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Employer Sponsored Retirement Plans - Michael M. McDonough, Inc.
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Retirement Plans

We provide mid-sized employers with a full suite of retirement plan advisory services—including participant education, expert investment advice, and shared fiduciary responsibility.  We guide participants toward a secure retirement, while helping plan sponsors assemble and keep a dedicated workforce.  In addition to helping with Recruit – Retain – Reward – Retire objectives, we help Plan Sponsors:

Avoid Liability

Remain compliant with various ERISA provisions while seeking to protect plan fiduciaries against frivolous (but often costly) lawsuits in participant-directed retirement plans.

Optimize Plan Design

Examine plan designs with a view toward maximizing economics and tax-efficiency to the business owner.  This is particularly relevant in the wake of the “Tax Cuts and Jobs Act,” enacted in late 2017.

The reduced tax rate for C corporations may diminish the value of the plan contribution deduction, while new provisions expand the deduction’s value to those operating as tax-conduits, including S corps, partnerships, LLCs, and proprietorships. These latter forms of business organization now receive a 20% deduction for qualified “pass-through” business income, which deduction begins phasing out as an owner’s individual taxable income exceeds $157,500 or $315,000 (filing single or married).

Thus, the retirement contribution deduction can potentially now serve double duty and benefit the business owner in two separate ways, by:

  • Reducing business income subject to taxation in the usual sense, while also
  • Reducing the individual’s taxable income, thereby enhancing the ability to qualify for the new 20% qualified business income (QBI) deduction.

Gain Efficiency

Through collaborative arrangement with leading actuaries, custodial platforms, and industry specialists, we simplify the complexities of retirement plans by providing end-to-end solutions.  Our partners’ technology is easy to use for plan sponsors and participants, provides a range of investment options, and a transparent, competitive fee structure.  We help you and your staff save time and avoid administrative hassle with professional guidance on plan-level decision-making, investment option selection, and participant engagement for an array of retirement vehicles:

  • Full-service 401(k) plans with and without profit-sharing and Roth features
  • Cash-balance defined benefit pension plans (powerful solutions, subject to census realities)
  • Individual 401(k) plans
  • Traditional IRA
  • Roth IRA
  • 403(b) Plans
  • Cash balance defined benefit pension plans
  • various non tax-qualified designs to reward more selectively.