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Qualifed Retirement Plans Offer Advantages

A qualified retirement plan can be beneficial for both employers and employees.

Advantages for Business Owners

Working owners of a closely held corporation or self-employed persons can accumulate a sizable fund over a period of years through tax-deferred cash build-up. The owner may be able to receive a larger share of benefits, within tax guidelines, as compared to all eligible employees who receive benefits.

Advantages for Organizations

A qualified plan may help with the following:

• Reduce corporate tax liability
• Lower employee turnover
• Add to employee incentives
• Reward loyal employees
• Allow flexibility in trust account assets for investment

Advantages for Employees

Employees enjoy the ability to build a retirement fund with tax-deferred dollars. With the addition of 401(k) contributions, even more dollars can be saved. As a result, employees may accumulate a significant fund for a comfortable retirement.

Types of Plans

Recordkeeping & Consulting Co. provides plan documents and administration for a variety of retirement plans. With our consulting assistance, you can design a retirement plan to fit your organization's needs. Some of the more typical retirement plans are:

• Profit Sharing Plan
• 401(k) Plan
• Cross-Tested/New Comparability Plan
• 403(b) Plan
• Thrift Plan
• Employee Stock Ownership Plan
• Defined Benefit Pension Plan

RCC Services

We provide the following services for qualfied plans:

• Consulting to arrive at plan design that meets client needs
• Annual, semi-annual, quarterly and daily accounting
• Processing of loans, withdrawals and distributions
• Production of plan reports and participant statements
• Calculation and resolution of non-discrimination tests
• Preparation of Form 5500 filing and Summary Annual Reports
• Preparation and maintenance of Plan Documents