Benefit Consultants Group specializes in customized design and efficient implementation of retirement plans. We help you understand the important consideration involved in establishing a total retirement program. We provide plan documents and forms and complete all the required steps to secure Internal Revenue Service (IRS) qualification for your plan. We invite you to work with us to build a world class retirement plan. We design and administer a wide array of retirement plan solutions based on specific business needs, including:
A 401(k) plan is a defined contribution (DC) plan, typically a profit sharing plan that contains a cash or
deferred arrangement as described in section 401(k) of the Internal Revenue Code. A cash or deferred
arrangement is simply one that allows plan participants to elect to defer a portion of compensation,
their elective deferrals, and have it contributed to the plan on their behalf, typically through payroll
withholding.
The employer may contribute to the plan by matching all, or a portion, of the elective deferrals or by
making non-elective, or profit sharing, contributions to all eligible participants.
401(k) Plans are useful for:
A 403(b) plan (also called a tax-sheltered annuity or TSA plan) is a retirement plan offered by public schools and certain 501(c) (3) tax-exempt organizations. Employees save for retirement by contributing to individual accounts. Employers can also contribute to employees' accounts.
403(b) plans are useful for:
457(b) plans may be maintained by a governmental employer (i.e., a State, a political subdivision of a State, or any agency or instrumentality of a State or political subdivision of a State).
457 Plans are useful for:
A New Comparability plan, sometimes referred to as a Cross-Tested plan, is a hybrid plan that combines features of both defined benefit and defined contribution plan generally to skew the employer contributions in favor of the older, highly compensated employees. These plans provide the ability to create multiple benefit levels and are flexible in their contributions.
New Comparability Plans are useful for:
A profit sharing plan is a type of defined contribution plan that is not a pension plan. The employer’s contribution to a profit sharing plan is not required to be fixed, nor does it need to be tied to profits. While a plan may have a definite contribution formula, many plans use a discretionary formula under which the employer determines each year how much to contribute.
Profit Sharing Plans are useful for:
Before leaping into the unknown, we recommend a thorough examination of your plan. Because we are experts in the field, we know the marketplace and know what your existing vendor is capable of offering. Through this examination, we can help you optimize the service you receive.
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