financial planning

Benefit Plans

Benefit Plans are an important part of an employee’s compensation package at your organization. If designed properly, it can be used as a tool to recruit and retain employees. AMGL can help you design a compensation package that fits your overall business plan, owner retirement goals, ownership succession plans and employee needs, all within the most profitable framework allowable by current tax laws. We have the ability to set up and administer a plan based on your business needs.

In today’s business environment most employees expect their employers to have an established retirement plan. We can design and implement a plan to fit the goals of the owner. There are various plan designs to allow maximizing a plan for the owners and set a budget for the amounts contributed to the employees. Some of the solutions are:

SEP Plans
Defined Benefit
401K Plans
403b Plans
Roth IRA/Deductible IRA
Health Plans

A big challenge for businesses today is offering a health plan to employees that the business can afford. A business owner cannot ignore the health needs of their employees, so whether you offer a traditional health insurance plan or offer health related benefits, we’ll help you evaluate and design a plan to accomplish the goals, needs, and budget of your business.

Health plans are full of options to offer tax-free benefits to the employees and payroll tax-free benefits to the employer. Various options include:

Medical Reimbursement Plans

Allows you, the employer to reimburse a selected amount towards employee health out-of-pocket costs. These amounts are not included in employee’s wages; therefore they are payroll tax-free.

Health Reimbursement Accounts
This rare but unique, employer-sponsored plan is similar to a medical reimbursement plan above. The big difference is it can allow any unused portion to be carried over to future years.

Health Savings Accounts
HSA's are commonly thought of as an account set up by an individual for health needs. These accounts can also be set up to be employer funded for all or a portion of the maximum amount allowed. This is a great way to look at lowering group health insurance costs by somewhat self-funding these insurance needs.

Cafeteria Plan
Cafeteria plans, also referred to as flex spending plans, attract and keep good employees by allowing them to buy fringe benefits before they pay taxes. Companies can also realize payroll tax savings by making these benefits available.

We can help you design a plan, complete all the necessary documentation and introduce the plan to your employees. Once your program is in place, we can help you maintain it with annual forms preparation and discrimination testing. It’s a great value for you and your employees, and we make it easy.

Accountable plans are a great way to allow your business to reimburse your employees for work related expenses, such as vehicle use, mileage, supplies, and meals. This is ideal to get employees money without involving payroll taxes. We can help you design a plan that makes the most sense for your business needs.