Bill and Erin from San Jose own a successful cookie business with 20 talented and loyal employees. They called us with a quandary. For years they have been paying what they felt were exorbitant fees for the administration of their “Profit Sharing/401(k)” plan, a plan they set up to help their employees (and them) save tax-deferred dollars and augment Social Security upon their retirements. Bill and Erin were already frustrated by “Top Heavy Rules,” which severely limited them to contributing because of the low contribution rates of their employees. But when combined fees exceeded $3,000 a year, their accountant suggested they give us a call to evaluate alternative plans to continue tax deferral, enable Bill and Erin to contribute more for themselves and still motivate the employees to save toward retirement.
IRA rollover a win-win for employer, employees
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