We can
help your business find the
right “fit”, whether you are in business for yourself or have
employees.
TYPES OF EMPLOYER SPONSORED RETIREMENT PLANS
Defined Contribution Plans
Retirement plans in which contributions are made by the employer,
employee, or both. The final payout depends on how much is invested
and the success of the investments.
401(k) Plan Plan
Is a plan that allows workers to make voluntary, tax-deductible
contributions to the plan up to certain limits; contributions may be
matched by the employer. These plans are also called salary reduction
plans.
ESOP An Employee Stock Ownership Plan
ESOP is a plan whose contributions consist mainly of the stock of the
employer company. The value of ESOP benefits is determined by how well
the stock of a company does.
Money Purchase Plan
Is a plan that provides for the employer to make a fixed annual
contribution to the plan, for example, a percentage of a workers
compensation.
Profit-Sharing Plan
That bases contributions on business profits or a percentage of pay.“Discretionary profit sharing” plans generally allow employers to
decide each year whether to contribute.
Stock Bonus
Like a profit-sharing plan, but contributions are not necessarily tied
to employer profits and benefits are payable in the form of employer
stock.
PENSION PLANS FOR SMALL BUSINESSES
Keogh Plan
Allows self-employed persons to set aside tax deductible sums in
pension accounts for themselves and their employees.
Payroll Deduction
Although not a pension plan, an employer can provide a way for
eligible IRA employees to contribute each pay period to an Individual
Retirement Account. For 2006, Individuals can contribute up to $4,000,
and married couples can contribute $8,000. Individuals over age 50 can contribute
up to $4,500. Anyone not covered by a company-sponsored pension plan
can fully deduct the contribution. Individuals with a pension plan may
be able to deduct some or all of their contributions, depending on
their incomes.
SEP
A Simplified Employee Pension is a defined contribution pension plan
that does not have the same reporting and disclosure requirements as
more complicated plans.
SIMPLE
Savings Incentive Match Plan for Employees of small employers with 100
or fewer employees. The employees contribute a percentage of their
salary up to certain limits, and the employer either matches that or
contributes 2% of the employee’s wages.
Defined Benefit Pension Plan
Plan that promises a certain benefit at retirement, usually calculated
through a formula based on a combination of years of service and
amount of pay. Money is paid into the plan for all participating
employees, but some will not qualify for, and therefore will not get,
benefits. The employer assumes the investment risk.
Let Glynn Financial Services help you in creating an employer
sponsored plan for your business. Call us today. (262) 644-2053
1155 E. Commerce Blvd.
P.O. Box 183
Slinger, WI 53086
Fax (262) 644-7777
What We Can Do For You Accounting Services
Audit Assistance
Business Plans
1099 Preparation
401(k) Review/Rollover
Business Problem Solving
Buying Real Estate
Cash Flow Analysis
Commercial Real Estate
Compilation
Computerization
Consultation
Corporate Services
Disability Insurance
Educational Plan
Estate Tax
Financial Statements
Gift Tax Returns
Health Savings Accounts
IRA's, Roth's
Land Development
Liability Insurance
Like-Kind Exchanges
Long-term Care Insurance
Management Advisory
Medicare Supplements
Mutual Funds
Non-Profit
Partnerships
Payroll
Pension Plans
Personal Property Tax
Retirement Planning
Sales and Use Tax
S Corporation
Selling Real Estate
Simple/SEP
Tax Preparation
Trust Tax Returns
Umbrella Insurance
W2 Preparation
Website Assistance
Workers Compensation
