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 that benefits employees. This retirement vehicle allows participating employees to automate their retirement savings and benefit from tax savings. Employers can leverage a 401(k) plan as part of a competitive benefit package designed to attract and retain employees.

High brokerage, mutual fund fees and poor fund performance reduce benefits. Haven Wealth Group designs plans to include investment choices containing no load funds. Haven gives access to investment advisors to aide in investment selection and encourage participation. Periodically, Haven looks at 401(k) plans to choose competitive fund choices and communicates with participants.

Defined Benefit Plans

Defined Benefit Plans are sometimes available as an option for retirement. This employer-sponsored plan, or Pension Plan, helps to give the participant a specified monthly benefit at retirement.

Benefits factor the employee’s age, compensation and vesting. The vesting considerations are from zero to seven years. The employer is responsible for all of the contributions. Defined Benefit Plans are often attractive to employers as businesses can contribute and deduct more each year. Haven Wealth Group can assist in the establishment of a Defined Benefit Plan with a strategic partner. Haven can manage the pension plan assets on a discretionary basis. This allows the potential to maximize returns and lower future required contributions.

Cash Balance Plan

A Cash Balance Plan, which is a type of Defined Benefit Plan, can be paired with a 401(k) plan. This provides one of the highest contribution and tax deduction benefits allowed under IRS rules. The contributions for Cash Balance Plans are dependent on the employees’ ages, compensation, and employee classes. Haven Wealth Group can assist in the establishment of a Cash Balance Plan. Haven will provide discretionary investment management of Cash Balance Plan assets.Cash Balance Plans must be vested within three years.

Individual Retirement Accounts (IRAs)

Haven Wealth Group offers discretionary investment management of a variety of Individual Retirement Accounts (IRAs). This includes: Traditional, Roth, and Simplified Employee Pension (SEP) IRAs. There are several ways an IRA can be funded: annual contributions, rolling over an eligible 401(k) plan or transferring assets of an existing IRA. Transferring retirement assets allows for the potential benefit of out-performance over mutual fund investment via our stock selection prowess.