Plan Design has several key elements to consider:
- Employers Objectives (Employer participation…)
- Workforce Demographics (ages, turnover, compensation…)
- Costs considerations (Can you afford both funding & administration costs?)
- Administrative Requirements (Staff capability to work with plan…)
- Employees Expectations (are employees going to contribute or not…)
All of these are taken into account up front on plan design, but at MMR we feel strongly that as your company changes all variables should be taken into account periodically to make sure that the employer plan objectives are being met.
Case Study #1
John Q. Adjustor is sole owner of a company called ABC Insurance Adjustor. He is he only employee in the company making $350,000 annually and would like to start saving as much as possible in a retirement plan. He understands that if he does a Defined Benefit plan the contributions are required.
Solution to Case Study #1 (PDF below)
Download Case Study #1 PDF
Case Study #2
Physicians group with 4 doctors 2 of which are 50/50 owners and the other 2 are junior physicians. The owner physicians each make around $700,000 annually but would like to start a plan that would allow them to be able to retire at age 65. They are aware that they will have to cover all of the employees who meet eligibility. They would like to minimize what the junior physicians are going to get in employer contributions if they could. They also understand that if they do a Defined Benefit plan the contributions are required.
Solution to Case Study #2 (Images below)
Plan Illustration Request:
Census is provided in Excel format that includes the following information:
- Date of Birth
- Date of Hire
* Please make sure all family members are noted and relationship.
Download MMR Census Request Format File
* Completed MMR Census Request Format must be emailed to your consultant.