SERVICES
Benefit Systems offers a comprehensive range of services, including benefit plan design and implementation, consulting services, and plan administration. BSI has 14 years of experience designing custom retirement solutions including Defined Contribution, Defined Benefit, Cash Balance, Section 125 Cafeteria Plans.
Defined Contribution
A Defined Contribution Plan defines the contributions to be made to the plan on behalf of the participants. The benefit at retirement is the value of the account balance. The participant bears the investment risk.Contributions to the plan are made by participants through salary deferrals via a 401 (k) arrangement and Employers through matching contributions and/or profit sharing programs.
Defined Benefit
A Defined Benefit plan (or pension plan) promises the participant a certain benefit at retirement age. The plan sponsor is responsible for all contributions as well as the investment performance to achieve the required amount of cash at the stated retirement date to pay the promised benefits. The plan document in this case.
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Cash Balance A Cash Balance plan (or hybrid plan) is a Defined Benefit retirement plan with Defined Contribution characteristics.In this plan, a "hypothetical" acount is established for each particpant. Each year the account grows in two ways: a contribution credit and an interest credit. The contribution credit is usually a percentage of compensation. The interest credit is either a fixed rate or an indexed rate of return. The promised benefit at retirement is the value of the hypothetical account balance. |
BSI One(k) – simple and inexpensive Owner-only businesses (or Independent business owners) maximize tax savings by establishing a BSI One(k) plan. BSI One(k) offers the same benefits as a traditional 401(k) plan, with higher maximum contribution levels, loans and the ability to consolidate other retirement accounts at a greatly reduced cost for implementation and administration. The BSI One(k) can easily be converted to a full 401(k) as businesses grow and an owner hires staff. |
Other Retirement Plan options:
§ 457
ESOP
§ 125
Flexible Benefit (Cafeteria) Plan
Non-Qualified Plan