401(K) + PROFIT SHARING

401(k) + Profit Sharing Plans

The Benefits Consulting Group handles all aspects of the design, implementation, and operation of your 401(k) + Profit Sharing Plan. Some of these services include form 5500 IRS filings, employee notices, plan documents and all necessary discrimination testing. We will walk you through the many different options such as Safe Harbor and Automatic Contribution Arrangements to see that you get the plan design that works best for your company. 

401(k) PLANS

 

One of the most popular employee benefits today is a 401(k) plan. These low-cost plans allow you to provide a state of the art plan with features such as a wide array of investment choices, phone and internet access to accounts and a complete employee investment education program.

Key Benefits

  • Allows employees to save for retirement on a tax favored basis with the convenience of payroll reduction. 
  • Optional employer matching contributions provide the incentive for employees to share the responsibility for financial security. 
  • Vesting of employer contributions creates an incentive for employees to remain with the employer and thus reduce the cost of turnover.

PROFIT SHARING PLANS

 

This is often a business' first retirement plan. The simplicity, low cost and flexibility in funding often appeal to young or volatile businesses. The plan allows employers to reward employees in profitable years with greater retirement benefits.

Key Benefits

  • Employer contributions to the plan are entirely discretionary
  • The plan can be easily upgraded to add a 401(k) benefit later
  • Vesting of employer contributions creates an incentive for employees to remain with the employer and thus reduce the cost of turnover
Share by: