401(k) Plans

Retirement planning should be a significant component of everyone’s financial plan for the future. An employer-sponsored 401(k) is a type of retirement plan which can be put in place as a benefit to employees. This retirement vehicle allows participating employees to automate their retirement savings, invest savings contributions, and benefit from tax savings either now or during retirement. Further, employers can leverage a 401(k) plan as part of a competitive benefit package designed to attract and retain employees.

These benefits can be substantially reduced by the presence of high brokerage and mutual fund fees and poor fund performance. Haven Wealth Group 401(k) plans are carefully constructed to include investment choices which contain no load funds and which have low expense ratios and competitive historical performance profiles. Further, access to investment advisors is available to plan participants to aide in investment selection and encourage participation

Defined Benefit Plans

Defined Benefit Plans may be offered in place of, or in addition to 401(k) Plans as a fixed, pre-established benefit for employees at retirement. This employer-sponsored plan, also known as a Pension Plan, promises the participant a specified monthly benefit at retirement. The benefit is calculated based on the employee’s age and compensation. A variety of vesting considerations can be incorporated into the plan, from immediate to seven years. The employer is responsible for all of the contributions. Contributions to a defined benefit plan are based on what is needed to provide the promised level of benefit and is calculated by an actuary. Defined Benefit Plans are often attractive to employers as businesses can contribute and therefore deduct more each year than in defined contribution plans. Haven Wealth Group can assist in the establishment of a Defined Benefit Plan with a strategic partner. Further, Haven can manage pension plan assets on a discretionary basis, allowing the potential to maximize returns and lower future required contributions.

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Cash Balance Plan

A Cash Balance Plan, which is a type of Defined Benefit Plan, can be paired with a 401(k) plan to provide one of the highest contribution and tax deduction benefits allowed under IRS rules. The contributions for Cash Balance Plans are calculated based on the employees’ ages, compensation, and employee classes. The employer decides the percent of contribution for each employee and retains the flexibility to set different benefit levels for each employee class. In this way, business owners and key employees can be favored while nondiscrimination requirements are satisfied due to the presence of a 401(k) plan. Haven Wealth Group can assist in the establishment of a Cash Balance Plan with a strategic partner. Once established, Haven offers discretionary investment management of Cash Balance Plan assets, allowing for the potential to maximize returns and lower future required contributions.

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Individual Retirement Accounts (IRAs)

Haven Wealth Group offers discretionary investment management of a variety of Individual Retirement Accounts (IRAs) including Traditional, Roth, and Simplified Employee Pension (SEP) IRAs. An IRA can be funded by rolling over eligible 401(k) plan assets from previous employers or transferring assets of an existing IRA into an account managed by HWG. Some 401(k) plans allow clients to transfer eligible assets while still employed, once they have reached a specified age. Transferring retirement assets to an IRA for Haven’s investment management services allows for the potential benefit of outperformance over mutual fund investment via our stock selection prowess.

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