Retirement Plan Design and Consulting
Retirement plan issues can play a large part in the financial success of an organization. We help companies stay current with the options available, along with the rules and regulations that govern today’s plan marketplace. Our professional staff is intimately familiar with the IRS and DOL rules that all plans must satisfy. And, RSM McGladrey Retirement Resources can help design and maintain a cost-effective plan that can help companies find and keep the employees needed to achieve business objectives.
Plan design
A successful retirement plan will reflect the business goals. That’s why we begin the plan design process by analyzing corporate and personal goals, tax and financial reporting implications, legal requirements, funding procedures, and administrative protocols.
Our design process is interactive. Plan sponsors choose the plan features they want, either by creating a custom document or using our flexible prototype plan document. Our retirement plan consultants guide sponsors through the process and help them configure the right plan for their company.
Problem solving
We are often called in as problem-solvers and sometimes as facilitators in communicating with government agencies. We can assist with Department of Labor or Internal Revenue Service plan audits and with the identification, disclosure and correction of retirement plan operational defects and prohibited transactions. We can help with anything from the tax and ERISA issues regarding fringe benefits like employee prizes and awards, employee discounts, retirement planning services, and paid time-off to consulting on retirement plan distribution requirements and techniques.
Additional Consulting Services
SERPs and other deferred compensation arrangements
An important nonqualified deferred compensation alternative, Supplemental Executive Retirement Plans (or SERPs), provide a way for your clients to attract and retain top-notch executive teams while at the same time maximizing growth opportunities and shareholder value. Our actuaries can provide the basic tools needed for your clients to setup a SERP program for its executives. These tools can also assist sponsors of existing SERP programs in modeling future cash flow requirements and projecting P&L expense amounts over the life of the plan.
Cafeteria plans
RSM McGladrey Retirement Resources offers design, consulting, documents and administrative advice for cafeteria plans. We also offer tools — known as “POP plans” —for creating premium-only plans. A POP-Plan comes with fill-in-the-blank style documents and administration forms and is ideal for employers who want a simple, inexpensive cafeteria plan.
Voluntary employees’ beneficiary associations
We are familiar with special tax rules regarding voluntary employees’ beneficiary associations (VEBAs) under IRC Section §419/419A and can help you decide if one is appropriate for your client. We have also developed a worksheet for computing the employers’ tax deductions for VEBA contributions. Our VEBA consultation also encompasses ERISA issues and financial reporting obligations associated with SOP 92-6.
