Your Qualified Plan Stress Test
The retirement plan decisions you make today will impact you, your family, your business and your employees both today and at your retirement or premature death.
Structure of your Qualified Plans
1. Do you have an existing qualified plan?
2. Is your arrangement a 401(k) plan?
3. Is your arrangement a profit sharing plan?
4. Is your arrangement a traditional defined benefit plan?
5. Is your arrangement a fully insured plan?
6. Is your arrangement a SIMPLE, SEP or other plan?
7. If you do not have a qualified plan, have you decided against a plan because you are concerned about the cost of including your employees?
Targeted Benefits
8. Do you have life insurance in your plan?
a. If yes – is the policy a whole life or universal life policy?
9. Do you have an annuity in your plan?
10. Does the plan design maximize the benefits to the owners?
11. Does the plan design maximize the benefits to the key employees?
12. Has the plan design been reviewed in the last 3 years?
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Planning
13. If you have life insurance in the plan, is the product designed to allow you to move the policy out of the plan in a cost efficient manner?
14. If you have life insurance in the plan, have you established a methodology to move the policy out of the plan after you have retired?
15. Do you believe the qualified plan will provide sufficient retirement benefits to you?
16. Have you conducted a post retirement distribution analysis?
17. Have you coordinated the qualified plan with non qualified executive benefits to maximize the benefits being provided to you through your business?
Technical Issues
18. Is your plan document up to date?
19. Have you provided your employees with all required information?
20. If your plan is a defined benefit plan, is it underfunded?
21. Has your TPA provided information on life insurance increases and additions?
22. Does your plan exclude employees by job category?
23. Do you think Income Taxes will be higher when you retire?
What questions or concerns do you have?
FOR A QUOTE
