Retirement Plans

These plans define the contributions that an employer can make.  Some of the most common plans that we support are:

• 401(k) – a Plan that offers participants an election to defer a portion of their salary into the Plan.  The funds that are deferred and the earnings are not  included in current income until they are withdrawn from the Plan
• Roth 401(k) – the Roth 401(k) is designed to allow 401(k) plan participants to make their contributions to the plan on an after-tax basis.  The earnings are tax free as long as the assets are left in the account for a specified period
• 401(k) safe harbor – a plan feature that eliminates testing and permits highly compensated employees to maximize contributions
• Integrated Profit Sharing – This type of allocation method is integrated with an overall retirement scheme that includes Social Security. This combination is called "permitted disparity".  By providing for permitted disparity in its qualified retirement plan, the employer can get an additional benefit from the required Social Security Tax payments.
• Age-Weighted Profit Sharing – An Age Based Profit Sharing Plan is one that uses both age and compensation as a basis for allocating employer contributions among Plan participants.
• New Comparability profit sharing plan – In this type of Plan, the employer segregates the eligible employees into "non-discriminatory" categories (i.e.: job description, title, hourly vs. salaried, etc.) and designates different contribution rates for each group. 
• 403(b) – a retirement plan for employees of public education and non-profit organizations

Unlike Defined Contribution plans that allow employees to defer current income with unlimited growth potential, a Defined Benefit program which is funded by the employer, establishes a predetermined benefit at retirement age. In addition to our supporting traditional Defined Benefit plans, SKCG also supports Cash Balance plans.