With so many plans to choose from the prospect of planning your financial future can seem daunting — allow WIA to help. With over three decades of experience, we are able to make decisions efficiently; we will perform a full employee census and translate our findings to select a plan that will benefit both you and your employees.
We are an independent Third Party Administrator (TPA) — we do not select the investment vehicles for your plans and will work with whichever company or broker you choose to give that responsibility to. Please take a moment to review our most popular retirement planning services:
In the most basic terms, profit sharing plans give employees a share in the profits of the company. This is a defined contribution plan in which the company decides how much of their profits to share and employees get a percentage of the company earnings. Some or all of these payments can be contributed to employees’ retirement plans. There are various types of profit sharing plans; each type is dependent on the contribution allocation method and plan features. At WIA we can help determine which of these types of plans is right for you and your company.
This qualified retirement plan allows eligible employees to defer a portion of their salary on a pre-tax basis into an individual account to be invested as part of the plan. Employers may elect to contribute to the plan in the form of either a matching contribution or a discretionary contribution. While we do not determine where your money is invested, we do believe that by gaining an understanding of your 401(k) plan you will see its full value. It is with this in mind that we conduct enrollment meetings, partner with our clients to host investment meetings, and provide other forms of investment education.
This employer-funded retirement plan is designed to pay a predetermined, stated benefit based on the plan formula, an employee’s years of service, and the salary or wages that employee earns. Employer contributions adjust annually on an actuarial basis. In order to gain their full retirement benefit, employees must continue working until their Normal Retirement Age (NRA) in order to accrue their full retirement benefit.
Cash balance plans combine elements of both defined benefit plans and defined contribution plans. Employees do not invest their own money, instead the plan credits the employee’s account with a set percentage of their salary each year; a set interest rate is then applied to that balance. Cash balances offer a level of portability that other plans do not have; if an employee should choose to leave the company before they reach their NRA, they are permitted to take the savings from their cash balance and transfer it into an IRA.