Copyright 2012: Pension Planners, LLC. Pension Planners. All rights reserved.
4168 Douglas Blvd., Ste. 300 Granite Bay, CA 95746 916-791-9095
Basic Steps to Setup a Qualified Retirement Plan
STEP 1: Filling out your Business Information
The first step in setting up your Qualified Retirement Plan (QRP) is filling out the information sheet provided. Once complete, fax the information sheet to our office at (916) 791-9098 or send it by email to firstname.lastname@example.org
STEP 2: Document Preparation
After receiving your business information we will start the process of preparing your plan documents. Once the documents have been completed you will receive your prepared plan documents in a QRP binder.
STEP 3: Signature Requirements
You will receive two sets of signature documents: One is for you to retain for your records and the other is for Pension Planners, LLC. Please sign all identified signature locations on both sets of documents and then mail back one set in the self addressed envelope provided.
STEP 4: Setting up your Qualified Retirement Plan Financial Account
The next step is to take the completed set of plan documents, which includes your NEW Employer Identification Number (EIN), to any bank or financial institution and open up a bank or brokerage account for your QRP. Once the account is opened you are ready to begin making contributions from your business into your QRP.
STEP 5: Investing the Plan Assets
You, as the trustee of the plan, are in charge of investing the plans assets. Refer to pages 14 & 15 of your Qualified Retirement Manual to review the permitted and allowed investments.
How to rollover your assets from your Individual Retirement Account (IRA) and other Qualified Retirement Plans into the new plan:
- If your account is being held by a brokerage firm; contact the broker to make a direct transfer into the plan. Give the broker the name of the bank or financial institution in which your plan is setup, the account # and the contact person to coordinate the transfer.
How to transfer real estate into the new plan:
- To transfer real estate into the QRP go to a title company or an attorney, depending upon your states requirements, and they can assist in the transfer of title. Remember this is only applicable if the real estate title is in the name of the QRP, if the real estate title is currently in the name of an IRA or another qualified plan (457, profit sharing, 401(k), etc).
STEP 6: Contributing to Your Plan
Earnings from your business can now be contributed into your plan. Refer to the Qualified Retirement Plan Manual on page 22 for the contribution limits. Contribution amounts into your new plan can vary depending upon the type of business entity, the number of employees your business has, and your available cash to fund your plan. Discuss your contribution plans with your tax advisor who will be able to assist you in both the method and the amount to contribute.
Should you need further assistance or have questions regarding setting up your QRP please contact our office at (866) 485-7929 or email us at email@example.com.