One of the most well-known and popular company-sponsored retirement plans is the 401(k), which enables employees to contribute pre-tax income through salary deferrals, and to which employers may make matching contributions. This valuable employee benefit can also help attract and retain talent. Ascensus offers full-service and record keeping only plans.
A Multiple Employer Plan (MEP) enables employers in similar industries to join together and participate in a group 401(k) plan arrangement, giving their employees the opportunity to save for a more financially secure future. While similar in many ways, a Pooled Employer Plan (PEP) allows unrelated employers—those of various industries or offering different types of services—to also “pool” together to offer their employees a 401(k) plan. Both MEPs and PEPs may be especially helpful for companies seeking to provide a cost-efficient retirement solution that removes many of the employer’s administrative burdens associated with standalone 401(k) plans.
A nonqualified deferred compensation plan is a strategic supplement to a company’s 401(k) and other qualified retirement plans—designed to provide a competitive edge in recruiting and retaining executive leadership and ultimately managing their workforce. These plans enable select employees to defer taxable compensation and are a popular offering for many of the nation’s public and private companies.
A 403(b) plan enables employees of nonprofit, education, and healthcare organizations to save for retirement by contributing pre-tax dollars from their paycheck. If you are seeking to offer a new or optimize an existing retirement plan for your employees, we can help you evaluate your options, comply with ERISA regulations, and satisfy your fiduciary obligations.
A 457 plan is a type of employer-sponsored, tax-advantaged retirement account available to state and local government employees, and certain nonprofit employees. The most common type of 457 plan is the 457(b); with its high contribution limits, it can be used in conjunction with other tax-advantaged accounts to increase retirement savings.
Leverage the expertise of our pension actuarial consultants, who can review your plan to help ensure it meets required actuarial and regulatory standards, has adequate funding levels, and remains a competitive benefit offering for your business.
An Individual(k) plan is an easy-to-implement and cost-effective plan to help self-employed individuals maximize their retirement savings. It has all the advantages of larger 401(k) plans—without the extensive administrative responsibilities, complex discrimination tests, and associated costs.
An ESOP plan can help build employee motivation by creating a strong ownership culture, while also producing the potential for significant corporate tax advantages. Our feasibility analysis can help determine if an ESOP would benefit your business—and we can also provide guidance in setting up, implementing, and maintaining your plan.
A profit-sharing plan can be a powerful incentive for attracting and retaining employees, delivering tax benefits to both employers and employees, and giving employers contribution flexibility. We’ll help you assess whether a profit-sharing plan would complement your existing retirement plan and if so, we can design a flexible plan to meet your firm's unique circumstances.
Small business owners, including sole proprietors, often find that SEP and SIMPLE IRA plans are great alternatives to profit-sharing or 401(k) plans. With similar tax advantages to a traditional IRA, SEPs and SIMPLEs avoid many of the administrative requirements of other types of workplace retirement plans, such as a 401(k).
One way to get a leg up in the competition for talent—and build employee satisfaction—is with a money purchase plan. In this type of qualified retirement plan, an employer makes an annual contribution to employees’ savings. The contribution is a fixed percentage of the employee's salary and is made regardless of whether the company turns a profit. A MPP can significantly bolster an employee's retirement savings when offered in conjunction with another type of retirement plan—and its tax advantages may help offset the employer's expenditure. We’ll guide you through getting started.
Individual(k) is a trademark of Ascensus, LLC
