Professionals & Owners Plans
The Economic Growth And Tax Relief Reconciliation Act of 2001, the Tax Reduction Bill,created exceptional opportunities for tax deferrals utilizing qualified plans for business owners. Owners include sole proprietors, partners, sole and majority shareholders of regular C, Sub S and Professional Corporations. All plan administration, reporting and testing requirements for “owner only” plans have been simplified by the tax reduction bill, creating the opportunity to reduce administrative fees. Benefit Services Group, Inc. has developed two web based “owners only” plans featuring very low administration fees. The business owner will realize a deductible contribution greater than with a SEP or Simple IRA plan, making the payment of a small administrative fee a smart business decision.

The plans: an “Owners Only” 401(k) Plan and an “Owners Only” Defined Benefit Pension Plan,provide tax planning opportunities based on the owner’s age, income, and need to shelte income.

Professionals & Owners Only 401(k) Plan
General description of the owner’s 401(k) plan.


Professionals & Owners DB Plan
General description of the owner’s DB pension plan.

The plans presented are for owners only. An owner’s spouse or children may be included in the plan if they are employed by the business. A business with non-owner employees, or leased employees, cannot adopt these plans. These plans cannot be adopted by organizations that are members of a controlled group or an affiliated service group. In the event that an owners only plan sponsor adds non-owner employees to the payroll, the plan must be amended to a regular 401(k) or DB pension plan.

All “Owners Only” plans are delivered and administered in a paperless environment. Plan documents are maintained on a secured website available for the business owner and his/her advisors as needed. The annual compliance report and 5500s (if required) will be posted to the plan sponsor’s (business owner) secured website. The plan sponsor will authorize the broker or financial institution funding the plan to provide a copy of the annual account report to Benefit Services Group, Inc. and will authorize the payment of the disclosed administrative fees from the pension trust to BSGI. This process eliminates extensive correspondence or phone calls to chase records or payments and is a critical component of the highly competitive administrative fee.

Although administration is paperless, the plan sponsor is not left to “go it alone” on a selfservice basis. BSGI administrators and consultants will be available via phone, fax or email to provide assistance in plan design and administration.