Summit Retirement Plan Services will thoroughly analyze, design, present and educate plan sponsors to make the most-informed decision on what type of plan will work best. Take a look at the
three basic examples from our library to get an idea of what plan design is all about. An illustrative quote requires two things: first, a basic understanding of the sponsor goals; second, client “census information” in electronic format. Where a sophisticated design is required several design iterations may be required before the proper solution is developed. For a basic pricing quote without an illustration please complete the
quotation questionnaire (PDF).
Modern 401(k) design should be a tool that encourages and incentivizes employees to save. Employer contributions can also be a cost effective tool to compensate employees, saving not only Federal and State income taxes but also FICA and Medicare taxes.
Common Plan Design Features To Incentive Participation and Enhance Plan Benefits
- Incentive Matching Contributions
- Auto Enrollment Provisions
- Safe Harbor Contributions
- Plans that target specific employees or classes of employees with incentive contributions
- Plans that use age as well as wages in determining plan benefits – Cross Tested Profit Sharing Plans and Cash Balance Plans