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5 months ago

Atlanta Electrical Proposal

New proposal for Atlanta Electrical from Mike Zahariades at

SAFE HARBOR 401(k) PLANS

SAFE HARBOR 401(k) PLANS More savings, less hassle SAMPLE The “Safe Harbor” plan is our most popular 401(k) retirement plan for businesses with employees. Safe Harbor plans make it easy for business owners to maximize contributions to their own accounts while reducing some of the limitations associated with adhering to IRS non-discrimination testing. www.webmerge.me The Safe Harbor plan allows you to: • Contribute the maximum annual deferral amount ($18,000) to your own 401(k) plan • Receive additional savings from your company’s matching contributions (you’re an “employee” too!) • Avoid the hassles of IRS non-discrimination testing SAMPLE Get tax deductions for your matching contributions More good news: come tax time, your business can deduct all matching contributions (within the deductibility limitations imposed by the IRS) to employee accounts. And don’t forget, matching contributions increase retention of current employees, and are a great recruiting tool for prospective hires. www.webmerge.me Satisfy IRS testing To satisfy non-discrimination testing, your business will need to contribute to both your 401(k) account and your employees’ accounts. Companies that choose a Safe Harbor plan must either: • Make a dollar-for-dollar match on the first 3% of an employee contribution and .50 cents on the next 2% of employee contribution for a total of 4% contribution. (this is the most popular option), OR • Contribute 3% of the employee’s compensation for each eligible employee, regardless of whether the employee chooses to participate in the plan. • Safe Harbor plans work particularly well for companies that have consistent streams of revenue. Businesses finding it difficult to maintain matching funds year-round might find that a 401(k) plan without Safe Harbor may make more sense. SAMPLE www.webmerge.me

Sample Company SH 401(k) Plan SAMPLE Cost Summary www.webmerge.me EZ (k) Safe Harbor Match Services Plan Design and One-Time Installation $1,000 IRS Form 8881 completion for IRS Tax Credit ($500) * *IRS credit provided in tax return for new plans (3yrs) Plan Document & SPD Corporate Resolution Employer Administrative Forms Package Annual Plan Administration: $750 Base Fee including preparing & filing Form 5500 Includes up to 20 participants, $25 per therafter Monitoring Safe Harbor contribution requirements Trust Accounting and participant accounting, census verification Total Safe Harbor Match Plan Administration: $750 Fee Schedule if Profit Sharing or SH 3% Non-Elective Design is Required Annual Administration: Base Fee including preparing Form 5500 $1,300 Participant record-keeping fee: Premier: $25 Number of Participants: 20 $500 SAMPLE www.webmerge.me Annual Profit Sharing Plan Administration Total: $1800 Distribution and Loan Processing: Charged to participant Distributions: $75 Hardships substantiated per IRS guidelines $125 Loans: $100 SAMPLE Miscellaneous fees as required: New Comparability Discrimination Test $450 Plan Amendments and Resolutions $150-375 Plan Consultation: QDROS, Audits, DOL inquiry etc. $150/hr Extensions $50 www.webmerge.me

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