Qualified retirement plans come in all shapes and sizes. MMG is a third-party administrator that designs, implements and administers your retirement plan. MMG works on plans as basic as a 401(k) employee salary deferral-only plan and as complicated as a combination cash balance / profit sharing plan.
What Is MMG?
Retirement Plans Redefined
There are many nuanced differences among types of plans, and they can be tricky. Below is a brief synopsis of a few plan types. Ultimately, the best plan for your company is the plan that meets your financial and tax goals. Just let us know your objectives, and we will put together a retirement program that works for you and your company!
| 401(k) Salary Deferral Only | 401(k) Safe Harbor | 401(k) / Profit Sharing Plans | Defined Benefit Plans Cash Balance Plans Combo Plans |
|
|---|---|---|---|---|
| Who is this for? | Employers who want to provide employees an option to save their own money without the potential obligation of an employer contribution |
Owners who want to contribute for themselves, regardless of the level of employee contributions made |
Owners who want to maximize contributions for themselves and valued employees |
Owners who want to contribute significantly more for themselves than the annual 401(k) / profit sharing plan limits |
| Who contributes? | Participants contribute on their own behalf only |
Participants and company contribute on participants' behalf |
Participants and company contribute on participants' behalf |
Company contributes on participants' behalf (possible participant contribution) |
| What are the limits? | Annual deferral limits on each participant ($19,000 deferral plus $6,000 catch-up contribution for participants 50 and older in 2019) |
Annual limits on each participant ($19,000 deferral plus $6,000 catch-up contribution for participants 50 and older in 2019). Employer contribution of up to 4% of compensation. |
Annual limits on each participant ($19,000 deferral plus $6,000 catch-up contribution for participants 50 and older, $56,000 total in 2019) |
Annual limits calculated by an actuary (depending on age, can range from $50,000 to $375,000 in 2019) |
| How and when can I set this up? | Plan must be in place by the end of the plan year |
Plan must be in place 3 months prior to end of plan year |
Plan must be in place by the end of the plan year (3 months prior if safe harbor added) |
Plan must be in place by the end of the plan year |
Services
MMG works with our clients to develop the best retirement program for their financial, tax and retirement goals.
MMG OCPP® Retirement Plan Design
MMG is unparalleled in its ability to custom-design a retirement plan that provides valuable benefits to closely-held business owners and professional practice employers, while also providing targeted benefits to employees.
What is included?
- Initial consultation
- Define annual retirement plan contribution objectives
- Review of prior year’s plan design to determine appropriateness for this year
- Annual consultative interface
- Provide estimates of contribution requirements for year-end planning
- Annual review of existing design and proposal of new designs, if needed
- Confirm eligibility and vesting requirements
- Perform IRS non-discrimination testing
- Prepare government Form 5500
- Monitor deadlines and file extensions, if needed
Core℠ Service Model
Basic 401(k) plan design
Retirement plans with no design work needed, while still receiving MMG’s superior service and legal guidance.
- Initial consultation
- Define annual retirement plan contribution objectives
- Review of prior year’s plan design to determine appropriateness for this year
- Annual consultative interface
- Provide estimates of contribution requirements for year-end planning
- Annual review of existing design and proposal of new designs, if needed
- Confirm eligibility and vesting requirements
- Perform IRS non-discrimination testing
- Prepare government Form 5500
- Monitor deadlines and file extensions, if needed
Defined Benefit and Cash Balance Pension Plans
Pension plans with flexibility in mind.
What is included?
- Initial design consultation
- Actuarial determination of annual contributions
- Review of prior year’s plan design to determine appropriateness for this year
- Annual check-ins to ensure design still aligns with contribution goals
- Provide estimates of contribution requirements for year-end planning
- Confirm eligibility and vesting requirements
- IRS non-discrimination testing
- Prepare government Form 5500
- Certification by actuary
- Monitor deadlines and file extensions, if needed
What are your contribution objectives?
Contact MMG today: info@mand.com or 215-222-5000 to get a no-fee, no obligation quote.