Commercial Capital Network has assisted many customers over the years to access capital from their retirement plans for an investment in their own business.
The design and administration of a self directed retirement plan for small to mid-sized companies are structure so that:
- The plan is tailored to the specific needs of your company
- Matches the retirement plan rewards to the importance, risk and performance of various employees
- Helps shelter more money than ever before to build tax deferred long term wealth
Our Retirement Plan Administrators are with you every step of the way from the initial consultation with your personal plan analyst to plan implementation, monitoring and management. You’ll come to think of our team in the same way as you do your accountant, relying on them to handle all the details, from plan implementation to ongoing plan monitoring and administration.
Our professionals will guide you through the process of designing a customized plan:
- Review the employer ownership, affiliations and controlled group structures
- Review employee demographics
- Analyze current plan revisions (if applicable) and provide recommended changes
- Aid in establishing contribution levels
- Determine employee eligibility guidelines
- Design a plan tailored to meet the needs of owners, employees, and the business
Comprehensive Plan Implementation & Monitoring
Based on your customized retirement plan, we’ll provide everything you need to implement the plan including preparation of the following:
The plan document/s
- An IRS determination letter (if applicable)
- Summary plan description and other participant communication
- Enrollment materials
Once the plan is implemented your personal retirement plan analyst will reassess the plan design on a regularly scheduled basis to recommend modifications, which will keep the plan up to date.
Complete Plan Management
Design and implementation of your plan is only an area in which our team of professionals excels. Our plan administrators will handle all the details for you while managing your plan on a quarter to quarter and year to year basis.
Quarterly administration includes:
- Reviewing year-to-date information to determine vesting, employment and participation status
- Reviewing balances and vested balances
- Reconciling and balancing assets in the plan to participant account balances
- Running preliminary compliance testing
- Producing and distributing quarter-to-date valuation with quarterly participant statements
- Annual administration includes the same as quarterly with the additions of:
- Reconciling year-to-date census records with cumulative pay period data
- Calculating and testing employer allocations, if applicable
- Complete testing of 401(k) and matching contributions, if applicable
- Completing IRS form 5500 for filing
- Coordinating with auditors for large plan filers
- Updating plan with all IRS required plan amendments
- Making necessary corrections for failed compliance tests
- Filing forms 1099-F for distributions processed during the year
It’s all about the plan design
Most people believe you can only shelter $15,000 or 15% of you income tax deferred in your retirement plan, and that contribution levels for all plan participants must be equal. That’s because the majority of corporate America relies on 401(k) plans.
If you’re an owner or top executive of a small to mid-sized business, however, a 401(k) plan may prevent you from getting the benefits you deserve from your retirement plan. So what type of plan is right for your company?
401(k) Plans are easy to set up and administer, contributions are tax-deductible, earnings grow tax-deferred and withdrawals are taxable for participants which make them attractive to large companies.
Defined Benefits Plans offer the highest tax-deductible contribution. Contributions are based on the participants’ ages and compensation, thus making Defined Benefits Plans attractive to highly compensated business owners, partners and key employees who are in their peak earning years, and usually the most mature employees.
Profit Sharing Plans offer the maximum flexibility in employer contribution allowing the employer to contribute and deduct from 0% to 25% of covered payroll each year.
Experience has shown that the best plan design is often a combination of several. Every company is unique. Shouldn’t your retirement plan be as well? Our professionals specialize in helping owners and top management of small to mid-sized companies derive the benefits they deserve from their retirement plans.
Start getting more from your retirement plan today! Contact us at 609.758.1050 or Email Us