We have provided answers to many of the frequently asked questions about insurance needs and terms in this section. Feel free to browse or use the term or keyword search to quickly identify answers to specific question you might have. If you don't find what you are looking for please contact us with your specific needs and we will find an answer to your question.
401(K) and Group Retirement
What is Profit Sharing Plan?
A Profit Sharing Plan or Stock Bonus Plan is a defined contribution plan under which the plan may provide, or the employer may determine, annually, how much will be contributed to the plan (out of profits or otherwise). The plan contains a formula for allocating to each participant a portion of each annual contribution. A profit sharing plan or stock bonus plan include a 401(k) plan. Please contact us or call for an appointment so that we can review your situation and provide you with a personalized estimate considering your particular needs
What is a 401(k) Plan
A 401(k) Plan is a defined contribution plan that is a cash or deferred arrangement. Employees can elect to defer receiving a portion of their salary which is instead contributed on their behalf, before taxes, to the 401(k) plan. Sometimes the employer may match these contributions. There are special rules governing the operation of a 401(k) plan. For example, there is a dollar limit on the amount an employee may elect to defer each year. An employer must advise employees of any limits that may apply. Employees who participate in 401(k) plans assume responsibility for their retirement income by contributing part of their salary and, in many instances, by directing their own investments. Please contact us or call for an appointment so that we can review your situation and provide you with a personalized estimate considering your particular needs