Reduce Taxes With Qualified Plans


Reduce Taxes With Qualified Plans

Qualified plans like the 401(k) plan or a traditional pension plan have long been the keystone in many Americans’ retirement savings plan. As a business owner, you likely offer or have considered offering a qualified retirement plan to your employees. You may not be sure if you are offering the right plan with the right design and maximized benefits. Furthermore, you may be unaware of the responsibilities and risks you assume as a plan sponsor.

Qualified retirement plans provide benefits to both employers and employees by creating a dedicated account for retirement savings and the potential for tax deductions and deferrals. However, these plans are highly regulated and can get you into hot water with the IRS or Department of Labor if not properly managed. Many well-meaning financial professionals run afoul of plan rules and business owners are often too busy keeping their business operating smoothly to run the company retirement plan as well.

Questions to Consider

Before we continue, consider these questions as they relate to your company’s retirement plan:



Do I understand my fiduciary responsibilities related to my plan’s investment options?
Have I mitigated this risk?
Does my plan have a qualified default investment alternative?



Do I understand my fiduciary responsibilities related to my plan’s administration?
Have I mitigated this risk?
Do I have a process in place to ensure that the plan is running smoothly?



Do I understand the potential tax benefits of my plan?
Have I optimized my plan to reduce the amount of tax I will pay both now and in the future?


An Asset or Liability?

A qualified plan can create a big opportunity for tax reduction and deferral for a business owner. Your position as plan sponsor also gives you control over plan design and investments, making it an even more attractive place to save your money.

However, as plan sponsor you are a fiduciary. This means you are legally required to act in the best interest of the plan participants and can potentially be held personally liable for any violation by the plan. Qualified plans come with strict administrative and investment oversight requirements that can be easily violated without the proper guidance.

A properly designed and well-run qualified plan can be a great asset for you, while a poorly run plan can quickly turn into a major liability.


A Trusted Partner

Our experienced team works as your trusted partner to provide a full suite of services to your qualified plan. From plan design to plan service, we ensure that your plan is an asset, not a liability.


Sponsor Services

We provide ongoing fiduciary consulting, investment committee management, assistance with investment policy statements, and regulatory updates and compliance.


Investment Services

We provide quarterly investment reporting and performance measurement, asset allocation strategies, investment due diligence, and regular market updates.


Plan Design

We assist with employer match/profit sharing strategies, defined benefit and guaranteed income solutions, ERISA 404(c) guidance, plan document review, and executive benefit analysis.


Vendor Management

We provide vendor due diligence, total cost analysis, and vendor benchmarking. We also engage in contract, fee, and service consulting for vendor selection.


Participant Services

We provide employee education (virtual and onsite), financial wellness, group enrollment, and one-on-one advice.


Qualified Plans With Entrusted Capital

Whether you have an established retirement plan for your company, or are just starting out, our experienced team of retirement specialists will guide you through a process refined by more than four decades of experience. We will gain an understanding of your business and personal goals for your company and develop a plan moving forward based on your unique needs. From plan design to implementation to plan servicing, our team will educate and guide you each step of the way.

Our plan design review process helps to minimize your current and future taxes to the fullest extent possible. With the proper plan design in place, we will help you evaluate vendors and investment solutions to find the best fit for your plan. Our plan service model ensures that your employees are confident in their retirement plan while reducing your administrative burden and potential fiduciary risks. Working Consolidated Planning’s retirement team helps to create maximum tax savings with minimum headache.


Next Steps

To learn more, check out our Learning Center, visit our services menu, or contact us today!

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