The design of your retirement plan is the most important part of the process when looking at either starting a new retirement plan or working on an existing plan. What type of plan to put in place and what type of plan works best in your situation are all areas that need to be looked at. At QPS, our team is focused on making sure that the plan you choose is the right fit for you, your business, and your retirement goals. We work closely with you and your financial advisor to make sure that every option is examined and compared to your needs.
Types of plans we can design for you:
Defined contribution plans are the most common workplace retirement plans in which an employee contributes money and the employer typically makes a matching contribution. These plans are the most widely used type of employer-sponsored benefit plans in the United States.
- Profit Sharing Only
- ERISA 403(b)
- Non-ERISA 403(b)
- Money Purchase
Defined benefit plans are qualified employer-sponsored retirement plans, where employee benefits are computed using a formula that considers several factors, such as length of employment and salary history. The company is responsible for managing the plan’s investments and risk and will usually hire an outside investment manager to do this.
Like all qualified plans, they offer tax incentives both to employers and to participating employees. For example, an employer can generally deduct contributions made to the plan. And employees generally won’t owe taxes on those contributions until they begin receiving distributions from the plan (usually once they are retired.)
- Cash Balance
- Traditional Defined Benefit
The Plan Design and Implementation Process Includes:
- Providing advice and guidance regarding the plan’s design, including eligibility, vesting, profit sharing formulas, safe harbor, and other matching contribution options
- Providing information regarding expected liabilities, contributions, and benefit payments
- Prepare and review legal plan document package including, adoption agreements, summary plan descriptions, plan amendments, and trust agreements
- Assisting with paperwork or online input to establish the plan with the recordkeeper of your choosing