Improved
employee relations and significant tax benefits can be obtained with
retirement plans. The tax advantages include income tax deferrals on plan
contributions and investment accumulations, company tax deductions on
contributions, and favorable taxation on distributions. The
Employee Retirement Income Security Act (ERISA) and other laws have made
these tax advantages possible. They also have placed various
administrative duties on the plan sponsor. Benefits Dynamics
provides a complete range of retirement planning service including: Plan
Design Benefits Dynamics
will advise the client on:
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Cost
effective eligibility requirements, and levels of contributions and
benefits.
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Plan type
( ex. defined benefits, profit sharing, 401k, etc.)
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Funding
method (invested, insured)
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Actuarial
cost method
-
Plan
prototypes, adoption agreements, trust and insurance documents
-
IRS tax
qualification of the plan
Annual Plan
Management
The yearly
plan services include:
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Actual
valuations to assure the plan is fully funded, considering such
changes as new participants, increases in compensation, terminations,
retirements, investments, inflation, etc.
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Recording
contributions, investment earnings, forfeitures, account vestings,
etc. according to the plan formula
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Preparing
account/benefit statements
-
preparing
reporting and disclosure forms including 5500, PBGC and others with
accompanying schedules
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Determining
any PS5 costs for W2 reporting
Investment
Services
-
Designing
an investment plan in accordance with client objectives
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Planning
of a portfolio of mutual funds, and/or individual securities seeking
growth, income, etc.
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Administering
the trust including recording deposits of receipts from sakes,
purchases of securities and funds, interest, dividends, etc.
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Receiving
and verifying requests for benefit payouts.
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Providing
monthly account statements indicating account balances, individual
security/fund values, purchases and sales, interest and dividends.
Plan
Communications
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Announcing
the plan's adoption
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Summary
annual reports (SARs)
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Summary
plan descriptions (SPDs)
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Individualized
benefit statements for plan participants
Paying
Benefits to Participants
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Determining
benefit amounts payable due to retirement, death, or other termination
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Advising
as to alternative methods of payment, settlement options, or survivor
benefits
-
Preparing
tax forms
Plan Review
and Revision
Individual
Retirement Account (IRA)
401 K Plan
Consulting
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Conducting
of enrollment meeting
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Employee
investment education seminars
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Coordination
of employee 401 k retirement planning with their other financial
planning
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Assistance
with rollovers and transfers
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Explanation
on loans and early withdrawal taxation
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Supplemental
retirement planning including annuities and other programs
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Review
of existing 401 K plan and recommendations on improvements and changes
of current investment management company
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coordination
401 K retirement benefits with other company's profit sharing and
retirement plans
Executive
Compensation
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Consulting
and brokerage of supplemental retirement programs
-
advising
on deferred compensation programs
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Assistance
with executive life insurance programs including bonus, split dollar
and key employee plans
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Administration
and installation of executive annuity programs
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Advise
and administration of executive stock related plans
Personnel
Resources Consultants, Inc.
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