Choosing A Retirement Plan For Your Business427503 Cv
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Choosing A Retirement Plan For Your Business427503 Cv
- 1. Choosing a Retirement Plan for Your Business • Shane Riley • Registered Representative NYLIFE Securities LLC (Member FINRA/SIPC) • 375 Woodcliff Dr Fairport, NY 14450 • (585)703-0818 427503CV
- 2. This is intended to be an overview of types of Retirement Plans only and should not be viewed as legal or tax advice. New York Life Insurance Company, it’s affiliates, employees and agents do not provide tax and/or legal advice. Tax-Qualified Retirement Plans must generally comply with the Employee Retirement Income Security Act of 1974, as amended (ERISA), the Internal Revenue Code of 1986, as amended and other applicable law. For this reason, you should consult with tax advisors and attorneys expert in these matters before establishing a plan.
- 3. Agenda • The small business marketplace • Why business-owners should consider retirement plans for themselves and employees • Benefits of offering a retirement plan • Types of plans • Questions to think about • Next steps
- 4. Your business as your retirement strategy Risks Affecting the Value of Your Business • Lawsuits • Natural Disasters – fire, water damage, etc. • Non-Natural Disasters – vandalism, terrorism, etc. • Changing technology • Changing competition
- 5. Your business as your retirement Strategy Your Retirement Strategy Your Tax-Qualified Your Retirement Business Retirement Plan Strategy + =
- 6. Benefits for the Business
- 7. Benefits of offering a retirement plan • Tax advantage • A competitive advantage over other employers • Assists in recruiting and retention of employees • Boosts morale
- 8. Tax advantage for the business • Contributions made by the employer are generally tax-deductible to the business
- 9. Tax advantage for the business How a Retirement Plan Reduces Corporate Taxes Company A Company B $ $ Corporate Income 250,000 250,000 Company Contribution 50,000 0 Taxable Income 250,000 200,000 Federal taxes at 39% 97,500 78,000 Tax Savings 19,500 0 Net Cost to Company $ 30,500 This hypothetical example assumes $250,000 Corporate income, 39% federal tax rate. Company A makes no contribution. Company B makes $50,000 plan contribution
- 10. Benefits for You and Your Employees
- 11. Benefits of a retirement plan to you and your employees • Provides a way to secure an income for retirement • Employer contributions are not taxable to the employee until the employee withdraws the money • The earnings grow tax deferred • Some plans, such as 401(k)s and SIMPLE IRAs, allow employees to make pre-tax contributions
- 12. Benefits of a retirement plan to you and your employees • Advantage of using payroll deductions* (401(k) & SIMPLE IRA) • Variety of professionally managed investment options • Plan assets are generally protected from creditors *Your employee’s participation in the payroll deduction program is completely voluntary.
- 13. Tax advantages for you & your employees Employer Contributions Can Mean More Retirement Savings Retirement Savings for •Employee A works for a Employee B* $35,000 company that does not offer a $30,000 retirement plan $25,000 •Employee B’s employer has $20,000 been contributing $2,500 $15,000 annually for Employee B $10,000 $5,000 •After 10 years $0 •Employee A has $0.00 1 2 3 4 5 6 7 8 9 10 Year •Employee B has over *Assumes a fixed 5% rate of return for the 10 year period for an annual contribution of $2,500.This example is hypothetical and intended for $33,000 illustration purposes only. It is not indicative of the actual performance of any particular product.
- 14. Tax advantages for you & your employees How Pretax Contributions Can Mean A Higher Net After-Savings Amount Available Employee A Employee B Annual Wages $ $ 28,000 28,000 Pretax Retirement Contributions 0 2,000 Taxable Income 28,000 26,000 Federal taxes at 15% 4,200 3,900 After-Tax Wages 23,800 22,100 After-Tax Contributions 2,000 0 Net After-Tax Amount Available 21,800 22,100 Pretax Advantage $ 0 $ 300 This hypothetical example assumes $28,000 annual income, 15% federal tax rate. Employee A saves $2,000 after-tax. Employee B saves $2,000 pretax through a 401(k) plan or SIMPLE IRA.
- 16. Defined Benefit Plan & Defined Contribution Plan Defined Benefit Plans - Defines the amount of money you are going to receive in retirement. They are company pensions that provide income for life throughout retirement. A check arrives The Defined Benefit Plan Each month in the mail provides income for life throughout retirement
- 17. Defined Benefit Plan & Defined Contribution Plan Defined Contribution Plans – defines how much is being contributed to the plan during the working years. The amount of money available to you in retirement is based on the amount you contribute, how it is invested and how long it is invested. $$ in order to Depending on investment returns, During your working years create a nest you may have a sum of money that you decide how much egg. you may use to generate income in money you are investing… retirement.
