[Company Logo Image] MACK & COURSON, P.L.C.

    Scottsdale, Arizona CPA's

Pensions

 

There are basically only two types of retirement plans - defined contribution and defined benefit.  There are several variations under each of these types.

Defined Benefit says "How much do I have to contribute now to receive a specific benefit at retirement."

Defined Contribution says "This is how much I want to contribute now towards retirement."

    Some popular defined contribution plans are:

bulletProfit Sharing Plans
bullet401K Plans
bulletMoney Purchase Plans
bulletSimplified Employee Pensions (SEP)
bulletSIMPLE

Questions you should ask before deciding which plan is best for you are:

bulletHow flexible is the plan?
bulletHow much will it cost to administer?
bulletWhat are the minimum and maximum contributions?
bulletWhat are the tax savings considerations?
bulletWho will be eligible to participate?
bulletWhat vesting schedules are available?
bulletCan certain plans benefit the owner and key employees more?
bulletCan I borrow the money?

It doesn't matter how large or small your company is or how much you can afford to set aside.  Whether you want to allow employees to defer compensation, offer benefits to everyone, or only to those key people you can't afford to lose, there is an option that is right for you.

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Copyright © 2007 MACK & COURSON, P.L.C.
Last modified: 12/21/2007