Listen and Learn
We take a consultative approach to plan design. We listen and learn. We listen to what your needs, goals, like and dislikes are and what is important to you. We listen to the good and the bad experiences you may have had with a prior plan, prior recordkeeper or TPA. We learn about your business and your goals. From there, we will gather information (i.e. census, entity information). We will run various scenario’s, until you are comfortable with the outcome and potential costs. We will also look at how tax credits will affect the overall costs of the plans.
Plan Features
There are a number of features in Plan Design that need to be discussed during the plan design meetings.
A few examples are as follows:
- Eligibility Requirements
- Entry Dates
- Excluded Employees
- Auto Enrollment – which type is needed (ACA, EACA or QACA)
- Deferrals (Pre-tax, Roth, After-Tax)
- Safe Harbor Type
- Employer Contributions – Match and/or Profit Sharing
- Profit Sharing – Which allocation method works best
- Vesting
- Loans
- Hardships
- Rollovers
- Credit for Service Prior to Plan Set-up
Once a plan design is agreed upon, we will work on creating the plan document and work with the recordkeeper (that is chosen by the client and the advisor) to get the plan set up and moving forward as quickly as possible.