- 18. Types of plans for small businesses Defined Benefit Plans Traditional Pension
- 19. Defined Benefit Plan • Small Business Profile: – Owner age 45 or more* – Few employees, who are typically younger than owner – Highly profitable business and is expected to remain so • The employer must make contributions each year • Contributions are generally 100% tax deductible for your business • Must comply with the IRC’s rules applicable to qualified plans as well as ERISA *Because you need to fund a benefit over a relatively short time frame, the contributions would be larger for older age employees
- 20. Defined Benefit Plan Joe, Business Mike, Business Owner 1 Owner 2 Business Owner’s age 25 50 Desired Retirement Age 65 65 Years to Retirement 40 15 Desired Pension benefit $4,000 monthly $4,000 monthly Amount needed to provide benefit* $600,000 $600,000 Annual contribution needed Approximately Approximately to reach goal $8,000 annually $34,500 annually (assumes plan balance earns 3%) *Illustrative purposes only. Should not be construed as a solicitation of any specific product or service. Assumptions are used to illustrate the amount of life time income generated on a monthly basis only. Based on the payout of a Single Life Only Lifetime Income Annuity for a male age 65 as of 4/24/07. Payout amounts for female applicants, who have longer life expectancies are lower.. For other income plans and premiums less than $600,000, the payout rates will be lower. Payouts are subject to change and exclude premium state taxes,
- 21. Types of plans for small businesses Defined Contribution Plans – SEP IRA – SIMPLE IRA – 401(k) – Profit Sharing – Money Purchase
- 22. Defined Contribution Plan SEP IRA • Business Profile – Typically fewer employees (i.e.: 25 or less) • Contributions are made by the employer • The employer decides how much, or whether or not to contribute each year, based on profitability Employee Pre-Taxed Employer Contributions Contributions •Lesser of 25% of the employee’s compensation (based on a $245,000* maximum compensation) None or $49,000* (whichever is less) *for 2010
- 23. Defined Contribution Plan SEP IRA • SEP IRAs do not require IRS approval, reporting, or annual discrimination testing • Immediate vesting of contributions • Low administrative cost • Loans are not permitted
- 24. Defined Contribution Plan SIMPLE IRA • Business Profile – Larger number of employees (maximum 100) – Would like employees to make contributions Maximum Maximum Maximum Employee Catch- Employer Employee Up Contributions Matching Pre-taxed (age 50 and Contributions Contributions older) •Matching (up to 3%) Up to $11,500 Up to $2,500 in •Non-Elective in 2010 2010 (2%)
- 25. Defined Contribution Plan SIMPLE IRA • Immediate vesting for all contributions • No IRS approval, reporting, or annual discrimination testing • Low administrative cost
- 26. Defined Contribution Plan 401(k) plan • Business Profile – Small business on the verge of becoming a mid- cap business – Larger number of employees (typically 50 or more) – Loan provisions available Employer Employee Employee Catch- Matching Pre-taxed Up Contributions Contributions Contributions (age 50 and older) Up to $16,500 Up to $5,500 in Optional in 2010 2010
- 27. Defined Contribution Plan 401(k) plan • Non-Discrimination testing • Customized plan design options • Vesting schedule options Years of Years of Percentage Percentage Service Service 1 20% 1 40% 2 40% 2 80% 3 60% 3 or more 100% 4 80% 5 or more 100% • Administrative costs
- 28. Defined Contribution Plan Profit Sharing plan • Contributions are made by the employer • The employer decides how much, or whether or not to contribute each year, based on profitability Maximum Employer Employee Pre-Taxed Contributions* Contributions •Lesser of 100% of the participant’s compensation (based on a $245,000** maximum compensation) None or $49,000* *The maximum employer deduction is 25% of all participants’ compensation **for 2010
- 29. Defined Contribution Plan Profit Sharing plan • Provisions for in-service withdrawals • Vesting schedule options • Administrative costs
- 30. Defined Contribution Plan Money Purchase plan • Fixed contribution percentage Maximum Employee Maximum Employer Contributions Pre-Taxed Contributions •Lesser of 100% of the participant’s compensation (based on a $245,000** maximum compensation) or $49,000* None *The maximum employer deduction is 25% of all participants’ compensation **for 2010 • Failure to make contributions results in funding deficiency penalty • In-service withdrawals are not allowed • Vesting schedule options • Administrative costs
- 31. Defined Contribution Plan Hypothetical Example for Illustrative Purposes Only Joe, Business Mike, Business Owner 1 Owner 2 Business Owner’s age 25 50 Desired Retirement Age 65 65 Years to Retirement 40 15 Annual Contribution $45,000 $45,000 Total Assets at Retirement (assumes plan balance $7,382,145 $1,110,263 earns an average annual return of 6%*) *The rate of return is hypothetical and not based on the performance of any specific investment. You may earn more or less than this amount based on the actual performance of your investment selections.
