A Plan that Benefits All in Your Business
In any industry, recruiting and retaining top talent is essential for a business to thrive. Fourth Avenue Financial can work with your organization, be it a Corporation, Sub S, PLLC, LLC or sole proprietorship to insure that a well-designed, cost effective retirement program is implemented and serves both the employer and employee needs. As an employer and responsible administrator under your businesses retirement plan it is extremely important to limit your potential fiduciary liabilities that can arise from a either a poorly crafted plan, or even one which has failed to have been updated, modified and supplemented as needed and as laws governing such plans require. Make no mistake, personal and non-dischargeable liabilities may attach to you, the plan’s fiduciary as administrator. Small business owners in particular may be able to take advantage of unique plan designs that allow for additional tax savings while further enhancing the benefits to any employees, a true win-win for the vibrant and successful small business. Fourth Avenue Financial can expertly guide you through selecting the appropriate plan and the set-up process, including helping you with employee enrollments and education sessions. Our employer offerings include 401k &403b plans, Profit Sharing Plans, Defined Benefit Plans, SEP/IRA as well as several other specialized structures. Fourth Avenue Financial also offers a free benchmark analysis of your current plan to discover how it compares to others in the marketplace.
We also will help your plan be reviewed on an annual basis to insure it is in compliance
with all applicable rules and regulations.
401k & 403b Plans – These plans get their names from the tax code lines that allow for their creation. These plans have been widely adopted and allow individual employees the opportunity to tax defer a portion of their wages. The plan types are structured similarly, however, 403b plans are used for non-profit and government entities.
Profit Sharing Plans
Profit Sharing Plans – These plans allow for elective contributions to employee accounts from the employer. Profit Sharing Plans can be used in conjunction with 401k Plans to add extra contributions from the employer. The plan can be designed to weight the contribution allocation according to various factors such as, tenure, age, job role, etc., depending on the wishes of the employer.
Defined Benefit Plans
Defined Benefit Plans – These plans are commonly referred to as Pension Plans. Many large employers have been dropping Defined Benefit Plans over the past several years, however, these plans may allow some smaller, predominantly professional practices unique tax deferral opportunities with the proper plan design.