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Retirement Plans

If you are a business owner, FJY Financial is ready to help you start a new retirement plan or update your current plan to the latest options. We offer several retirement plan platforms and an open investment lineup. This gives you the ability to build a unique investment lineup from over 20,000 mutual funds, target-date funds, model portfolios, and other investment strategies.

ASSESS YOUR BUSINESS AND GOALS - Retirement Investment Plans

Assess Your Business and Goals

EDUCATE YOU ON YOUR OPTIONS - Retirement Investment Plans

Educate You on Your Options

CUSTOMIZE THE RETIREMENT PLAN TO YOUR BUSINESS AND RETIREMENT NEEDS

Customize the Retirement Plan to your Business and Retirement Needs

HELP IMPLEMENT, FUND AND DISTRIBUTE THE RETIREMENT PLAN

Help Implement, Fund and Distribute the Retirement Plan

MONITOR AND REPORT ON THE RETIREMENT PLAN

Monitor and Report on the Retirement Plan

STAY UP-TO-DATE WITH REGULATORY COMPLIANCE

Stay up-to-date with regulatory compliance

Types of Retirement Plans

SOLO 401(k) Plans are for sole practitioners and other owner-only businesses. These plans allow larger contributions than previously available through profit sharing plans, SEPs, and SIMPLE plans. They offer several other advantages including participant loans and catch-up contributions.

  • Easy to Setup and Operate
  • Flexible Investment Options
  • Consolidate Your Retirement Savings

Traditional 401(k) Plans can be designed with flexible features, such as eligibility, vesting, participant loans, and a variety of distribution options. With proper plan design, they can reduce costs by helping companies recruit and retain employees.

  • Employee Contributions Permitted
  • Discretionary Matching Contribution
  • Discretionary Profit Sharing
  • Up to 1 Year Eligibility Period

Safe Harbor 401(k) Plans are company-sponsored retirement plans which allow employees to save for retirement on a tax-favored basis. These plans permit employees to make pre-tax salary deferral contributions, and, while they require the employer to fund a minimum contribution on behalf of participants, they offer a number of advantages over traditional 401(k) Plans.

  • Same as Traditional 401k Plans
  • Fewer compliance requirements
  • Permit Discretionary Contributions

Profit Sharing Plans differ from 401(k) Plans in that all contributions are made by the employer. They can be designed to benefit employees, where contributions are allocated to participants in proportion to salary; or they can be designed to benefit business owners, older participants, or highly compensated employees.

  • Discretionary Employer Contributions
  • Unlimited Investment Choices
  • Vesting Schedules
  • Low Setup / Administration Costs
  • Up to 2 Year Eligibility Period

New Comparability Plans are a type of qualified retirement plan that allow businesses to fund different profit sharing amounts or rates to targeted groups of employees. These plans can be implemented to allow business owners and other highly compensated employees to receive larger contributions than permitted under traditional retirement plans, while keeping employee funding costs to a minimum.

  • Maximizes Contributions for select employees
  • Up to $50,000 per employee
  • Discretionary Contributions
  • Vesting Schedules
  • Up to 2 Year Eligibility Period

Defined Benefit Plans allow employers to assure employees of their retirement income by defining the benefit at retirement age. To fulfill the benefit (or promise to pay at retirement), these plans require annual contributions determined by an actuary. Defined Benefit Plans can sometimes allow employers to fund much larger contributions than 401(k) Plans and other defined contribution plans.

  • Accelerate savings
  • Maximize Tax Deductions
  • Contributions of $100,000 or more
  • Provides Defined income stream upon Retirement
  • Can have lump sum payout option

Cash Balance Plans combined with a 401(k) can provide a powerful vehicle to accelerate retirement savings while producing significant tax savings on current income. A Cash Balance Plan can be a great fit for professional firms like doctors, lawyers, and others who have the ability and desire to save more than is allowed under traditional plan arrangements and who have the steady income to comfortably make required contributions each year to this type of plan.

  • Same Benefits as a Defined Benefit Plan
  • Added flexibility with less complexity