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Retirement Plans Fresno, CA
The retirement consultants at Kerr Payroll Solutions in Fresno, CA can help you determine which kind of retirement plan is suitable for your company. The most common questions we hear: What kind of retirement plan do I need? How can I minimize my tax bill? Do I have to match my employee contributions? Let the retirement plan consultants at Kerr Payroll help you.
A 401(k) is maybe the most flexible retirement plan option for employees and plan sponsors. With a 401(k) a participant can make full or partial matches, save for retirement through pretax and Roth 401(k) contributions, take loans or self direct.
Safe Harbor 401(k)
Safe Harbor 401(k) plans could be the solution you need because they automatically meet certain nondiscrimination (ERISA) testing, maximizes salary deferrals for high-wage employees and they are easy to administer.
A Solo 401(k) allows solo business owners with no employees (except for certain family members) to maximize salary deferrals without any compliance testing.
A Savings Incentive Match Plan for Employers is great for employers with less than 25 employees and who do not need plan flexibility or the desire for profit sharing. The difference being a 401(k) has a $19,000 (2019)annual limit and a SIMPLE IRA $13,000 (2019)
Retirement Plan Solutions
Profit Share Plans
A profit share plan can be a powerful retention tool for businesses who want to retain talent and divide up discretionary contributions among employees. Profit share contributions are not mandatory and can even benefit higher compensated employees or owners without discrimination issues.
A Simplified Employee Pension provides self employed or small business owners with an easy method to contribute toward their employees retirement as well as their own. With a SEP IRA a business contributes to employees with an annual max of $56,000 (2019) or 25% of employees pay; whichever is greater.
Defined Benefit Plans
Like the name implies: a defined benefit allows an employer to predetermine how much he or she wants in the future. With the help of an actuary and financial planning you could contribute in excess of $200,000 annually when combined with a 401(k) and profit share plan.
401(k) and Retirement Plans for California Businesses
When considering a retirement plan for your business it is advisable to work with an expert. Choosing the wrong plan can not only affect your tax outcome but if not implemented properly could cause compliance issues with the IRS or Department of Labor. Kerr Payroll Solutions will walk you through the process of identifying the right plan, implementing your retirement plan educating your employees and working with your investment team or CPA.
California Retirement Consulting Services
Retirement Plan Documents and SPD's (Summary Plan Description)
Determination of Employee Eligbility
Prepare Annual Reporting and Testing
Employee Education and Enrollment
Contribution Record Keeping
5500 annual IRS Filings
Annual compliance reviews
Annual Cross testing
Why You should choose Kerr Companies as your retirement plan consultant?
No hidden fees like the other guys
Unparalleled expertise and service
We have broad resources and capabilities
Full integration with our payroll solutions and cloud based software
Open architecture custodial platform