Our team designs and services the following types of qualified retirement plans:

Defined Benefit Plans
This plan pre-defines the monthly benefit amount an employee will receive beginning at normal retirement age. In most cases, the employer is required to provide the minimum funding requirements, regardless of profitability. The annual contribution is calculated utilizing actuarial methods.

Defined Contribution Plans
There are several different types of Defined Contribution plans; however, they all operate under the same principal. The employer will contribute to the plan based largely on the compensation of each employee. This plan operates as an individual accounting for each of the participants. The earnings are attributed to each account, and the contribution is allocated to each participant’s account. The retirement benefit will depend on the amount contributed to the participant each year, the rate of earnings, or loss in the trust and the number of years the participant is in the plan.

Profit Sharing Plans
Profit Sharing Plans have been the most popular over the years and are the basis for all 401(k) plans. Our team can service traditional profit sharing plans, age-weighted profit sharing plans, new comparability profit sharing plans, integrated profit sharing plans, and safe harbor 401(k) profit sharing plans.

If you need assistance with any of the plans mentioned above, please feel free to contact:

Cyndi Mergele, SPHR, PI
Manager, Retirement Plan Services Group
cyndi.mergele@padgett-cpa.com
Phone: (210) 828-6281
Toll Free: (800) 879-4966