Expertise in the management of many types of retirement plans
As a business owner, you know that attracting and retaining good employees requires competitive benefits. One of the most valuable benefits you can offer is a quality retirement plan. In addition, the tax-deferral characteristics of pension plans also provide an important avenue for business owners to accumulate material wealth for retirement.
The IRS provides a broad variety of different plans that businesses can offer. Depending on the circumstances, the best fit might be a 401(k) Plan, Defined Benefit Plan, or a SEP IRA. Choosing the right plan for your business and implementing it within the IRS guidelines is a critical first step.
After implementation, your responsibility continues with ongoing maintenance, reporting, and compliance. You may be a Plan Fiduciary and have enhanced responsibility under ERISA. We are experts in retirement plans and can help you with plan design, compliance management, employee education, and record keeping.
Over the past several years, retirement plans of all sizes have been targeted with lawsuits. As a retirement plan sponsor, your potential liability may extend past your business. In some situations, you may even have personal liability.
Many small business owners are busy and not aware of these increased requirements. Recent lawsuits have shown that the courts and attorneys are paying attention. That’s why it is critical that your retirement plan is managed carefully and in accordance with established best practices.
It is not enough to put a plan in place and hope for the best.
Helping Keep Your Plan Compliant
Our team at Lucas Capital has expertise in the management of many types of retirement plans, including:
- 401(k) Plans
- 403(b) Plans
- Simple IRA Plans
- SEP IRA Plans
- Money Purchase Plans
- Defined Benefit Plans
We provide a full-service solution to act as the plan advisor. Our services include:
- Plan design assistance
- Implementation of best practices for administration tasks
- Annual administration support
Contact us to learn more, or to request a free consultation to see if we can be of assistance in managing your firm’s retirement plan.