Articles

• Cash Balance Plans For Solo And Group Practices

  A Cash Balance plan helps boost your tax-deferred savings if you plan to retire in 10 years or less and you would like to catch up quickly. This type of plan can also increase tax-deferred savings if you are making a lot of money now but are not sure whether this will last over the long term. Read on

• Group Practice Retirement Plans: Fix Problems, Improve Your Plan, Minimize Cost

  Even though group practice retirement plans typically have a relatively small number of participants, these plans can be more complex and laden with compliance issues and challenges. Older group practice plans often have serious compliance and fiduciary issues, and unless someone knowledgeable takes the time to examine the plan operation and paperwork, chances are that these issues would only be discovered upon an audit by the Internal Revenue Service or U.S. Department of Labor – in other words, much too late. Read on

• How To Reduce Your Practice Retirement Plan Cost

  It is well-known that the majority of retirement plan providers that serve the small and mid-sized retirement plans are bundled platforms that make most of their money via asset-based fees. Many plan providers do not offer the best available solutions to small solo and group practice plans, and this often means sub-par plan design and lack of any fiduciary or compliance services, which leads to higher plan cost and can potentially result in unnecessary expenses later on. Even those providers who are open-architecture tend to charge significantly higher fees for small solo and group practice plans relative to what the larger plans pay for the same services. However, it is definitely possible to get the best available plan services at a lower cost. Read on

• What Is The Best Plan For My Practice, 401(k) Or SIMPLE IRA?

  One of the biggest retirement plan questions for small practice owners is whether to set up a SIMPLE IRA or a 401(k) as their first retirement plan. Often, practice owners opt for a SIMPLE IRA only because there are no administrative costs associated with operating this plan. In some cases this can be a big mistake, especially if you have the ability to contribute significantly more to a 401(k) plan. Read on