At some time during the life of a successful business, whether it is a large company or has a single employee, the owner will consider offering retirement benefits as part of the company's benefit package. Employees may also approach the owner and demand that retirement benefits be offered.
There are many reasons to implement a retirement program, including attracting and keeping qualified employees, benefiting certain employee groups or providing significant deferred compensation to the owners of the business. Whatever goal is sought to be achieved, there is a retirement plan design to satisfy those needs.
Retirement plans come in many varieties. Some are qualified plans, such as pension plans, profit-sharing plans and 401(k) plans. Other retirement vehicles provide similar benefits but are less complex and less flexible, such as simplified employee pension (SEP) and SIMPLE 401(k) and IRA plans. Still, other nonqualified retirement programs can provide deferred compensation to select employees and either replace or supplement the qualified retirement programs of the company, but these arrangements do not provide the same immediate income tax benefits.
Schwartz Manes Ruby & Slovin works with business owners to identify the reasons for establishing a retirement program. Our goal at Schwartz Manes Ruby & Slovin is to design your company's retirement program so that it meets your goals and offers you the flexibility in design, coverage of employees and costs you desire to make the plan and your business successful. We draft the plan document using a volume submitter document to expedite review of the plan by the IRS. We also prepare the summary plan description and other administrative forms for the plan. Schwartz Manes Ruby & Slovin works with your plan administrator, accountant and investment advisor to put the plan in place and implement its provisions.
Schwartz Manes Ruby & Slovin has been working with business owners for over 20 years in designing and implementing retirement programs. We have seen that patience and planning have succeeded as many of our clients have accumulated retirement benefits in their existing plans which will guarantee a secure retirement in the future. Begin or continue that journey with us.
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