Retirement Planning

At Genie Payroll Services we have bridged alliances with several retirement planning resources. Whether big or small every company needs advice on how to set up and maintain their retirement plan. Each company is different and has a unique set of needs. When you are implementing a new retirement plan it is important to do it right the first time.

Setting up a retirement plan can appear to be a daunting task. We do our best to make it easy. Based on your census information and initial consultation we will help you determine the appropriate type of plan and investment platform that is right for you and/or your company.

Genie Payroll Services individual and company retirement plans:

401 (k)-

A defined contribution plan offered by a corporation to its employees, which allows employees to set aside tax-deferred income for retirement purposes, and in some cases employers will match their contribution dollar-for-dollar. Taking a distribution of the funds before a certain specified age will trigger a penalty tax.

401 (k) Multiple Employer Plan (MEP)-

A Multiple Employer Plan (MEP) is a retirement plan for businesses that typically have a common interest, but are not commonly owned. These businesses are referred to as “Adopting Employers” when they elect to join the MEP. Retirement plans can be defined contribution (DC) or defined benefit (DB) plans. MEPs are a great option for employers not having time or resources required to manage a compliant employee retirement plan. Participating employers realize significant administrative cost savings and reduce fiduciary risk exposure.  Click here for more information.

SIMPLE-

Savings Incentive Match Plan for Employees. A retirement plan sponsored by companies with fewer than 100 employees which is attractive for employers because it avoids some of the administrative fees and paperwork of plans such as a 401(k) plan. A SIMPLE plan may be structured as either a 401(k) or an IRA.

SEP Plan-

A retirement program for self-employed people or owners of companies with less than 25 employees, allowing them to defer taxes on investments intended for retirement. This plan allows employers to contribute on behalf of eligible employees, and all contributions are tax-deductible as a business expense and can be integrated with Social Security contributions. In addition, there is no minimum contribution requirement.

Defined Benefit Plan-

A company retirement plan, such as a pension plan, in which a retired employee receives a specific amount based on salary history and years of service, and in which the employer bears the investment risk. Contributions may be made by the employee, the employer, or both.