Pension Planners Northwest will help you design a retirement plan the meets the unique needs of your company. To determine which plan, or combination of plans, is appropriate, the firm develops feasibility studies based on the specific employee data, as well as the goals and objectives of your company. Helping you decide which specific plan, or combination of plans, best suits your goals is our special expertise.
Types of Qualified Retirement Plans that are available include:
- Profit Sharing Plan: The employer may contribute up to 25% of participants' gross compensation. The contribution can vary from year to year and is not dependent upon profits.
- Cross Tested Profit Sharing Plan: These are profit sharing plans that allocate contributions typically based on groups of participants. This targets contributions to specific participants or groups of participants.
- 401(k) Plan: A Profit Sharing Plan may add a 401(k) feature. This feature allows employees to contribute pre-tax dollars deducted from their salary into the Plan. This gives employees individual flexibility over their contribution amounts. These plans may also include a matching employer contribution if appropriate. In addition, we use Safe Harbor 401(k) and Roth 401(k) provisions where appropriate.
- Money Purchase Plan: The employer must provide a fixed contribution amount each year. This type of Plan assures participants that a contribution will be made each year.