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Milberg Consulting
LLC
Plan Design, Compliance & Administration |
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Retirement Plans for Small Businesses |
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Milberg Consulting LLC provides consulting, compliance and remediation services for employer/plan sponsors of qualified retirement plans.
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We design retirement plans that save taxes to
justify the cost associated with plan establishment, operation and employee benefits.
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We use technology to deliver on-time
and cost effective services.
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We focus on the distinctive needs of small businesses.
Learn more about Qualified Retirement Plans for Small Businesses
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Our Senior Management's 60+ year combined industry tenure provides assurance that
your plan achieves its intended objectives
while maintaining its qualified status.
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Pension Protection Act Provides Significant
Planning Opportunities |
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PPA 2006 provides
unprecedented
retirement and estate planning strategies for
small
business
owners (owner-only employers and employers
with 1 to 500 employees) and high net worth
individuals. Retirement planning strategies
that permit small business owners to shelter an
additional $100,000 or more in their
qualified retirement plans at little or no
additional cost to fund employee benefits.
Estate planning strategies that permit high net
worth individuals to transfer multi-millions to
heirs that they receive
100% free of income tax.
The following contribution/benefit maximums are
achieved under PPA 2006's new rules for combined
plans (results subject to individual employer
census):
Cash Balance
&
Profit Sharing/401(k)
Plans
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Age |
'08
Range of Contribution/Benefit |
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35 |
$46,000 - $95,000 |
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40 |
$46,000 - $110,000 |
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45 |
$46,000 - $154,000 |
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50 |
$51,000 - $188,000 |
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55 |
$51,000 - $238,000 |
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60 |
$51,000 - $248,000 |
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65 |
$51,000 - $292,000 |
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Consulting Services |
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Qualified Retirement Plan Design Milberg
Consulting (MCLLC) conducts comprehensive feasibility and analysis studies to determine the appropriate plan design for each individual client situation.
As opposed
to trying to sell you a particular plan or product, our study process helps you
focus your needs and objectives for establishing and maintaining a plan. Each study includes:
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Information on available plan types, benefits and features
Commentary on the suitability of certain benefits and features (e.g., inclusion of a loan feature)
Optimal Plan design(s) to
benefit from tax and retirement savings opportunities available under current law and regulations
A “Tax-wise” Plan analysis
Comments & recommendations for consideration
A fee schedule outlining the cost to establish and maintain the proposed plan(s)
Qualified Retirement Plan Establishment
MCLLC drafts the documents to establish your qualified plan (plan document and trust agreement, summary plan description, plan amendments and plan restatements). When applicable, we prepare the requisite forms to submit the plan to the Internal Revenue Service.
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New Plan Limits for 2008 |
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Limit |
2007 |
2008 |
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401(k) |
$15,500 |
$15,500 |
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401(k) "catch-up" |
$5,000 |
$5,000 |
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Defined Contrib. |
$45,000 |
$46,000 |
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Defined Benefit |
$180,000 |
$185,000 |
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Compensation |
$225,000 |
$230,000 |
Learn more about the 2008 Plan Limits
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Roth 401(k): Retirement and Estate Planning
Opportunities |
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Starting January 1, 2006, employers may add a Roth
401(k) option to their new or existing plans. A Roth 401(k) feature permits after-tax salary
deferrals by all eligible plan participants, regardless of their adjusted
gross income.
Investment income in Roth
401(k) accounts is 100% income tax-free, and qualified Roth 401(k)
distributions are 100% income tax-free.
Learn more
The Roth 401(k) offers
participants benefits never before available; benefits that are now available
indefinitely since the Pension Protection Act of 2006 extends
Roth 401(k) beyond
plan years ending in 2010. Learn
more
Learn more
about Roth 401(k) at:
www.roth401kinfo.com
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Administration, Actuarial Recordkeeping & Compliance |
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Annual Services include but may not be limited to:
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Employee and employer Data
Request
Administrative Report includes:
- Cover Letter and Executive
Summary
- Trust income statement
& balance sheet
- Summary of Plan Specifications
- Employee Eligibility
Determination
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Contribution Calculation by
Money Type
- Allocation of Investment
Gains/Losses
- Calculation of Vested
% and Amount
- All 401(k) and
Nondiscrimination Testing
- Top-heavy, Coverage &
Cross-testing
- Actuarial Calculations, if
applicable
Participant Certificates
DOL/IRS Form 5500 with all
attachments
DOL Disclosure to Participants
IRS Form 1096/1099-R
Remediation Services
Milberg Consulting also assists employer/plan sponsors with non-compliant
plans resulting from failure to comply with the rules and regulations governing
qualified plans.
Contact us
for additional information on non-compliant plan
remediation or relief from fiduciary violations.
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