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Money Purchase Plans
A money purchase plan is a qualified employer
sponsored plan. Unlike a discretionary contribution
to a profit sharing plan, a contribution to a money
purchase plan is required. The contribution is
usually a percentage of each participant’s
compensation. Failure to make the required
contribution can result in the imposition of a
penalty tax. Earnings accumulate tax-free until
distributed from the plan and are then taxed as
part of the employee’s regular income. Whether
withdrawals are made during a participant’s
employment or while still employed, depends on
the terms of the plan. Annuity options are the
normal form of retirement benefits, but a lump sum
and other options are available if offered by the
plan and if the necessary waivers and elections are
made.
Each plan has a trustee who is generally responsible
for managing the plan assets and for ensuring
various financial and tax documents are prepared.
Other administrative duties are overseen by a plan
administrator, who will frequently hire a third-party
administrator to perform most administrative
functions such as preparing the annual tax return
and plan document.
sponsored plan. Unlike a discretionary contribution
to a profit sharing plan, a contribution to a money
purchase plan is required. The contribution is
usually a percentage of each participant’s
compensation. Failure to make the required
contribution can result in the imposition of a
penalty tax. Earnings accumulate tax-free until
distributed from the plan and are then taxed as
part of the employee’s regular income. Whether
withdrawals are made during a participant’s
employment or while still employed, depends on
the terms of the plan. Annuity options are the
normal form of retirement benefits, but a lump sum
and other options are available if offered by the
plan and if the necessary waivers and elections are
made.
Each plan has a trustee who is generally responsible
for managing the plan assets and for ensuring
various financial and tax documents are prepared.
Other administrative duties are overseen by a plan
administrator, who will frequently hire a third-party
administrator to perform most administrative
functions such as preparing the annual tax return
and plan document.
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| Benefit Plans Services Inc., offers retirement plans, 401k Plans, 403b Plans, Age-Weighted Plans, Davis bacon Plans, Money Purchase Plans, New Comparabillity Plans, Profit Sharing Plan, Safe Harbor 401k Plans, SEP Plans, Simple 401k Plans, Thrid Party 401k We are a third party retirement plan provider located in Huntington WV, throughout the Tri-State Valley, We are a full service benefits consulting firm providing a wide range of retirement services in ARIZONA, AZ, ARKANSAS, AR, CALIFORNIA, CA, COLORADO, CO, CONNECTICUT, CT, DELAWARE, DE, DISTRICT OF COLUMBIA, DC, FLORIDA, FL, GEORGIA, GA, HAWAII, HI, IDAHO, ID, ILLINOIS, IL, INDIANA, IN, IOWA, IA, KANSAS, KS, KENTUCKY, KY, LOUISIANA, LA, MAINE, ME, MARYLAND, MD, MASSACHUSETTS, MA, MICHIGAN, MI, MINNESOTA, MN, MISSISSIPPI, MS, MISSOURI, MO, MONTANA, MT, NEBRASKA, NE, NEVADA, NV, NEW HAMPSHIRE, NH, NEW JERSEY, NJ, NEW MEXICO, NM, NEW YORK, NY, NORTH CAROLINA, NC, NORTH DAKOTA, ND, OHIO, OH, OKLAHOMA, OK, OREGON, OR, PENNSYLVANIA, PA, PUERTO RICO, PR, RHODE ISLAND, RI, SOUTH CAROLINA, SC, SOUTH DAKOTA, SD, TENNESSEE, TN, TEXAS, TX, UTAH, UT, VERMONT, VT, VIRGIN ISLANDS, VI, VIRGINIA, VA, WASHINGTON, WA, WEST VIRGINIA, WV, WISCONSIN, WI and WYOMING, WY. We serve the communities of Ashland, Russell, Greenup Paintsville, Louisa, Prestonsburg, Pikevile, Chesapeake, Proctorville, Ironton, South Point, Portsmouth, Gallipolis, Jackson, Coal Grove, Rockhill, Huntington, Barboursville, Milton, Ona, Hamlin, West Hamlin, Branchland, Ranger, Winfield, Teays Valley, Lesage, Apple Grove, Logan, Williamson, Kermit, Cross Lanes, Winfield, Dunbar, St. Albans, Ravenswood, Parkersburg, Point Pleasant, Kenvoa, Ceredo, Wayne, Lavalette, Charleston, Cross Lanes, Beckley, Buffalo, Morgantown, Clarksburg and the Tri-State |