Information on pensions.
Purchasing Resources for Pension Plans
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Small Business Pensions
Get the best retention tool for your small business peace of mind for your peopleBy Greg Brown Sooner or later, retirement is upon everyone, ready or not. Small business owners face a double challenge: Finding and keeping people who matter long term to their business, and funding a personal nest egg for the day their own retirement comes.
Although the plans (and obscure government acronyms) are plentiful, the bottom line is:
- Simplicity for your employees
- Effective tax treatments for both you and your people
- Confidence that the plan will work
Select a plan that employees can contribute to
Most small businesses that have retirement plans use the type that includes an employee contribution, such as a 401(k).
Try:
Review retirement plan pros and cons at the Internal Revenue Service Web site. See plan details in the PDF file of IRS Pub. 560 Retirement Plans for Small Business.
Understand the rules
SEP or SIMPLE? 401(k) or IRA? In an effort to serve many kinds of business entities, the government has created its usual thicket of confusing options. Get a grip first on where your organization fits.
Try:
The U.S. Department of Labor, U.S. Chamber of Commerce and the Small Business Administration teamed up to – surprise – simplify things with this short guide (a PDF file) to choosing a plan.
Regulatory concerns for small business
Once you decide to offer a retirement plan, your legal responsibilities to members of the plan kick in, and they can last for a long time.
Try:
A quick overview of what's called fiduciary responsibilities under federal law is posted by the U.S. Department of Labor.
See your local banker
Banks have moved into provisioning retirement plans, and you might find that your existing relationships can lead you to the best deal, as well as personal guidance.
Try:
Wachovia, Regions, Bank of America, among others, provide access to decision-making tools and articles that can help you sort out options in advance.
Price a national name
Mutual funds sellers have begun to work the small business vineyard too. Don't assume that you don't have enough employees to qualify. Big-name operations run retail branches across the country and most are anxious to roll up small and medium-sized business before the banks get the customers.
Try:
Some to consider are Fidelity, Vanguard and Charles Schwab.
Talk to your tax preparer
The government dangles plenty of carrots to both you and your employees to take part in some kind of retirement plan. They know full well that destitute retirees will fall to future taxpayers, so take advantage of the upside offered now.
Try:
SmartMoney.com has a good overview of the tax impacts of each kind of plan offered to small businesses.
- So-called defined-benefit plans, what most people mean when they say "pension plan," are more expensive to start and run, but they can offer some advantages. Talk to your accountant in detail on this one.
- Don't put it off. A retirement plan for your employees (and yourself) is a great retention tool and offers tax savings today.
- Carefully consider how much it will cost to operate your plan. A company with only a few dozen employees is far different, cost-wise, than several hundred. When comparing offerings, take into account current headcount and future growth.
- Strangely, employees often fail to join retirement plans. Make sure they understand fully any matching incentives and that your provider is willing to conduct information sessions. Otherwise, the retention aspect is lost.
Specialists In Pension Plan Design, Documentation & Administration.
Get Asset Management Solutions From Bank of America Merrill Lynch.
Learn What You Need to do Now Get Expert Retirement Advice
Open An Account With TD Ameritrade And Get Free Independent Research.
ALI Actuarial & Retirement Plan Services
Plan design & administration services include 401(k), profit sharing and defined benefit pension plans.
Specializes in retirement plans and insured and non-insured employee benefit plans. Plan design and administration of qualified and non-qualified pension and profit-sharing plans.
Canadian firm providing consulting services in employee benefits, pension, human resources management, corporate and personal financial risk and personal investment management.
http://www.benefitpartners.com/
Coleman Consulting Corporation
Pension consulting firm for small companies in the United States
http://www.coleman-pension.com/
Actuarial company that creates and administers Keogh defined benefit pension plans for self-employed individuals.
Provides pension plan administrative services, actuarial services and retirement plan consulting nationwide.
http://www.pensionconsultant.com/
Design and administration of pension and investment plans. Located in Philadelphia, Pennsylvania.
Provides pension administration and actuarial services for qualified retirement plans. Located in Pittsburgh, Pennsylvania.
Technical support for pension plan administrators offering 401 (k), profits sharing, money and defined benefit plans.
http://www.nationalactuarial.com/
National Institute of Pension Administrators Educational Foundation
A national association representing the retirement and employee benefit plan administration profession.
Multi-disciplinary management consultancy, specializing in employee share schemes, executive remuneration and pensions.
Located in Lakeland, Florida. Provides administrative services for retirement and employee benefit plans.
Non-bank custodian of retirement plans approved by the US Treasury Department. Focused on the administration and custody of self-directed individual retirement accounts (IRAs) including special assets.
Pension and Health Care Coverage... Questions and Answers for Dislocated Workers
Information from the U.S. Dept. of Labor.
http://www.dol.gov/dol/topic/retirement/consumerinfpension.htm
Pension Benefit Guaranty Corporation (PBGC)
Federal government corporation established to encourage the growth of defined benefit plans, provide timely and uninterrupted payment of benefits and maintain low pension insurance premiums.
Pension Management Company (PMC)
A consultant and advisor to financial organizations that sell and administer individual retirement accounts and qualified retirement plans.
Focuses on the design, installation and administration of employee benefit plans.
Directory of qualified pension plans including profit sharing, money purchase, defined benefit, 401 (k) plans and welfare benefit plans.
http://www.pensionprofile.com/
Provider of recovery services designed to help retirees and their beneficiaries review and recover unpaid retirement benefits.
http://www.pensionrecovery.com/
Provides qualified retirement services and investment plan options to endorsing organizations and employer sponsors across the US.
http://www.pension-solutions.com/
Provides comprehensive Web-based tools enabling businesses to facilitate employees' retirement planning needs.
From the Pension Plan Fix-It Handbook, Thompson Publishing Group.
http://www.benefitslink.com/articles/thompson/TPG8.HTML
Provides small to medium size companies with independent qualified pension plan consulting, design, implementation and administrative services.
http://www.pension-actuary.com/
Provider of employee benefits consulting, health and disability insurance, professional employer organization (PEO), 401(k) and pension plans and group insurance.
Retirement plan services company providing product, consulting and record keeping.
http://www.universal-pensions.com/
Tips & Advice to help you make your decision on Pension Plans
Many businesses provide a pension to their employees. Apension benefit promises to pay the employee some monthly stipend uponretirement. Most commonly it continues to pay out for the remainder of therecipient's lifetime.
Pension plans vary wildly depending on the organizationproviding it and the terms established in it. Some allow for benefits to bepaid to a surviving spouse in the event the retiree dies. Others allow theemployee to contribute to the pension fund. Applicants often consider this animportant benefit when considering employment with companies.
Business owners have many options when it comes toproviding pension plans for employees. Providing this benefit makes ... more
Many businesses provide a pension to their employees. Apension benefit promises to pay the employee some monthly stipend uponretirement. Most commonly it continues to pay out for the remainder of therecipient's lifetime.
Pension plans vary wildly depending on the organizationproviding it and the terms established in it. Some allow for benefits to bepaid to a surviving spouse in the event the retiree dies. Others allow theemployee to contribute to the pension fund. Applicants often consider this animportant benefit when considering employment with companies.
Business owners have many options when it comes toproviding pension plans for employees. Providing this benefit makes yourcompany more enticing to potential employees and promotes better company moraleamong existing employees.
Business.com can help you find companies that administerretirement plans and other employee benefits. By using the extensive listingsavailable there, you can review as many potential providers as you have timefor. Each offers similar packages but they all have differences worth comparing.The more research you do, the more certain you will be when it comes time tochoose a plan and a provider. Your employees' future financial security dependson your selections.
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