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Managing your retirement plan with it's trust assets can be a daunting tasks what with new regulations, compliance testing, reporting forms, changing markets, audits etc. A professional consultant can simplify many of these tasks so you're only worry is when and where to retire.
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MJ Consulting Group, Inc. is the
successor corporation to a firm that was started in Los Angeles in
1977. It currently consults over 400 clients that qualify as small
businesses (under 100 employees). Clients come from virtually all
business groups with particular emphasis in the professions. The
President, Michael A. Jones, ERPA is enrolled to practice before the
Internal Revenue Service as a Retirement Plan Agent and has been involved in the Employee
Benefits/Retirement field since 1967. The Vice-President/Administration Stacy McCauley has
over 25 years of experience in administering various types of
retirement plans. She is particularly skilled at helping people new
to the retirement plan administration process. Many of the procedures
and forms that Mrs. McCauley has designed are industry standards. The operation of a "Qualified Retirement Plan" can be broken down into two distinct areas. The first Is the Plan Administration which comprises all regulatory, administration and reporting activities or simply put the "Paper'. The second area is Trust Administration which comprises all activities associated with the management of the qualified trust assets or again simply put the "Money". Through our business model which involves selected Strategic Partnerships, we endeavor to provide a coordinated one-stop platform where a client can receive all the consulting assistance necessary to successfully operate their Qualified Retirement Plan. In addition we also have a one-stop platform to design, implement and manage self-trusteed tax exempt Charitable Remainder Trusts which can serve as a valuable supplement to overall retirement planning. We are located at 3452 E. Foothill Blvd., #305, Pasadena, CA 91107. Phone: (626)356-9996, Fax: (626)449-8808. Contact Us |
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PLAN ADMINISTRATIVE
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(1) NEW PLAN DESIGN/ANALYSIS - Perform a comprehensive analysis of new plan requirements and prepare plan design parameters which best meet the Employer's requirements. (2) NEW PLAN INSTALLATION - Preparation of all plan documents and appropriate submissions for regulatory agencies. (3) EXISTING PLAN TAKEOVER - Review existing documentation and reporting to determine if the plan meets the Employer's needs, is being operated in accordance with current plan provisions as well as conforming to all applicable IRS, DOL and other regulatory requirements. Establish record keeping systems as required. (4) EXISTING PLAN AMENDMENTS/RESTATEMENTS - Amend/Restate the entire plan as required to conform to regulatory changes. (5) ANNUAL PLAN ADMINISTRATION - Determine eligibility for Plan participation and benefits, determine contribution levels, maintain required records, prepare annual participant statements, prepare all required regulatory reporting, conduct required testing, prepare required documentation for terminating/retiring participant and perform other administrative services as required to ensure correct Plan operation. (6) PLAN TERMINATION - Prepare complete documentation and reporting necessary for the dissolution of the Plan and Trust. (7) MISCELLANEOUS - Additional services are available including but not limited to plan amendments, special actuarial studies, interim asset valuations, plan audits, etc. |
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TRUST ADMINISTRATIVE
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(1) ANNUAL TRUST ADMINISTRATION - Reconcile the trust assets with prior years to ensure continuity, establish earnings/loss amounts, review asset valuations, ensure proper titling of trust assets, ensure compliance with ERISA rules regarding prohibited transactions etc. Trust reconciliation is required for each trust prior to any actuarial valuation/certification (as required) or Annual Plan Administration Services. (2) INVESTMENT POLICY STATEMENTS (IPS)- Preparation and implementation of an IPS to support plan objectives and meet reporting requirements as required. Review at least annually. (3) TRUST ASSET MANAGEMENT - Provide services to implement the requirements of the IPS and changing market conditions. The preparation of IPS's and Trust Asset Management are provided through the facilities of Mass Mutual Trust (4) ERISA/PENSION BONDS - Provide services to determine qualified/non-qualified asset values and ensure compliance with current bonding regulations. (5) FIDUCIARY SERVICES - Professional fiduciary and successor trustee services are provided through a strategic partnership with Nicholas L. Saakvitne, A Law Corporation. Additional trust administration information can be reviewed here. |
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SUPPLEMENTAL |
What Is A Charitable Remainder Trust ("CRT")? CRT's are irrevocable trusts that provide the income beneficiaries (you and, if married, a spouse) a set percentage of income (not less than 5%) for your lifetime from the trust. After the income beneficiaries pass away, the charity you name receives the remaining principal of the trust.
There are three principal situations where a CRT may be appropriate: (1) A donor is contemplating a transaction which will generate a significant tax liability; (2) A donor needs income now or in the future; and (3) A donor has charitable goals and interests to support. Much of the power behind the CRT is based on its tax-exempt status and irrevocable nature. While a CRT is an irrevocable trust, you may change the charitable beneficiaries at any time. You may even serve as trustees of the CRT and maintain full investment control of the assets. In addition irrevocable trust provide a high level of asset protection. CRTs can be funded with a variety of assets including (i.e. cash or cash equivalents, stocks, bonds, mutual funds, restricted securities, exchange funds, real estate in various forms etc.), and appreciated assets provide the best outcome. Funding a CRT with a highly-appreciated asset allows you to sell those assets without paying any capital gains taxes. Since CRT's have a charitable intent and do not have to pay capital gains, the full value of any assets transfers to the trust (and thus, to you and your favorite charity. In addition the donor may be credited with a charitable tax deduction for a portion of their CRT contribution. Many clients use CRT's to augment their current qualified retirement plan, because they share one important feature, the ability to accumulate assets free from the erosion of income taxes, however that is where much of the similarity ends. CRT's are valuable tax planning, asset management, asset protection and estate planning vehicles because:
More CRT information and questions and answers (Q & A) can be reviewed here. If you want more information on a Charitable Remainder Unitrust (CRUT), which is one type of CRT, here's a more in depth analysis including regulation citations. Then if you are interested in seeing what kind of CRT's scenarios can be developed spend some time on the Charitable Remainder Unitrust (lives) screen of this calculator model where you can ask all the "what-if" questions you want. Then contact us regarding a comprehensive program to design, implement, manage and provide annual reports for your Charitable Remainder Trust ("CRT"). |
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Does your qualified retirement plan (this includes IRAs) have it's own succession plan (i.e. estate plan)? Does it only include your spouse or suppose you don't have a spouse. The information contained in the article Non Spouse Beneficiary Rules is very interesting. |
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The MJGroup Virtual Office is a well organized, secure and easy to use Internet based client service system. It allows the exchange and storage of printable PDF formats that can be accessed by any approved advisors. This will greatly simplify the creation and storage of documents and eliminate paper based binders, files etc. Clients and advisors can also exchange secure communications regarding sensitive financial information. A demo of this program is at MJGROUP VIRTUAL OFFICE ACCESS above. Just enter office@mjgroup.com as the username and demo as the password. Click on the "Files" tab and you will be able to review the folder structure and some information loaded in the "QRP - Administration" and "QRP - Instructions" folders that you can open, review and print out if you desire. If you have any questions please contact the office. |
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Copyright © 2011 - All Rights Reserved - MJ Consulting Group, Inc. |
