Recruiting higher quality employees and rewarding key employees with significant benefits
- Retaining employees who have greater productivity, improved morale, and increased loyalty
- Providing employees with tax benefits and secure financial futures
Creating and implementing the right retirement plan is a challenge. Changes in federal legislation and regulations occur regularly and keeping abreast of the current laws requires ongoing study. Davidson Pension Consulting will analyze regulations and legislation and put them to work to maximize benefits to you.
With the expertise of a retirement plan advisor and a professional plan administrator, you decrease the risk of paying excess taxes, loss of deductions, additional personal taxes for certain employees and other high cost consequences.
Consulting Services
Davidson Pension Consulting will analyze key and non-key employees for ranges in age, compensation and years of service. We will gather information on your goals and objectives for the plan as well as benefit and contribution expectations.
We then consult with you, your accountant, your legal counsel and your broker or financial planner on recommendations for the right plan and the features that will best meet your needs.
As a professional retirement plan advisor, we can help you choose the best choice from the available Qualified Plans, including:
- Traditional 401(k), Safe Harbor 401(k), Roth 401(k) and Solo(k)
- Profit Sharing
- Money Purchase Pension
- Age-Weighted and New Comparability Plans (Cross-tested)
- Defined Benefit Plan
Customizing Your Plan:
A Non-Standardized Plan May Be Better
IRS approved Regional Prototype and Volume Submitter Plans are utilized to simplify and reduce expenses in the plan installation process. However, non-standardized prototype plans need to be considered by many employers. Other retirement plan advisors only offer a simple standardized prototype plan with fewer benefits to you because of its simplicity.
Our goal is to save you money every year. A non-standardized plan has more initial one-time costs but those are normally recovered plus additional savings in the first year of plan operation. Typical benefits of a non-standardized retirement plan is:
- A desire to exclude employees that terminated during the year from receiving a company contribution
- A desire to exclude employees that work part-time or seasonally
We will prepare a comprehensive plan implementation package to include:
- Adoption Agreement
- Plan Document
- Summary Plan Description
- Notice to Interested Parties
- Sample Board Resolution
- Participant Beneficiary Designation and Enrollment Forms
- IRS Form SS-4 Request for Trust Identification Number
- IRS Submittal Forms (when applicable)
Communicating with Employees
We conduct the orientation meeting(s) with your employees to explain the benefits of participating in the plan. It allows us to emphasize the benefit you are providing your employees and enables us to answer any questions that may arise before the implementation begins.
The orientation meeting provides employees with an understanding of the plan specifications, illustrates the tax advantages and allows them the opportunity to complete enrollment forms and beneficiary designations.
Davidson Pension Consulting will:
- Conduct the initial meeting with your employees to explain their retirement plan
- Provide a plan highlights customized for their plan provisions
- Provide enrollment forms and instructions
- Provide easy-to-read participant statements
- Provide plan accumulation projection statements
- Provide a Summary Plan Description
In subsequent years, we will hold regularly scheduled employee meetings on an annual or as needed basis. These meetings for the employees will discuss results, answer questions and enroll new participants.
Meetings with the Plan Sponsor will be conducted as needed. Meetings can always be requested and we will accommodate to fit your needs. These are just a few of many benefits of using a professional retirement plan advisor who is truly your advocate in creating the best program for you specific needs.
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Davidson Pension Consulting, along with the nationwide plan administration firm we have partnered with, will provide the following:
- Allocate all plan activity to eligible plan participants
- Prepare trust financial statements
- Assist you in defining and determining key employees and highly compensated employees
- Determined maximum tax-deductible limits annually and confirm with your accountant the amount taken as a deduction
- Provide participants with individual account statements in a clear, concise format and in a timely manner
- Determine vested benefits, prepare benefit calculations and distribution forms
- Calculate maximum participant loans available and provide essential forms
- Monitor top heavy, annual addition limitation and discrimination tests for compliance
- Prepare annual reports/return Form 5500 series with the required schedules and attachments
- Prepare 1099-R forms on distributions made from the plan
- Prepare actuarial valuations of liabilities and cost for defined benefit pension plans
Please call us at 800-901-7008 or Click Below for a
Free Review of Your Current Retirement Plan
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