{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"The Real Deal About Retirement Plans","description":"The Real Deal About Retirement Plans     With Melissa Terito, CPA Summary:   In the 8th episode of the Confident Wealth Podcast, Bill Bush and Pete Bush talk with Melissa Terito, a partner and CPA at the accounting and business advisement firm Faulk & Winkler. She oversees their third party administrative practice (TPA) \u2013 branded as Sentinel Pension & Payroll. They share valuable information about the benefits that business owners have in setting up retirement plans for their employees. They also dispel a few misconceptions and assumptions that have been applied to retirement plans as well.   Time Stamped Show Notes: 00:35 \u2013 Bill Bush and Pete Bush introduce Melissa Terito and she shares her professional life.    01:33  \u2013 Businesses establish retirements plans because their employees are asking for this service and it makes for a great tax deduction.  03:15 \u2013 Melissa will run a contribution projection so that the business owner can see how much their new retirement plan will cost them and save them. 03:31 \u2013 Faulk & Winkler offers multiple retirement plans that include medical groups and a 2000-particpant union plan. 04:20 \u2013 Melissa does consulting on simple IRAs, 05:00 \u2013 Advantages to the employee for participating in retirement plans: it is easy, it is tax deductible, it grows tax deferred, and it gives them a knowledgeable advisor. 07:44 \u2013  The profit sharing contribution doesn\u2019t need to be funded until the company files their tax return. 09:16 \u2013 The new plan tax credit can offset some start-up costs. 10:18 \u2013 The biggest problems that Melissa sees includes people not following the retirement plan document and assuming that part-time employees can\u2019t participate in a 401K plan. 12:37 \u2013 Faulk & Winkler educates their customers on an ongoing basis. 13:12 \u2013 Full-time employees that drop down to part-time employees can\u2019t be kicked out of their retirement plan. 13:57 \u2013 Options that clients need to make decisions on include: eligibility and do you want to be a safe-harbor plan. 16:44 \u2013 Trends that Melissa sees in terms of changing plans is making it possible to do during every pay roll period. 18:04 \u2013 Steps that a plan sponsor can make in giving themselves confidence that the plan is running smoothly for them: check that they have a fiduciary folder, discussion with an advisor, and 401K vs. Roth IRA. 20:50 \u2013 The closing credits   3 Key Points: Retirement plans offer advantages to employees such as being easy to set up, being tax deductible, growing tax deferred, and providing knowledgeable advisement. The profit sharing contribution is one of the few accrued deductions that a company can take on their tax return. Full-time employees that become part-time employees can\u2019t be pushed out of their retirement plan.   Tweetable Quotes: -    \u201cExpensive is relative\u2026there are fees with setting up anything.\u201d  \u2013 Melissa Terito. -    \u201cIf your business gets audited, there is a chance that they are going to take a look at the simple IRA at some point.\u201d \u2013 Melissa Terito -    \u201cA lot of people don\u2019t think that part-time employees can participate in a 401K plan.\u201d  \u2013 Melissa Terito.   Resources Mentioned: Horizon Financial Group \u2013 website for Horizon Financial Group Confident Advisor Practice \u2013 podcast for Confident Advisor Practice Faulk & Winkler \u2013 Melissa Terito\u2019s Faulk & Winkler profile page LinkedIn \u2013 Melissa Terito\u2019s LinkedIn profile page Sentinel Pension & Payroll \u2013 Faulk & Winkler\u2019s pension service ","author_name":"The Confident Wealth Podcast","author_url":"http:\/\/confidentwealth.libsyn.com\/website","html":"