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July provides custom plan design to meet your goals.
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Profit Sharing Plans
Profit Sharing Plans differ from 401(k) plans in that all contributions are funded by the employer. They can be designed as an employee benefit where contributions are allocated to participants in proportion to salary, or they can be designed to benefit business owners, highly compensated employees, or older participants.
| Discretionary Contributions. Contributions to Profit Sharing Plans are discretionary, and employers can contribute up to 25% of eligible salary each year. |
| Tax Benefits. Employers receive tax deductions for contributions, and contributions and investment earnings grow on a tax-deferred basis. |
| Flexible Investments. Profit Sharing Plans permit many types of investments, including mutual funds and other investments offered through your financial advisor. |
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Allocation Methods |
| Contributions to Profit Sharing Plans are allocated to or divided among participants, using an allocation method that is stated in the plan document. Below are some common allocation methods. |
| Salary Proportional. 401(k) plans are a disciplined and convenient way to help employees save, allowing them to plan for a secure retirement. |
| FICA Integrated. 401(k) plans have become one of the most popular employee benefits offered by companies today. Because of this it has become a very important tool in helping to recruit and retain employees. |
| Age Weighted. 401(k) plans offer tremendous tax savings to both employers and employees. Employers receive tax deductions for making contributions, and employee salary deferrals are made before federal income taxes are withheld. All contributions grow on a tax-deferred basis. |
| New Comparability. New Comparability Plans allow employers to make separate contributions for different employee groups. Learn more . |
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Why Choose a Profit Sharing Plan? |
| Discretionary contributions. Contributions to profit sharing plans are generally discretionary. |
| Ease of administration. Profit sharing plans are easy to administer because contributions are made only once a year. |
| Tax Savings. Profit sharing plans offer tremendous tax savings to employers. |
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PAYROLL SERVICES
July offers complete payroll outsourcing, including direct deposit, complete tax management services, and full integration with your retirement plan. A single provider for retirement and payroll services reduces your work load and increases satisfaction.
RESOURCE CENTER
The plan resource center provides helpful access to important
information including plan limits, plan features, terminology, and tips to avoid mistakes.
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