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Experts in Personalized Retirement Plan Design & Administration

Personalized Retirement Plan Design


Personalized Retirement Plan Design

You and your business are unique, therefore you should not settle for an off-the-shelf retirement plan. At Benefit Plans Plus, we custom design retirement plans based on the unique demographics, financial resources and philosophies of your business. We typically present multiple options designed to maximize the value for both the employer and employee. This results not only in maximized savings opportunities but significant pre-tax and after-tax saving advantages as well.

Approach: When asked to present a retirement plan design, we ask more comprehensive questions so we can deliver better, bolder answers. Our competition routinely offers the “one size fits all” approach. We know from experience that this approach results in lost opportunities for savings and tax reductions. Typically, we’ll ask very detailed questions about your business goals, your savings goals, and your employees. It is then that we are prepared to build several custom plan designs from which you can choose.

Value: The options we typically offer include 401k, profit sharing, safe harbor, new comparability, defined benefit, cash balance and combinations of these options.

Sample Plan Designs

Benefit Plans Plus has custom designed retirement plans for companies with 1 to 3000+ employees. Often our plan designs allow for the owner(s) of the company to receive 90% or more of every dollar the company contributes to the plan. In addition, our plan designs can result in a negative after tax cost when factoring in the deductibility of company contributions and the tax savings from owner(s) deferring salary through 401k salary reduction contributions.

Small Plan Design Results: Our design specialists consulted with a privately held company to redesign their 15 life SIMPLE IRA for hidden opportunities. With our assistance, the client repositioned their plan and saved $59,935 net after-tax annually and put $.89 of every dollar back into the three owners’ accounts. 2018 Plan Design for Sample Company.

Large Plan Design Results: In the case of another client with more than 100 employees and a large ownership group, we re-designed their plan and improved employer contribution efficiency by over 20 percent and saved the client more than $245,000 net after-tax annually.

Many business owners tell us they never knew the impact a redesign could make. If you would like to have Benefit Plans Plus create a custom plan design for your company, please contact our team.

Retirement Plan Administration

Benefit Plans Plus provides plan administration for all types of retirement plans including defined benefit and defined contribution plans:

  • Prepare plan documents along with related documents for execution.
  • Coordinate enrollment and administration forms.
  • Prepare Summary Plan Description (SPD).
  • Process current employee census and deferral data annually.
  • Calculate the required contribution for plans subject to ERISA’s Minimum Funding Standard. Calculate the optimum contribution, or maximum deductible contribution for a profit sharing plan, including the determination of Top-Heavy Minimum contribution, if applicable, matching contributions and any other discretionary contributions, including cross-tested contributions.
  • Identify highly compensated employees and key employees.
  • Test for compliance with the minimum coverage and participation requirements of Section 410(b) of the Code annually.
  • Test Discrimination under Section 401k and (m), if applicable.
  • Test for compliance with annual compensation limits and test Annual Addition Limits for each participant.
  • Allocate discretionary contribution and forfeitures to participant accounts, if applicable.
  • Maintain pending forfeitures and break-in-service records.
  • Prepare annual Employer Valuation Report, including Trust Balance Sheet and Trust Income Statement for Plan Administrator.
  • Prepare annual Participant Statement, along with Summary Annual Report (SAR).
  • Prepare annual IRS reporting Form 5500 along with all required schedules.
  • Assist Plan Administrator in regard to Qualified Pre-Retirement Survivor Annuity Notices, Elections, and spousal consents, if applicable.
  • Provide required notices, elections and spousal consent forms for distributions as permitted under the plan.
  • Calculate distributions (age 70 1/2, death benefits, etc.) and prepare form 1099-R and Form 945, if applicable.
  • Meet regularly with Plan Administrator, Trustee(s) and Participants, if desired.

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