Retirement Benefits

Retirement Benefits

Individualized Retirement Plans

There are a seemingly infinite number of retirement plan options for employers, and Parmenter O’Toole works with each client to develop an individualized retirement plan that meets the needs of all participants. After choosing a plan design, we provide a comprehensive document service package, including adoption agreement, summary plan description, salary deferral election, beneficiary designation, distribution forms, etc.

Our attorneys also offer on-going personal assistance to plan administrators, trustees, managers and owners for all retirement plan transactions, including distributions, loans, hardship withdrawals, Qualified Domestic Relations Orders, etc.

 

Why should we choose Parmenter O’Toole for our retirement plan documents?

Using Parmenter O’Toole’s retirement plan documents provides portability. If you choose to change investment entities, add investment entity options or change Third-Party Administrators, you will not need to prepare new plan documents. Keeping the same document lessens the risk that plan provisions may accidentally get changed.

We understand that you have options available when choosing a retirement plan document. Our job is to ensure that your documents are continually updated to reflect both changes in the law and changes in your operation of the plan – in order to ensure that your plan remains tax free. It is the goal of Parmenter O’Toole to provide the highest level of customer service, while at the same time recognizing the economic reality of the costs involved in maintaining a qualified retirement plan.

Are all retirement plan documents the same?

Yes and no. The IRS has strict regulations regarding the operation and design of retirement plan documents and requires that all plans obtain IRS approval before use. But there is still a large amount of flexibility built into the design and adoption of your retirement plan. Before preparing your retirement plan, we request very specific information about your business so that your needs will be met. In addition, the information you provide will allow us to make you aware of issues that may be of particular concern to your business.

Related Services: Employee Benefits; Executive Compensation; Welfare Benefit Plans

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