View This Newsletter: Retirement Plans for Small Businesses

Overview:

• Defined Benefit (DB) Plans
  • An actuary’s role
• Defined Contribution (DC) Plans
  • Greater flexibility
  • Contribution limits
• Different Types of DC Plans – SEP, SIMPLE IRA, 401(k), 403(b)
  • Pros and cons of each
• A SIMPLE Plan Must Be the Only Plan
  • A company cannot sponsor anther plan alongside a SIMPLE plan
• Eligibility Requirements
  • Different plans have different rules that dictate who must be eligible to participate.
• Employee Deferrals
  • Which plans allow salary deferrals?
  • Deferral limits
• Matching Contributions
  • The basics about matching contributions
• Profit Sharing Contributions
  • Profit sharing rules and limitations
• Vesting
  • SIMPLEs and SEPs require immediate vesting
• Loans and In-Service Withdrawals
• Plan Documents
  • From basic to complex
• Annual Compliance Testing
  • Which plans must be tested for compliance?
• Government Reporting
  • Which plans must report to the government?

This newsletter is an introduction to the complex world of retirement plans. In order to determine the optimal plan for their organization and ensure the plan operates smoothly, employers rely on Pinnacle Plan Design. Contact us for an evaluation of your current retirement plan situation!

Pinnacle Plan Design is a third-party administrator (TPA) for employer-sponsored qualified retirement plans. We specialize in retirement plan design, administration and actuarial consulting for 401(k)/profit-sharing plans, defined benefit plans, cash balance plans, and 403(b) plans. Pinnacle Plan Design proudly serves businesses nationwide.