EMPLOYER RETIREMENT PLANS

Employer Sponsored Retirement Plans

“One size fits all” does not apply to retirement plan providers and sponsors. Every business has its own unique intricacies that dictate which provider will best suit them. That’s where a true independent retirement plan advisor can help you when considering the pro’s and con’s of each provider.

We understand what you’re looking for:

» LESS WORK

» LOWER COSTS

» LESS FIDUCIARY RISK / REMAIN COMPLIANT

» SUPERIOR EDUCATION FOR PARTICIPANTS

Why Consider a Retirement Plan?

Because it helps you (1) Save more for yourself, tax deferred. (2) Attract and retain employees. (3) Help your employees plan for their futures.

Retirement plans for your business

TOP REASONS TO SPONSOR A RETIREMENT PLAN:

» IMPROVE EMPLOYEE MOTIVATION & COMPANY MORALE

» CREATE A SUCCESSFUL COMPENSATION PACKAGE

» TAKE ADVANTAGE OF RECENT TAX CREDIT INCREASES FOR PLAN SPONSORS

» GRACEFUL TRANSITION IN WORKFORCE TURNOVER

» TAX SHELTER FOR BUSINESS OWNERS

» TAX DEFERRED GROWTH

» FINANCIAL SECURITY & CREDIT PROTECTION FOR BUSINESS OWNERS

» SOCIAL RESPONSIBILITY / CONSCIOUSNESS / PUBLIC RELATIONS

What is CalSavers?

CalSavers is California’s new state-run retirement plan. The CalSavers Retirement Savings Program first launched in November 2018 with a pilot program and became eligible to all employers beginning on July 1, 2019.

New legislation mandates any employer with at least five employees that doesn’t already offer a workplace retirement savings vehicle to either begin offering one via the private market or to provide their employees access to CalSavers.


To skip intro goto MINUTE 3 of the video below.

IMPORTANT DATES:

The mandatory registration dates for employers will phase-in yearly, based on the number of full-time and part-time employees working for the employer. The following deadlines are based on the average number of employees as reported to the California Employment Development Department over a four-quarter period ending December 31.

June 30, 2020: Employers with at least 100 employees.
June 30, 2021: Employers with 50-99 employees.
June 30, 2022: Employers with 5-49 employees.

Services tailored to your needs

Benchmarking

We can show you how your plan stacks up against its peers when it comes to fees, performance, and participation rates. Our team is unbiased; they will present to you a variety of highly reputable providers that fit your company’s goals and objectives specifically.

Education

We provide training workshops and webinars for all of your participants, giving them personal insight into how their plan works, how they can make changes, and what they can expect.

Plan Monitoring

We will meet periodically with the plan’s management committee to assess whether the plan is performing as expected, as well as provide access to regular plan performance reports. Emphasis is placed on keeping up to date with Employment Retirement Income Security Act (ERISA) and Department of Labor (DOL) regulations, and effecting any necessary changes in order to stay compliant.

Fiduciary Solutions

The DOL has deemed all plan fiduciaries are personally liable for ERISA violations that cause plan losses. Now, more than ever, it is important to be aware of and understand your fiduciary responsibilities. We will educate you and keep you informed!

SEP IRA Plan

Any size or type of business can have this flexible and inexpensive plan. Simplified Employee Pension (SEP) IRAs have a reputation for being relatively straightforward and inexpensive plans. Because any type or size of business can have a SEP IRA, check out the simplicity and flexibility it can offer.

For example:

• Your annual contributions can exceed the limits of a traditional or Roth IRA.
• SEPs are the only plans that can be set up after the end of the year if you don’t already have a plan.
• SEPs have low account and administration costs.

 

Contribution features

• For 2018, you can contribute either 25% of your compensation or $55,000, whichever is less.
• For 2019, you can contribute either 25% of your compensation or $56,000, whichever is less.
• Contributions to SEP plans are tax-deductible and grow tax deferred.
• Employees who receive contributions are immediately 100% vested.

 

Deadlines

You must establish and fund your SEP IRA by your business’ tax filing deadline, including extensions.

Owner Only 401(k) Plans

You may be a one-person business, but that doesn’t mean you can’t save for retirement like others at large companies. An Owner-Only 401(k) plan, designed for business owners – with no employees other than their spouses – who want to increase or maximize pretax retirement contributions with flexibility. Any business with no employees other than owners and their spouses can set up this plan (including self-employed individuals, corporations and partnerships).

Consider the following:

• The contribution limits are larger than those of a SEP IRA.
• Your spouse also may contribute if working for your business.

 

Contribution features

• For 2019, you can generally contribute elective deferrals up to 100% of compensation or a maximum of $19,000. If you’re 50 or older, you can contribute $25,000 or receive employer non-elective contributions up to 25% of total compensation as defined by the plan. Total contributions to a participant’s account (not including catch-up contributions) cannot exceed $56,000.

• Instead of a pretax contribution, you may contribute all or part of your salary deferral amount as an after-tax Roth contribution (up to $19,000). Contributions (except Roth contributions) are tax-deductible, and earnings can grow tax-deferred.

 

Deadlines

You must establish the plan by the last day of your business tax year, but no later than Dec. 31 of the year for which contributions will be made.

Owner Only Deferred Benefit Plans

Working for yourself brings a lot of flexibility – and a lot of work. We understand the importance of running a business and saving for retirement.

A Deferred Benefit plan is designed for business owners like you – with no employees other than your spouse – who want to increase or even maximize their retirement contributions. Your annual contributions may significantly exceed the $56,000 to $62,000 maximum that’s typical of other types of retirement plans.

 

Considerations

Consider an Owner Only Deferred Benefit plan if you:

• Want to contribute more than $56,000 or 25% of your total compensation
• Are at least 40 years old
• Have relatively stable income, typically over $100,000 annually

 

Contribution features

• Contributions are tax-deductible, and earnings are tax-deferred until you withdraw money.
• You can contribute more than $56,000 or 25% of your total compensation and deduct it from your taxes.
• You (and your spouse) may make additional salary deferral contributions for 2019 of up to $19,000 ($25,000 if you are age 50 or older).
• The additional salary deferrals can be pretax, after-tax or a combination of the two.
• You have to contribute for at least three years, but if business conditions change, you can contribute more or less each year, as needed.

 

Deadlines

You must establish your plan by the end of your business year (Dec. 31 if a calendar year) in the year you will make contributions.