Frequently Asked Questions:
Q. Is it profitable to set up an employee retirement program?
A. An employee retirement program can be worthwhile for many reasons. It can offer tax-deductible, tax-deferred benefits and the incentive for employees to become long-term with increased productivity.
Q. What is the “best” plan?
A. There is no best plan. Each company must choose which plan most effectively meets its needs. SMI Pensions is here to help.
Q. How can I know which plan is best for my company?
A. Very easily! SMI Pensions will examine various facts, as well as the goals of your company, and make recommendations that will be discussed in detail. For a one time, NO cost proposal of a retirement plan design that will benefit your company, please click here.
Q. Is there a cost for this examination and discussion?
A. Until SMI Pensions sets up a plan for you, there will be no cost. When we formulate the plan, and you are interested, you will be informed in advance of our fees.
Q. Why do retirement plans seem so complicated?
A. Retirement plans are complicated. However, most of the difficulties are routine for SMI Pensions. We keep the necessary documentation, reports and other paperwork to facilitate our task and help ease the process for you.
Q. Why can’t I set up a pension plan, informally?
A. In order for your contribution to be deductible, the plan must be “qualified.” Every phase is watched by the IRS, Department of Labor and Pension Benefit Guaranty Corporation. They all require detailed technical reports and documentation. Additionally, every time Congress is in session, required changes may be generated. SMI Pensions will keep track of current changes and compliance for you.
Q. Can I have a plan set up and then administer it within my company?
A. Yes, but it is not advisable unless your staff has previous retirement plan experience. SMI Pensions is set up for the required compliance and can assure you of minimum inconvenience that excessive documents, technical issues and non-compliance penalties can involve.