401(k) Plans/Pensions/Profit Sharing Plans
A well-designed
retirement plan provides a realistic way for employees and employers to save money on an automatic and disciplined basis. Individuals can accumulate significant amounts of money under these programs. Niche Financial Services provides comprehensive retirement plan consulting. If your company meets our client profile parameters, we will review all the components of your personal or company Sponsored retirement plan. Some of the areas we have seen issues in the past include: investment options/picks which may need to be reviewed, overly administratively burdensome plans, high fees, commissions, and expense or concerns over level of expertise or attentiveness with current vendors or providers.
Please don’t hesitate to give us a call. We can have a no cost no obligation conversation regarding your current 401(k)/retirement program. We could be able to provide an overall review of your current 401(k) program.
Advisory Services
Niche Financial Services will provide comprehensive consulting to individuals and businesses which fit the parameters of our new client profile. We may be able to help with a Statistical analysis of an existing portfolio’s level of risk , expenses, and expected return. Additional planning may include overall retirement goal planning, insurance reviews, estate/legacy planning, or overall business planning.
Cafeteria Plans
A Cafeteria Plan is a way of providing employees with valuable benefits where both the employer and employees can save significant amounts on payroll taxes. Generally, employees are given a choice to redirect part of their salary in a tax advantaged way. Each employee then uses the redirected part of their salary to purchase benefits from a menu of non-taxable benefits offered by the plan. The redirected amounts are placed into a separate spending account for each benefit elected by the employee. Then as each employee sustains a qualifying expense they submit a claim to the plan administrator. The plan administrator processes the claim and reimburses the employee from the money in the cafeteria plan.
The employer can make further contributions to the plan in addition to an employee’s own salary deduction, which employees may also use to purchase allowable benefits. Since cafeteria plans allow employees to choose the benefits they want, they are often referred to as flexible spending or flexible benefit plans.
Ancillary Benefits
Often one of the most well received benefits an employer provides may be provided at no cost to the them. Ancillary benefits such as dental, life, disability, cafeteria plans, COBRA benefits, accident insurance, and medical gap plans are all programs which could be very well received by employees. Sometimes these programs may be offered with an existing health or overall benefit program to lower the overall cost and exposure to both the employer and employees. Employees can pay some, most, or all the costs and end up with a more comprehensive employee benefit program!
Disability Insurance
Finding a quality disability plan from an experienced quality carrier can be challenging, especially for small businesses. Group insurance benefit packages can be a determining factor in attracting and retaining the most desirable employees. Underwriting and insurance carrier approval would always be applicable.
Diversity and flexibility enables us to work with a business to design the ideal benefits package for almost any size group. Insurance carriers offer a variety of competitively priced, employer-paid, contributory and employee-pay-all (voluntary disability) products. Industry, occupation, and applicant health are all factors to determine the availability and scope of coverage. Some companies only have coverage on the business owners.
Employer Sponsored Health Insurance
Many employers offer competitive benefit packages providing health insurance to qualifying employees working at the company. The employer may contribute towards the premium on behalf of the employees. Employers may give multiple plan choices to the employees from which an employee may choose. This allows an employee to better tailor their health insurance program to their individual or family situation. Premiums are high. Paying big premiums for insurance you don’t use? In addition, certain tax advantages may be available to the employer and employees when the premium is billed and paid by a qualifying company.
A Customized Disability Insurance Program:
Niche Financial Services, Inc. will design highly flexible packages of disability benefits and support services to meet each groups specific needs. Short-term disability plans begin replacing an employees income after he or she has been disabled for only a few days. Long-term disability coverage can replace a disabled employee’s income through his or her traditional working age. You can also choose a broad spectrum of plan designs that vary by benefit amount, elimination period, benefit maximum, duration, disability definition, and who is covered.
Proper planning will not only help return the disabled employee to his or her maximum potential, it will also help employers minimize the indirect costs of disability. Thus making it easier for both the disabled employee and the employer to handle the administrative aspects of a disability situation.
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Other Coverages
There are many additional coverages that may be offered as an employer. The tax code provides many incentives for employers to provide insurance for their employees to receive benefits on a pre-tax, tax deductible, tax deferred, and in some cases tax-free basis. Some of these benefits include cafeteria plans, which allow individuals to pay for many health related items such as insurance premiums, dependent day care, medical expenses, deductibles, and co-pays as well as other qualified expenses on a pre-tax basis. If you feel you may be missing some of the tax benefits available to you as an employer, please contact our office for additional information.
