F.A.Q.
Questions Most Often Asked about Pension Plans
(and their answers)
Q Why do Retirement Plans seem so complicated?
A Retirement Plans are complicated; however,
most of the difficulties are routine for Sheffler & Martin
and we keep the necessary record keeping, reports and other
paperwork to facilitate our task.
Q Why can’t I set up a simple pension
plan, informally?
A In order for your contribution to be deductible,
the plan must be “qualified.” Every phase is watched
by the IRS, Department of Labor and Pension Benefit Guaranty
Corporation, which all require detailed technical reports.
Additionally, every time Congress is in session, required
changes may be generated.
Q Is it profitable to set up an employee Retirement
Program?
A An employee retirement program can be worthwhile
for many reasons; tax-deductible, tax-deferred benefits and
the incentive for employees to become long-term with increased
productivity are a few.
Q What is the “best” plan?
A There is no best plan; each company must
decide upon the plan which most effectively meets its needs.
Q How can I know which plan and its various
ramifications are best for my company?
A Very easily. Sheffler & Martin will
examine various facts, as well as the goals of your company,
and make recommendations that will be discussed in detail.
For a one time, NO Cost proposal of a retirement plan design
that will benefit your company, please click
here.
Q Is there a cost for this examination and
discussion?
A No, until Sheffler & Martin sets up
a plan for you, there will be no cost; once we formulate the
plan, and you are interested, you will be informed in advance
of our fees.
Q Can I have a plan set up and then administer
it within my company?
A Yes, but it is not advisable; unless your
staff has previous retirement plan experience, your staff
will most likely be overwhelmed by the amount of paperwork
and technical issues involved. The non-compliance penalties
can be extreme. Sheffler & Martin is set up for the required
compliance and can assure you of minimum inconvenience.
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