- 32. Questions to think about • What type of business do you operate? – Small-Cap – Mid-cap – Type of industry • How many employees are at your company? • What is the age range of your employees? • Are there any other active retirement plans in place?
- 33. Questions to think about • What is your turnover rate? • What types of employees would you like to include?* • Is your company growing? If so, at what rate? • When would you like the plan to start? – Tax year? – Calendar year? *This is all subject to IRS coverage and nondiscrimination rules.
- 34. Next Steps and Action Plan Evaluations • Complete the evaluation • Schedule a free, no-obligation appointment Please remember that this is intended to be a general overview of types of Retirement Plans only. Tax-Qualified Retirement Plans must comply with the Employee Retirement Income Security Act of 1974 as amended (ERISA), the Internal Revenue Code of 1986, as amended and other applicable law. For this reason, you should consult with tax advisors and attorneys expert in these matters before establishing a plan. New York Life, its affiliates, employees and agents do not provide legal or tax advice.
- 35. Thank You • Shane Riley • Registered Representative (if applicable) • NYLIFE Securities LLC (Member FINRA/SIPC) • 375 Woodcliff Dr Fairport, NY 14450 • (585)703-0818 This seminar is for informational purposes only. You should consult your professional advisors for tax, legal or accounting advice.
Editor's Notes
- Good (morning, afternoon, evening). Today I am here to talk to you about various types of retirement plans you may wish to consider for your business. There are a variety of retirement plans available for small businesses, each with their own nuances. Before I get started I would like to introduce myself and tell you about my company. This seminar is a great way for you to meet me and understand my work and professional process. (Give a brief personal background, tell about your organization, and give its location.)
- Before I get started I just need to let you know (read slide)
- Today I am here to provide you with an overview of the various retirement plans available to you as a small business owner and to your employees. In order to accomplish this we will … Take a look at the small business marketplace Discuss why a business owner should consider a retirement plan for themselves and their employees Talk about the benefits to both the business and employees in offering a retirement plan. Remember you are an employee. We will cover some types of plans that are available and go over some questions you should think about in order to help clarify what plan may be best for you Finally, we will cover the next steps. Again, this presentation is a general overview of these plans. If you would like more specific information I can meet with you one-on-one at your convenience. At the end of this presentation I am going to ask you to complete an evaluation form. On that form you will have an opportunity to request a free no-obligation personal consultation. (Advise how long the presentation will last.)
- When I ask small business owners if they have a retirement plan I am often told that their business is their retirement plan. In other words, when they are ready to retire, they will sell the business and whatever they net from the sale goes to fund their retirement. Now for those of you using that approach you need to consider some of the risks that may affect the return on your investment. (read slide) These risks and your ability to manage them can affect the value of your business, and eventually your retirement. (give some examples of how these risks can effect a small business. Some suggestions are – someone owns a hardware store in a local community. The business has been doing well. Next thing you know Home Depot or Lowes moves in. what happens to the hardware store? Another example. Ask them to name a business that was thriving 20 – 30 years ago and due to changes in technology either doesn’t exist or is struggling. Some include typewriters, printing press. Ask them if they know any small business that didn’t survive.) As a financial professional I believe that diversification of your investments is a key strategy that is used to minimize the risks associated with any one investment. By relying solely on the sale of your business, you are increasing the impact of the effects of these risks.
- Potentially, what impact can these risks have on your retirement strategy? But what if you have an additional retirement asset? (click) A tax-qualified retirement plan. (click) Now you have leverage and comfort in knowing that you are not relying on one income source.
- Retirement plans offer benefits for both the employer or business and the employee. First I will discuss the benefits to you, the employer.
