Keeping employees around until they retire
is one thing. Offering them the right retirement plan
so they can enjoy it, is another.At EJReynolds, our services cover a full range of qualified retirement plans. We work closely with our clients and their advisors from the development and drafting of the plan to its ultimate wind-down and termination. The types of plans we offer include defined benefit, 401(k), money purchase, profit sharing, cash balance, target benefit and employee stock ownership plans. Our clients include sole proprietorships, partnerships, corporations of all types and professional employer organizations.
The complex world of employee benefit programs require a complete understanding of the latest tax, labor, and employment laws that shape the terms of corporate benefit and compensation programs. In an industry where the rules are constantly changing, we maintain our leadership position by keeping up with the latest legislative, regulatory and market changes.
Please make a selection for more information.
 Defined Benefit Plans
Designed to provide participants with a specific benefit at retirement, these plans are still a core feature of most corporate retirement programs. We have guided many clients through the redesign of their traditional defined benefit plans, taking them through the labyrinth of laws and regulations and advising them about withdrawal liabilities that may be triggered by restructuring. There is a fixed pension cost that the employer must guarantee, so a corporation must consider that commitment prior to the implementation of such plans.
401(k) Savings Plans
With today’s mobile workforce and increased emphasis on individual responsibility and accountability for retirement planning, 401(k) plans are most frequently offered by employers. We have extensive experience working with employers and advisors in designing, implementing and administering these plans. In particular, we partner with our clients and their plan investment providers to monitor the discrimination testing, deduction issues, day-to-day compliance matters, and government reporting requirements that are key to the success of these programs.
Money Purchase Plan
A money purchase plan, sometimes referred to as a defined contribution pension plan, is one in which a company’s contributions are based upon a fixed percentage of employee compensation to be contributed annually. These plans are for businesses of any size, or individuals with self-employment income, earned on either a full or part-time basis. Benefits are based upon the amount in the participant’s account at the time of retirement.
Profit Sharing Plan
A profit sharing plan is a defined contribution plan under which the employer has the flexibility to contribute between 0% and 25% of eligible participants’ compensation. This contribution may be allocated based on salary, age, service or a combination of these factors. Profit sharing plans typically require more administration and paperwork than a Simplified Employee Pension or an IRA and may include yearly IRS filings. Also, at the time of retirement, the ultimate benefit is based on the participant’s account balance.
Cash Balance Plan
Relatively new to the industry, a cash balance plan is a defined benefit plan with the characteristics of a defined contribution plan. The plan credits an employee’s account each year with a pay credit and an interest credit. The pay credit is dependent upon the participant’s compensation. At retirement, the participant is paid the accumulated value of these credits. Employer funding, however, is based upon actuarial assumptions and ERISA minimum funding standards. For this reason, funding may change according to the investment performance of the pension plan assets.
Target Benefit Plans
A target benefit plan is a combination between a defined benefit plan and a money purchase pension plan. The plan is designed to provide an individual account for each participant that is funded by annual contributions and is structured so ultimate benefits may change according to the investment performance of the pension plan assets. The actual amount of retirement benefits provided to the participant depends on the amount of the contributions as well as the gains or losses of the account.
Employee Stock Ownership Plans
An employee stock ownership plan (ESOP) is a defined contribution plan under which the company contributes corporate stock to the plan for the benefit of the company’s employees. With an ESOP, the stock may be purchased through a stock exchange (for publicly traded stock), contributed from corporate treasury stock (non-publicly traded stock) or purchased directly from a majority shareholder. Shares are valued at the time of the contribution to the plan, and then may be allocated to employees in the same manner as a profit sharing plan. At retirement, employees may be paid in stock or equivalent cash.
Professional Employer Organization Consulting
At EJReynolds, we have extensive experience in multiple employer plan administration. This makes us a company that Professional Employer Organizations (PEOs) want to work with. Why? Because we are experts in the field, with the knowledge to deliver the highest level of consulting and administrative services. EJReynolds offers flexible programs customized to suit the needs of our clients. We offer comprehensive services and work closely with businesses and their advisors to ensure that their 401(k) benefit packages have no pieces missing. Our goal is to be responsive and service oriented, ensuring our clients continued success, growth and profitability.
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