We can assist with designing plans for a basic employee retirement benefit aimed at attracting and retaining talent and helping employees and business owners build a retirement nest egg. Learn more about each of these options by clicking below.
For companies seeking larger contributions and higher tax deductions, we can assist with creating an advanced plan design aimed at targeting owner or key employee contributions. These designs allow much larger contributions than other plan types.
We will assist you in making the right plan design decision by preparing custom plan illustrations using your employee census data. Seeing different scenarios helps you decide what features best meet your needs.
DEMOGRAPHICS |
CONTRIBUTIONS |
|||
Employee |
Age |
Salary |
Traditional Profit Sharing |
New Comparability |
Owner 1 |
53 |
$270,000 |
$51,267 |
$54,000 |
Owner 2 |
47 |
$150,000 |
$28,482 |
$54,000 |
Owner Total |
|
$420,000 |
$79,749 |
$108,000 |
Employee 1 |
40 |
$52,000 |
$9,874 |
$2,777 |
Employee 2 |
35 |
$48,000 |
$9,114 |
$2,563 |
Employee 3 |
30 |
$40,000 |
$7,595 |
$2,136 |
Employee 4 |
28 |
$35,000 |
$6,646 |
$1,869 |
Employee 5 |
25 |
$30,000 |
$6,076 |
$1,709 |
Employee Total |
$205,000 |
$39,305 |
$11,054 |
|
Grand Total |
|
$627,000 |
$119,054 |
$119,054 |
Your JULY Plan Consultant will help fine-tune your plan to maximize retirement readiness and improve operational efficiency.