Services|Retirement Plan Administration

• Defined Contribution Plans
  

   

  These plans, which include 401(k) and 403(b) plans, as well as traditional or specially designed profit-sharing plans (for example, select comparability and/or age weighted designs), provide an individual account for each plan participant.

   

• Defined Benefit Plans
  

   

  Plans that promise a specific benefit to employees at retirement, they are governed by the Federal Employee Retirement Income Security Act (ERISA). Commonly referred to as pension plans, these plans are, in most cases, insured by the Pension Benefit Guaranty Corp.

   

• Non-Qualified Retirement Plans
  

   

  These plans provide companies with an excellent way to retain key employees and reward them for generating results by allowing companies to make additional contributions to the retirement plans of top executives. Most commonly, companies that want to establish these plans do so through a supplemental executive retirement program (SERP) and allocate a certain percentage of the executive's average pay to be put into a SERP. It is important to note that SERPs do not carry the tax advantages of qualified plans, so the employer will not see a tax deduction for any amounts contributed until the executive or a beneficiary starts receiving payments.

   

• Select Comparability/Age Weighted ‘Profit Sharing’ Designs
  

  
  These plans are ideal options for companies who want to make differing levels of contributions to an employee's retirement plan based on their role within the company. Employees who fall under these plans are generally placed into distinct classifications and employers can make separate and varying contributions for each. The contributions to the groups are divided among each employee based on salary. These plans must meet specific IRS guidelines and are subject to annual discrimination testing.