Retirement Solutions

Retirement plans play a crucial role in providing a source of income in our later years. We’ve all seen or heard about “the three-legged stool” that shows Social Security, our personal lifetime savings, and company retirement plans as the triad from which we will draw the funds to pay for our expenses after we retire. These plans serve many purposes for employers and employees alike, and they come in many varieties.

A qualified retirement plan is one that meets the numerous requirements of the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act of 1974 (ERISA). Plans meeting these requirements qualify for four important tax benefits.

First, employers may deduct allowable contributions in the year they were made on behalf of plan participants. Second, plan participants may exclude contributions and all earnings thereon from their taxable income until the year they are withdrawn. Third, earnings on the funds held by the plan’s trust are not taxed to that trust. And fourth, many times participants and/or beneficiaries may further delay taxation on a plan’s benefits by transferring those amounts into another tax-deferred vehicle such as an Individual Retirement Arrangement (IRA).

A qualified retirement plan falls into one of three general categories: A defined benefit plan, a defined contribution plan, or a hybrid plan. A hybrid plan is one that combines various attributes of the first two categories.

For many business owners, the question is not “Should I implement a retirement plan?” Rather, it is “Which plan is right for my business?” The choices are many: SEP, profit sharing, 401(k), SIMPLE IRA and defined benefit, to name a few.

Helping You Identify and Understand Your Retirement Plan Program Needs

We realize that businesses, like individuals, are all unique and have their own specific expectations for an effective retirement plan program. If you are looking to establish a plan, we can take the time to work with you to understand and evaluate your business requirements, and assess the various types of retirement plan programs that may be appropriate for you.

If you already have a program in place, we can help you determine its effectiveness in providing a valuable and competitive benefit for your employees.

Helping You Implement Your Plan Program

After you select the retirement plan program that suits your business, we can work with you from the initial design of the program through its setup and administration. To make sure your retirement plan program is established properly and continues to run smoothly, we provide these important services:

Plan Management and Investment Solutions

Managing a retirement plan requires applying unique skills to strategy development, cost trends, design, pricing, financial management, vendor management, communication, compliance and program administration. Today’s economy has further strained employer capabilities to manage the full spectrum of plan management responsibilities. Preferred Health Group, Inc can provide solutions and full-service solutions for both plan investment management and benefits administration.

Vendor Management: Performance Evaluation and Audit

Increasingly, employers are asking for a sound corporate retirement management program that assesses how vendors perform on key metrics including financial performance, eligibility management, customer service and compliance responsibilities. PHG’s associates and consultants can help you establish the safeguards needed to ensure performance expectations are met. For many employers, a well-defined, proactive audit schedule further ensures that risks are mitigated.

Plan Benefits Communication

The importance of getting employees to value the significant investment you make in benefit programs has never been higher. Employers are asking employees to get more engaged in reducing their risks, choosing the appropriate investments, participating in retirement education programs, and managing their current and post-retirement benefit decisions. PHG provides a full range of assistance from standardized programs to highly customized programs that fit your particular needs.

Administration

Administrative complexities add a significant burden and risk to program management. Employers need to simplify communication, enrollment, eligibility reporting, employee service and compliance. PHG provides standard solutions for small employers and tailored solutions for larger, more complex organizations. We can also help you provide specialized benefit administration services for voluntary benefits and executive benefits.