FreeMind Financial Advisory

NAVIGATE THE BELOW WITH ASSURANCE THAT ALL INTERNAL REVENUE SERVICE (IRS) AND DEPARTMENT OF LABOR (DOL) REGULATIONS ARE MET

Step 1 — Design

Determine the objectives of your business retirement plan

Choose the best type of retirement plan for your business

Specify employee eligibility requirements

Set contribution limits and employer matching, if applicable

Decide on vesting schedule for employer contributions

Choose investment options

Step 2 — Implementation

Filing the plan documents and adoption agreements

Set up a trust to hold plan assets, if applicable

Create a recordkeeping system to track contributions, earnings, and distributions

Draft and distribute Summary Plan Descriptions (SPDs) to employees

Communicate with employees about the plan, benefits, and how to enroll

Establish contribution process with payroll system

Step 3 — Management

Ensure compliance and regulatory adherence to maintain plan benefits

Perform annual nondiscrimination testing (ADP and ACP), if applicable

Handle employee contribution and distribution requests

File required annual forms with the IRS, if applicable

Provide termination support for employees who leave the plan

Review investments to ensure they meet performance expectations

Tax Credits for New Plans

Summary

Your business may be eligible to claim a tax credit of up to $5,000 per year for three years (total of $15,000) to cover the costs to create a retirement plan for your business. Businesses can claim an additional $500 tax credit annually for three years (total of $1,500) by including auto-enrollment.

Details

The Retirement Plans Startup Costs Tax Credit encourages small businesses to establish retirement plans for their employees by offsetting certain expenses. Businesses with 100 or fewer employees who earned at least $5,000 in compensation in the previous year are eligible if they have not offered a similar plan in the last three years.

The tax credit covers eligible startup costs, including setup, administrative fees, and employee education expenses, up to $5,000 per year for the first three years. An additional $500 annual credit is available for three years if the plan incorporates an auto-enrollment feature, making it easier for employees to participate automatically.

Businesses claim the credit when filing with the IRS, reducing their tax liability dollar-for-dollar. Your tax credit is determined by the number of eligible employees covered ($250 per employee). This credit can be used alongside tax deductions for employer contributions to the plan, further lowering costs.

Pricing

We charge based on your needs

Our Retirement Plan Services fee is broken into two components: Setup and Ongoing.

Setup covers steps 1 and 2 – Design and Implementation – in the process above. We work with you to craft the best retirement plan option for you and your employees by understanding your needs and discussing the trade-offs of various decisions. We lead the "behind the scenes" work to make sure your paperwork is completed, filed, and available for employees who need it.

Ongoing covers the rest. We handle all of the daily requests and annual requirements to keep your plan in good standing and your employees happy.

The Setup fee is a flat, upfront fee based on the complexity of your plan. The Ongoing fee is variable based on number of employees, assets in the plan, and annual requirements related to the plan structure.

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Let's Create a Retirement Plan for Your Business

Retirement Plan Options

Benefits to Establishing a Retirement Plan

For Employers

For Employers

For Employers

For Employees

For Employers

For Employers

Tax Credits for New Plans

Summary

Details

Pricing

We charge based on your needs

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