Plan options

Every business owner has different needs, goals and ideas about what they want from a retirement plan. Your time horizon, employee demographics and management philosophy will help determine the plan or combination of plans that offer you -the owner- the greatest advantage. Our retirement program specialists will work one-to-one with you to find a suitable plan for you and your employees. We also monitor government regulations to make sure your plan remains current and make updates to your plan at no additional charge.

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Primary plan options

  • Safe Harbor 401(k) plan

    A Safe Harbor 401(k) does not restrict the ability of highly compensated employees to defer the maximum permitted by the plan and IRS. And since the Safe Harbor plan may be combined with profit sharing plans, it provides an excellent way for employers to make the most of employers retirement savings (subject to IRS contribution limits.)

    • Highlights
      • Defer more income, regardless of employee participation levels.
      • Works with profit sharing plan to contribute the maximum.
      • No compliance or discrimination testing.
      • Catch-up contributions available for participants over age 50.
  • Traditional 401(k) plan
    Traditional 401(k) plans with low startup costs are a great tool for attracting and retaining employees, while enabling you to defer income taxes on contributions.
    • Highlights
      • Pre-tax salary deferrals.
      • Discretionary employer matching.
      • Profit sharing contributions.
      • Eligible rollovers from employee’s previous retirement plans.
  • Owners 401(k) plan

    One-person businesses, whether or not the owner also works full-time for another employer, should take a hard look at how they may be able to generate tax deductions for themselves — that are more than twice as much in some cases than with traditional retirement plans — by establishing an owners 401(k) plan. These plans can be inexpensive to set up and you have the flexibility to decide each year whether to contribute.

    • Highlights
      • Designed for one-person business.
      • Meaningful contributions may be made toward spouse or other family members employed by business.
      • Optional yearly funding.
      • Low setup charges.
      • Catch up provisions apply for participants age 50 and over.
  • Profit-sharing plan
    Some years are financially better than others. Even in established practices, there are times when the money just isn't there to contribute to a retirement plan. Then there are other years where employers want to reward employees and contribute as much as they can – tax-deferred – for their retirement. Profit-sharing plans enable you to vary your retirement contributions year to year with no advance commitment.
    • Highlights
      • No predetermined contribution formula.
      • Only the employer may contribute.
      • Vesting schedules may be adopted to reward long-term employees.
      • Employee contributions must be made by the employer if the employer wishes to contribute for themselves.
  • New comparability plan

    New comparability plans may enable employers to reduce retirement plan costs while maximizing contributions and are suitable for businesses that wish to enable key employees to save more for retirement – particularly those who have difficulty meeting nondiscrimination requirements of standard profit-sharing or 401(k) plans.

    • Highlights
      • Categorize employees by several criteria, where each category may receive a different contribution percentage.
      • Contributions for older workers in age-weighted plans may be considerably higher than those for younger employees.

IRA options

  • IRA's for individuals
    • Traditional IRA
      • Anyone with earned income can contribute.
      • Your contributions can potentially grow tax-deferred.
      • If you qualify, you can enjoy current tax savings by deducting your annual contribution.1
      • You must begin taking distributions once you reach age 72, or age 70½ if you were born before July 1, 1949.
      • Taxes on your earnings and any deductible annual contributions are deferred until withdrawn. During retirement it’s likely that you will be in a lower tax bracket when making withdrawals, so over the long run you can save on taxes.
    • Roth IRA
      • You can make contributions at any age, provided you have earned income and meet income eligibility criteria.
      • Contributions are not tax-deductible from your current income taxes.
      • Earnings and contributions are tax-free upon withdrawal after age 59½ provided the account is at least 5 years old or you meet certain other qualifying rules.
      • You are not required to begin making distributions after age 70½ or at any age, so money can remain in a Roth IRA for the benefit of heirs, if desired.
    • Rollover IRA
      • Not subject to taxes until you withdraw your money.
      • Helps protect your retirement savings from early withdrawal penalties and backup withholding taxes.
      • You can potentially accumulate earnings on a tax-advantaged basis.
      • Take advantage of a wide selection of investment opportunities.
    • Spousal IRA
      • Your non-working spouse can make a deductible IRA contribution if you file a joint return and you have enough earned income to cover the contribution.
      • The deductibility of both IRAs is phased out if you are covered by a plan at work and your adjusted gross income falls within a certain range.
  • IRAs for business owners and self-employed individuals
    • Simplified Employee Pension plan (SEP) IRA
      • Each year, you can contribute up to 25% of your compensation or the annual IRS maximum2, whichever is less.
      • The annual compensation you may consider to figure your contribution is the annual IRS maximum2.
      • You can deduct any contributions you make and your earnings potentially grow tax-deferred.
      • Annual contributions are not mandatory.
      • No annual IRS filing requirements.
      • Easy to establish — you have until your tax filing deadline, including extensions.
    • Savings Incentive Match Plan for Employees (SIMPLE) IRA
      • Easy to set up and inexpensive.
      • Employees can contribute.
      • No annual filing requirements.
      • 100% of salary is deferrable up to annual limits.
      • Employers must match dollar for dollar the first 3% of employee contributions or contribute 2% of compensation for all eligible employees.
      • Employer can contribute even if employees choose not to participate.
      • Employer contributions are tax-deductible.

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1 Withdrawals are taxed as ordinary income and if made prior to age 59 ½ may be subject to a 10% federal tax penalty.

2 These limits apply no matter how many IRAs you have, or if you have both a Traditional IRA and a Roth IRA. Contribution and compensation limits are subject to annual cost-of-living adjustments.

Tax-qualified retirement plans such as IRAs and SEPs already provide tax deferral under the Internal Revenue Code. Tax deferral of an annuity does not provide additional tax benefits. Before purchasing an annuity you should consider whether its features and benefits beyond tax deferral meet your needs and goals. You may also want to consider the relative features, benefits and costs of this annuity contract compared with other investments that you may use to fund your IRA.