Services
Services
Lanj Associates, LLC. aims to assist the Employer in selecting the appropriate plan design to meet their individualized needs and goals. This may encompass the maximization of benefits and associated costs for key employees as well as support staff based upon client demographics, financial objectives, and tax deduction strategies.
Types of Retirement Plans
Types of Retirement Plans
401(k) Plan
401(k) Plan
This plan encourages the employees to defer some portion of their income on a tax deferred basis and allows the employer to make a matching contribution, if desired. Although this plan can be a low cost program for the employer, it may require employer contributions to encourage employee participation.
Safe Harbor 401(k) Plan
Safe Harbor 401(k) Plan
This plan encourages employees to defer some portion of their income on a tax deferred basis and requires the employer to make a Safe Harbor Matching or Non-Elective Contribution. In exchange, this Plan allows the Employer to contribute the maximum 401(k) contribution without regard to satisfying the discrimination testing.
Davis-Bacon Prevailing Wage Plan
Davis-Bacon Prevailing Wage Plan
This plan is geared towards non-union companies required to pay a prevailing wage for employees working on government projects. It calculates a basic hourly wage and fringe benefit to provide a total prevailing wage to a Defined Contribution Retirement Plan while allowing Employee Salary Deferrals.
403(b) Plan
403(b) Plan
This plan, also known as a tax-sheltered annuity plan, is a retirement plan for employees of public schools or certain Code Section 501(c)(3) tax-exempt organizations rather than public sector employees. A 403(b) Plan sllows employees to make Salary Deferrals as well as Employers to make Matching Contributions, if desired.
Profit Sharing Plan
Profit Sharing Plan
This is the most flexible of plans because the employer chooses a level of contribution each year. Contributions are limited to 25% of eligible payroll. New IRS regulations and innovations, such as “super integrated” plans and “new comparability” plans, have increased the flexibility and the interest in profit sharing plans.
New Comparability &
New Comparability &
Age-Weighted Plans
Age-Weighted Plans
These plans give the traditionally accepted forms of Profit Sharing Plans a wider base for contributions for the senior members of a company, while affording equitable funding for the employers and younger staff members.
Money Purchase Plan
Money Purchase Plan
This type of plan mandates a defined contribution or commitment from the employer. However, it differs from a Defined Benefit plan because all contributions are a percentage of salary. Contributions are limited to 25% of eligible payroll.
Administrative Services
Administrative Services
Plan Documents & Implementation
Plan Documents & Implementation
Lanj Associates, LLC. takes great care to produce the necessary documents that assist the employer in establishing a retirement program with limited employer/sponsor effort. Qualified plans must follow IRS and DOL requirements by registering the approved Prototype Document with the IRS and electonically transmitting annual government disclosures.
Administration
Administration
This service will vary according to plan and employer needs; however, in all cases, the employer is assured that the process of administering a plan is as efficient as possible. Services are provided on a timely basis with personal attention and great care for detail.
Employee Communication
Employee Communication
Employee Statements outlining an employee's current status in the Plan; Summary Plan Description; Summary Annual Report; Employee Meetings; and Employee Loans and Hardship Withdrawals packages.
Government Reporting
Government Reporting
Annual 5500 Series and related Schedules; Summary Plan Description; Initial Qualification Requests; Application for Employer Identification Number; and Plan Termination Reports; Preparation of Form 1099/1096 and Form 945, when applicable.
Calculations & Reports
Calculations & Reports
Calculation of Eligibility; Retirement; Vesting; Benefit Levels;Employer and Employee Deposits; Employee Account Values; Benefit Accruals; Allocation of Earnings, Forfeitures and Deposits to Participant Accounts; Testing for Maximum and Minimum Contribution Levels; 401(k) Nondiscrimination Testing; Plan Termination and Participant Termination Distributions; and Minimum Required Distributions (Age 70 1/2).
Special Services
Special Services
Plan Administration, Discrimination Testing, and Government Disclosure
Calculations and Analysis of Employer Contributions
Benefit Analysis and Employee Reports
Pension Plan Fund Asset Reconciliations
Forfeiture Accounting
Comprehensive Employee Benefit Statements reflecting quarterly or annual account activity
Loan, Hardship, and Distribution Processing
Qualified Domestic Relations Order Calculations and Benefits Review
Required Minimum Distribution (RMD) Calculations
1099R and Form 945 Preparation and Submission
Transmission of Contributions and Tax Payments
Consulting Services
Expert Witness Testimony