Did You Know?

Are You A Fiduciary?  ERISA generally defines a fiduciary as anyone who exercises discretionary authority or control over a plan’s management or assets, including anyone who provides investment advice to the plan.  Fiduciaries who do not follow the principles of conduct may be held responsible for restoring losses to the plan.

You Can Lessen Your Tax Liability? As an employer, contributions made to your profit sharing plan are deductible from your business income. The total deductible includes all amounts contributed to the plan. (needs to be reworded) Contributions are defined as funds the employer gives and the funds the employee defers from salary.

You Can Save As Much As $55,000 Per Year Tax Free, Depending On Your Age? This would include any participant deferrals, which are currently limited to $17,000 per participant, plus $5,500 in catch up contributions for those ages 50 and over. The Employer contribution could then be calculated to reach the maximum allowable ($55,000 if age 50 or older). Taxes on these contributions are not paid until such time as the funds are distributed from the plan.

 

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