Qualified retirement plans provide tax advantages while giving employees a tax-deferred retirement vehicle. We help clients ensure they have the right retirement plan in place and help them achieve and maintain legal compliance.
UB Greensfelder helps clients structure a qualified retirement plan that is best for them and their employees. Plans vary widely, yet most fall into the following categories:
- Defined contribution plans
- Defined benefit plans
- Hybrid plans – cash balance plans and target benefit plans
We work with for-profit, nonprofit, governmental, and union organizations to select and design the right retirement plans. We help small business clients adopt cost-effective plans that work well for the small business owner and a smaller workforce. If a client is a large company or organization, the plans will be more complex and may benefit from options designed just for the specific needs of the organization and its unique situation.
Pension Plans
Qualified pension plans come in all varieties and forms, and we regularly help clients find the right fit. Using creative formulas, we draft pension plans and advise on all facets of associated tax and ERISA laws and regulations. When clients need additional insights, we provide in-depth counseling regarding the interpretation of these plans with respect to benefit claims and other matters.
Profit-Sharing Plans
Profit-sharing plans are less restricted by tax law and ERISA provisions, and we use several formulas and devices to help clients accomplish their profit-sharing goals. We also help clients create plans that will motivate their employees financially through participation in certain retirement benefits or by tying a bonus or reward to the company’s profits.
401(k) Plans
We assist clients with the full range of services associated with initiating and maintaining a 401(k) plan. As a widely used qualified plan, we help clients utilize the Internal Revenue Code safe harbor provisions, apply the definitions of "highly compensated" in creative ways, and watch closely the testing rules for these plans. We also help clients design their plan from the start and continue to manage employee communications throughout the life of the business.
Hybrid Plans
We also assist clients with designing a hybrid plan that works for their business. Cash balance plans, pension equity plans, target benefit plans, and 414(k) plans often provide just the type of flexibility an employer seeks for a changing workforce.
Union Pension Plans
Unions have special benefits – and special needs. We represent employer trustees managing a union pension plan, helping them see all sides and providing advice and advance planning for issues such as withdrawal liability. We also guide clients through union negotiations to establish a new replacement plan.
