At CPS Employer Benefits, we offer specialized business retirement plan services for you, your executives, and your valued employees
01 Defined Contribution Plans
02 Defined Benefit Retirement Plans
03 Profit Sharing Plans
04 Cash Balance Plans
05 Tax Exempt Plans
Defined Contribution Plans
The most common type of retirement plan is a defined contribution. These funds include accounts like 401(k)s, 403(b)s, and 457 plans. In each of these plans, both employers and employees can contribute to an employee’s account. The accrued funds include contributions from all parties, investment gains, and losses.
Defined Benefit
Retirement Plans
These retirement plans are a fixed and predetermined benefit one receives at retirement. A defined benefit plan is often one that employees will value and trust more than any other due to their fixed nature and, generally, more substantial funding.
Many defined benefit accounts grow tax-deferred. They can be delivered to the retiree in annuitized payments or as a lump sum.
Profit Sharing Plans
A profit-sharing plan is a retirement plan that gives employees a share in the profits of a company. Under this type of plan, also known as a deferred profit-sharing plan (DPSP), an employee receives a percentage of a company’s profits based on its quarterly or annual earnings.
Cash Balance Plans
Blending some of the draws of both the defined contribution and defined benefit plan, a cash balance retirement plan has many benefits. These plans don’t take into account your age, length of time spent at your workplace, or your average salary. Instead, employees receive credits or a percentage of their salary each year. These credits plus a set interest rate are applied to the fund’s balance year over year.
These plans allow for employees to have a monthly income after they retire at the age of 65.
Tax-Exempt Plans
There are many tax-exempt retirement plans that business owners can offer to their employees. For tax-exempt organizations and entities, a retirement service can be customized specifically to your needs and those of your staff. Our team can advise you on a range of tax-exempt business retirement plans and help you choose a tax-exempt plan that’s right for you and your business.