SERVICES

Plan Administration Services

There are many complex requirements and deadlines involved in maintaining a retirement plan. The highly trained staff of The Nolan Company provides assistance during every step in the process.

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Plan Design Services

After consulting with a potential client and/or their adviser to discuss their individual savings and deduction needs, we will gather census data and prepare a feasibility study at no charge. In this study we outline the plans available to meet these needs as well as the costs and responsibilities for each type of plan. 

 

If there is an existing plan we will review and compare our recommendations to the deductions and benefits previously received. 

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A defined contribution plan is a great way to give your employees a sense of ownership in the company. In a defined contribution plan, each employee receives a percentage of the company’s profits, based on earnings. The company decides what portion of the profits will be shared, and there are usually some restrictions on how and when the employees can gain access to the funds without experiencing penalties.

 

Our consultants at The Nolan Company provide guidance and insight throughout the process of setting up a profit sharing plan for your employees. Profit sharing plans are an excellent way to motivate and reward your employees.

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Also known as a “qualified benefit plan,” defined benefit plans are a powerful tool for rewarding your employees. Defined benefit plans pay employees a benefit based on factors like duration of employment and income levels. In most situations, there are restrictions related to when and how the funds can be used by the employee.

In a defined benefit plan, the investment risk and portfolio management are completely controlled by you as the employer. However, while other types of pensions and 401(k) plans reward the employee based on the investment returns, the defined benefit plan rewards the employee based on service and income. As a result, the company may be required to tap into earnings to fulfill the payment to the employee if there is a shortfall in the investments’ returns.

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