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Retirement Planning & Administration

Expert Support for Individuals and Businesses 

Retirement planning is more than just preparing for the future—it’s about ensuring stability, compliance, and peace of mind for individuals and businesses alike. At Byrd, Smalley & Adams, P.C., we provide tailored solutions to help clients navigate the complexities of retirement planning and administration.

Retirement Plan Setup and Compliance

Customized Plans for Your Needs
Types of Retirement Plans Offered

401(k) Plans

  • Traditional 401(k): A popular option allowing employee contributions, often with employer matching.
  • Safe Harbor 401(k): Designed to automatically satisfy certain IRS requirements, often simplifying compliance.
  • Solo 401(k): Ideal for self-employed individuals or small business owners without employees.
  • SIMPLE IRA: A straightforward plan for small businesses with fewer than 100 employees, allowing both employer and employee contributions.

Other Plans

  • SEP IRA: Simplified Employee Pension plans suited for self-employed individuals and small businesses.
  • Profit Sharing Plans: Allows contributions based on company profits, beneficial for business owners looking to reward employees.
Compliance Services Provided
  • Plan Design and Documentation: Customizing plan documents to meet specific business needs while complying with IRS regulations.
  • Annual Compliance Testing: Conducting necessary tests (e.g., ADP/ACP tests) to ensure plans meet non-discrimination requirements.
  • Form 5500 Preparation: Assisting in the timely and accurate filing of Form 5500, which is required for most retirement plans.
  • Audit Support: Offering assistance with audits if required, ensuring all aspects of the retirement plan are in order.
  • Regulatory Updates: Keeping clients informed about changes in IRS and DOL regulations that may affect their retirement plans.
Administration and Maintenance

Our retirement plan administration services offer comprehensive support to ensure your plan runs smoothly. Here are the key services we provide:

  • Contribution Tracking: We accurately track contributions to ensure timely processing and compliance with IRS regulations.
  • Record-Keeping: We maintain detailed records of transactions and participant data for easy access and regulatory compliance.
  • Annual Filings: We prepare and provide necessary reports including the Summary Annual Report to meet regulatory requirements and avoid penalties.
  • Compliance Monitoring: We continuously monitor your retirement plan to ensure compliance with federal and state regulations.  
  • Plan Design Review: We review your plan to ensure it aligns with your business goals and participant needs, including contribution limits and eligibility.

Individualized Retirement Strategies

By offering these comprehensive individualized retirement strategies, we aim to provide clients with the confidence and tools they need to secure a financially stable and fulfilling retirement. Our commitment is to be a trusted partner in their journey toward long-term financial security.
Financial Forecasting
Our team conducts detailed financial forecasting to project future income and expenses. This analysis helps clients understand how their savings and investments will perform over time and enables them to make informed decisions about their retirement planning.
Retirement Income Projections
We create retirement income projections that outline expected sources of income, including Social Security benefits, pensions, and withdrawals from retirement accounts. This ensures clients have a clear understanding of their financial landscape in retirement.
Tax-Optimized Withdrawals
We provide strategies for tax-efficient withdrawals from retirement accounts, helping clients minimize their tax liabilities while maximizing their retirement income. This includes analyzing the tax implications of various withdrawal strategies to enhance their financial outcomes.
Estate Planning Services
Our offerings extend to estate planning, where we help clients establish wills, trusts, and other documents to ensure their assets are managed according to their wishes after their passing. We emphasize the importance of integrating estate planning with retirement strategies.
Regular Reviews and Adjustments
Retirement planning is an ongoing process. We offer regular reviews of clients’ retirement plans to assess progress toward their goals and make necessary adjustments based on changes in their financial situation or market conditions.

Secure Your Future Today

Explore Retirement Options for Peace of Mind.
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