Certain plans are simpler from a compliance perspective, while others require extensive annual compliance testing and/or annual analysis from an actuary. For the more complex category of plans, we work with the small business as the advisor to the plan and partner with an experienced Third-Party Administrator (TPA) with whom we have a relationship. Essentially, retirement plans fall into two categories for us: plans requiring a TPA and plans that don’t.
We can help clients establish and operate the following plans without involving a TPA:
- Solo or Individual 401(k)
- SEP IRA
- SIMPLE IRA
- Traditional IRA / Roth IRA / Spousal IRA
For these types of plans, we can help clients analyze and select the right type of plan for their business and needs, help prepare all the forms and documentation to establish the plan and open the accounts, and select and manage the assets for them. These types of plans are typically simpler in design but care still must be taken to set them up correctly. We work side by side with business owners to design the plan in a way that matches their desires for their business, tax situation, and employees. Because these plans do not need to involve a TPA, the compliance costs for the business owner are reduced. These plans allow for a great deal of flexibility when it comes to managing the assets and due to the structure of the plans, we can provide more customized management for the participants.