- There are a number of benefits that a retirement plan can provide to you as a business owner, some of these advantages include… Tax advantage. There is a nice tax advantage to the business. And I will expand on this more in a few minutes… There is a competitive advantage that an employer offering a retirement plan has versus other employers who do not, especially when it comes to recruiting and the retention of employees. Employees are concerned about benefits. If a potential employee has the choice to work for you or your competitor and the only difference between you and the competitor is that you offer a retirement plan, you have a better chance of hiring that individual. Also, if you have good people working for you, you are more likely to keep them working for you because you have the more attractive benefits package, which includes that retirement plan. Retirement plans can also boost morale. People worry about retirement. Will I have enough money? By offering a retirement plan you are helping to relieve some of that worry.
- So what are the tax advantages? (read slide)
- Let’s look at an example of how employer contributions can reduce corporate taxes. In this hypothetical example, we’re comparing Company A and Company B, both of which had corporate income of $250,000 for the past year. However, Company B has a tax-qualified retirement plan and contributed $50,000 in contributions. By making this contribution, the taxable income of Company B is reduced by $50,000. The reduction in taxable income also reduces the federal tax paid ($97,500 for Company A and $78,000 for Company B). Company B has saved $19,500 in federal taxes. If we subtract the $50,000 they paid and the $19,500 they saved, Company B’s net cost was only $30,500.
- Now let’s take a few minutes to discuss the benefits to the employee. As the owner of your business, you are also an employee. Therefore, these benefits apply to you as well as the people who are working for you.
- Provides a way to secure an income for retirement. You most likely are planning to use your business to help fund your retirement, but your employees don’t have that option. For many of them, this opportunity to save for retirement may be all they have. Employer contributions are not taxable to the employee until withdrawn. So if the employer is making contributions, the employee does not pay any taxes on that money until he/she withdraws it. And remember, the business generally receives the tax-deduction for making the contribution The earnings grow tax deferred. That means you do not pay taxes on the earnings until they are withdrawn. Why is this important? The less money you pay to the IRS, the more money you have working for you now. 401(k) and SIMPLE IRA plans allow employees to make pre-tax contributions. When the employee makes pre-tax contributions, the money is taken from the gross salary and then taxes are calculated on the gross amount less the retirement plan contribution, thus reducing the employee’s taxable income. I will show you an example of how this works.
- Advantage of using payroll deductions. Many people find the easiest way to save money is to take it directly from their paycheck. And if the contributions are pre-taxed, (this means taken out of the gross pay before taxes are calculated) then it has to come from payroll deduction. The two plans that would apply to are the 401(k) and the SIMPLE IRA. We will get into a little more detail about these plans in a few minutes. Variety of professionally managed investment options. You can decide based on your investment profile, the best investments for you. Sometimes this can seem like an overwhelming task. But, as a financial professional and a Registered Representative, my job is to provide you with information regarding the investment options. Plan assets are generally protected from creditors, if the employee is sued or if the business is sued this money generally cannot be touched by creditors.
- Let’s look at the impact of employer contributions on retirement savings. In this scenario, employee A works for a firm that does not offer any retirement plan. Her salary is enough to get by, but she cannot afford to save money on her own. Employee B’s employer has a retirement plan that requires the employer to make contributions. Every year the employer contributes $2,500 on behalf of employee B. As you can see, employee B has money available to her in retirement and employee A will be much more dependent upon Social Security and personal savings. And remember, as the business owner, you are also the employee.
- Now let’s look at how an employee making pre-tax contributions to a retirement plan, such as a 401(k) or SIMPLE IRA, can have higher net after-tax savings. Remember, as a small business owner you should be including yourself when I say employee. This is your retirement savings plan too. In this hypothetical example, we’re comparing Employee A and Employee B, both of whom had annual wages of $28,000 for the past year. Employee B made $2,000 in pretax contributions to his retirement plan and Employee A made $2,000 in after-tax contributions to his retirement plan. By making this pretax contribution, the taxable income of Employee B is reduced by $2,000. The reduction in taxable income also reduces the federal tax paid ($4,200 for Employee A and $3,900 for Employee B). For Employee A, after making $2,000 in after-tax contributions, his net after-savings amount available is $21,800. But Employee B’s net after-savings amount available is $22,100--$300 more than Employee A. This example shows that by making pretax contributions, instead of after-tax contributions, you and your employees are able to save more because the impact on your after-tax income will put more money in your pocket. Now that we have discussed the benefits to you and your employees, let’s explore the different types of retirement plans that are available.
- Now let’s talk about the plans that are available. When talking about types of retirement plans there are two major categories. 1 – Defined benefit plans and 2 - defined contribution plans. A defined benefit plan defines the amount of money you are going to receive in retirement. They are company pensions that provide income for life throughout retirement. In other words, you receive a paycheck throughout your entire retirement as a benefit. For example, (click) each month (click) you will receive a check in the mail. (click) throughout your retirement.
