What are your options for meeting your and your employees’ retirement goals?
Shore Tompkins starts by clarifying your options and helping you assess them. The result is not simply a retirement plan, but a creative solution uniquely suited to you and your employees.
For employers looking to attract, retain, and reward employees:
We tailor your plan not only to meet your cost objectives but also to allocate benefits based on employees’ tenure, job function, compensation, and other factors.
For closely held businesses seeking to enhance tax benefits for owners and other key employees:
We creatively design plans with varying benefit formulas for the owners and other classes of employees. In many cases, contributions on behalf of each owner will exceed $150,000 and, in aggregate, the owners may receive over 90% of plan benefits.
Wondering about maximum contributions (by participant age) for profit sharing and cash balance plans?
Starting a Retirement Plan
Consulting
We listen carefully to your objectives and present various retirement plan options based on your company’s demographics, so you can make a sound decision about the retirement plan that best meets your needs. We effectively communicate the immediate ramifications of each option, as well as the effects that changing legislation or circumstances can have on the potential solution.
We administer all types of retirement plans: 401k/Profit Sharing Plan, 403b, defined benefit and cash balance plans.
Installation
We prepare the plan document, summary plan description, administrative forms, and IRS filing forms necessary to set up your retirement plan. We can also present employee-education meetings so your employees understand the benefits you are offering them through the company’s retirement plan.
Ongoing Plan Services
Administration
Each plan year, your company’s retirement plan requires certain administrative functions based on the type of plan it is. We offer the full range of administrative services, saving your staff considerable time and effort:
• Calculate contribution amounts
• Prepare plan notices
• Form 5500 preparation and streamlined e-filing process
• Actuarial valuation and certification
• Prepare forms required by the Pension Benefit Guaranty Corporation
• Calculate Net Periodic Pension Cost and related financial disclosure requirement for GAAP accounting
• Participant recordkeeping for trustee-directed plans
• Prepare annual participant statements
• Benefit calculations
• Form 1099-R preparation
Compliance
Each plan year, your retirement plan must have certain tests performed to ensure that it meets the legal requirements of the Internal Revenue Code. We offer the following compliance services, freeing your staff to focus on more urgent matters:
• Determine highly compensated employee status
• 401k and match nondiscrimination testing
• Minimum Coverage Testing
• Maximum Benefit/Contribution testing for individual participants
• Top-Heavy Plan testing and benefit calculations to meet top heavy requirements
• Determine required plan contributions and maximum deductible contributions
• Nondiscrimination testing for plans providing different benefits levels
• Compensation definition testing
Consulting
Rather than simply performing the necessary administrative and compliance services required of a retirement plan, our consultants follow up with you regularly to ensure that your retirement plan continues to meet the company’s objectives. Our consultants have the expertise to address the range of factors that impact your retirement plan, and they are proactive about notifying you of legal changes that may affect the plan.
Special Consulting Services
Consulting
Based on our decades of client-service experience, we know that your goals can evolve and your plan’s circumstances can change significantly. We strive to anticipate your plan’s special needs and consult with you promptly about them, in order to give you the greatest flexibility in making decisions.
Some of the special services we offer are:
• Redesign of your plan
• Cost analysis of new methodologies or approaches
• Assistance with IRS and DOL audits
• Plan terminations
• Plan mergers and spinoffs
• Voluntary Compliance Corrective Programs
• Qualified Domestic Relations Order (QDRO) review and benefit determination
• Expert witness for retirement plan related matters
