Employers

TriStar knows retirement plansOverseeing a Qualified Retirement Plan can feel like an overwhelming process, which is why TriStar is here to help. Let us take on your retirement plan administration tasks so that you can get back managing your own business that you know and love best. Our staff receives continuing education to stay current on the ever-changing regulations put forth by the Department of Labor and Internal Revenue Service. We posses the knowledge that ensures your qualified retirement plan remains compliant with these complicated regulations and we can design a plan which optimizes the retirement outcome for your business and your employees.

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What is a Qualified Retirement Plan?

A qualified plan must meet a certain set of requirements set forth in the Internal Revenue Code such as minimum coverage, minimum participation, vesting and funding requirements. In return, the IRS provides tax advantages to encourage businesses to establish retirement plans. Some of these tax benefits include:

starEmployer contributions to the plan are tax deductible.

starEarnings on investments accumulate tax-deferred, allowing contributions and earnings to compound at a faster rate.

starEmployees are not taxed on the contributions and earnings until they receive the funds.

star     Employees may make pretax contributions to certain types of plans.

star     Ongoing plan expenses are tax deductible.

Advantages of Sponsoring a Qualified Retirement Plan

starAttract experienced employees in a very competitive job market: Retirement plans have become a key part of the total compensation package.

starRetain and motivate good employees: A retirement plan can help you maintain key employees and reduce turnover.

starHelp employees save for their future. Social Security benefits alone will be an inadequate source to support a reasonable lifestyle for most retirees.

starPlan assets are protected from creditors.

starA retirement plan can be custom-tailored to fit your specific needs.

Have additional questions? Don’t hesitate to contact us or browse our collection of insightful resources here.