The case of the undetected, costly plan errors Plan Sponsor Scenario An owner of a small company engaged a CPA to evaluate their business and switch services. The CPA reached out to EGPS to review the retirement plan when she realized there was potential for compliance issues. The EGPS Compliance Team found that the Form...Read More
What is the state of your finances? How much, if any, are you saving? What is your plan for retirement? Does your employer offer a retirement plan? If so, are you participating? What does retirement look like for you? How much will it take to finance your dreams? For some, these questions might be conversational...Read More
3(16) fiduciary service definitions vary widely across the retirement plan marketplace. To ensure business owners are getting the services they want and need, it’s important they ask the right questions as they navigate the buying process. To help, we’ve compiled a list of questions for employers to ask potential 3(16) fiduciaries on the journey to...Read More
Growing up, my dad worked with contractors through the government. In addition, my husband has worked as a contractor for 20 years, running a plumbing business. So, needless to say, construction companies and workers have always been near and dear to my heart. I speak the language, I understand the mentality, I see the potential....Read More
The case of the successful private practice and the disappearing taxes Plan Sponsor Scenario A small, successful doctor’s office, was comprised of a husband and wife and a few part-time college students. The owners were paying $250,000 in quarterly taxes to the IRS, as directed by their CPA. Unfortunately, the owners (in their late 50s/early...Read More
A great third-party administrator (TPA) truly helps employers meet their goals – selecting the best plan design for their business, maximizing savings, minimizing taxes and liability, and more. Not all TPAs are the same; some stand in exemplary light. Increasingly complex regulations, escalating cybersecurity risks, and rising penalties for non-compliance provide ample reasoning to thoroughly...Read More
What is a cash balance plan and what are the benefits? Cash balance plans help business owners fund and deduct very large employer contributions. These plans allow employers to contribute significantly more than they can with a typical 401(k) plan. They are also a great way to reduce the company tax burden. Cash balance plans...Read More
The SECURE (Setting Every Community Up for Retirement Enhancement) Act was signed into law in December 2019, bringing about several important changes to retirement plans. We’ll cover some of the biggest opportunities for advisors and business owners created by this legislation in the post below. Ch-Ch-Ch-Ch-Changes: Face the Opportunity While the SECURE Act is fairly...Read More
The case of the solo 401(k) and the missing 5500s Plan Sponsor Scenario A business owner looking to set up a solo 401(k) plan went directly to a retirement plan provider without engaging an experienced financial advisor or a third party administrator (TPA). The individual wasn’t informed that they were supposed to file a Form...Read More
A safe harbor 401(k) plan can provide significant benefits for employers. Don’t miss out on this option; now is a great time to determine if it could be a good fit! Benefits of Safe Harbor 401(k) Plans: Owner deduction and savings of $19,500 from income ($26,000 if age 50), regardless of employee participation May...Read More