- The other type, a defined contribution plan, defines how much is being contributed to the plan during the working years. The amount of money available to you in retirement is based on the amount you contribute, how it is invested and how long it is invested. For example: (Click) During your working years you contribute a percentage of your income, (click) in order to create a nest egg. (click) once you are ready to retire, you may have a sum of money that you may use to generate income.
- Traditional pension plans offer a fixed monthly benefit at retirement and the employer can use a variety of investments to fund it.
- A defined benefit pension provides business owners who have deferred retirement planning an opportunity to catch up and fund a retirement benefit in a relatively short period of time. Because they need to fund the benefit in a short period of time, higher contributions are necessary as compared to a younger individual. ( read slide)
- Please note, this chart is for illustrative purposes only and should not be construed as a solicitation of any specific product or service. Assumptions are used to illustrate the amount of life time income generated on a monthly basis only. So…let’s look at an example of why an older person would have to save more money than a younger person. In this example we have two different business owners. First is Joe. He is currently 25 years old. Second is Mike. He is 50 years old. Both of them want to retire at age 65. For Joe, this means he has 40 years to fund the defined benefit plan. Mike only has 15 years. Both of them would like to receive a pension benefit of $4,000 a month throughout retirement. In order to generate the $4,000 a month they will need approximately $600,000 in the defined benefit pension plan to pay that benefit throughout their retirement. (Based on the payout of a Single Life Only Lifetime Income Annuity for a male age 65 as of 4/24/07) But since Joe has so many more years to save than Mike, Joe only needs to fund the plan with approximately $8,000 annually for 40 years. Mike on the other hand needs to fund the plan with approximately $34,500 annually for the next 15 years. In both cases the annual funding is generally a deduction for the business.
- There are several defined contribution plans (read slide) The type of plan dictates who makes contributions and the maximum amount of contributions allowed. We are going to take a few minutes and discuss the highlights of each.
- The first type of defined contribution plan is a SEP IRA. A SEP IRA is designed mainly for… Businesses with typically Few employees (i.e.: 25 or less) or With the SEP IRA the contributions are made by the employer. The contribution rate must be uniform for all employees. As the employer you decide how much, or whether or not to contribute each year, based on profitability. So if you are having a really good year you may want to contribute the maximum amount that year, but if the following year is not as profitable you can contribute a lower percentage or not at all. In 2010, the employer can contribute the lesser of up to 25% of the employee’s compensation, (based on a $245,000 maximum compensation), or $49,000. Many business owners enjoy offering a SEP IRA because it has very high contribution limits each year.
- SEP IRAs do not require IRS approval, reporting, or annual testing They also provide immediate vesting of contributions. This means that the employee is entitled to keep all of the money placed in his or her SEP IRA, no matter how long that individual has worked for you. When there is a vesting schedule an eligible employee would have to work for you for a certain period of time (for example, 3 – 5 years). If the employee left before the required period, then that employee would only be entitled to keep a certain portion of the employer contributions. So, if the vesting schedule was 1yr – 20%, 2 years 40%, 3 years 60%, 4 years 80%, 5 years + 100%, and the employee left after completing 3 years of employment, the employee would be entitled to keep 60% of the employer contributions. The other 40% would be reallocated among the remaining participants or used to reduce future employer contributions. Because there is no vesting schedule, no IRS reporting or discrimination testing, SEP IRAs have a lower administrative cost than other plans. Loans are not permitted.
- Another popular defined contribution plan is a SIMPLE IRA. A SIMPLE IRA plan is simple to setup and to run on an ongoing basis. The typical business profile is comprised of a Larger number of employees (maximum 100 by law) Also, the employer would like the employees to make contributions With SIMPLE IRAs both the employer and the employee make contributions The employer contributions are generally up to 3%. There are two types of employer contributions (1) Matching contributions. When the employee makes contributions, the employer will match the contributions up to a certain percentage of the employee’s compensation, up to 3%. SIMPLE IRA plans also allow for the employer to set a different contribution match each year. (2) Non-elective contributions. If an employee who is eligible to contributes chooses not to, the employer is still required to make contributions for that employee. These are non-elective contributions. In this case the employer contributes up to 2% of the employee’s compensation The employee can contribute up to $11,500 in 2010 on a pre-taxed basis. If an employee is age 50 or older, that employee is entitled to make catch-up contributions of up to $2,500. This amount is an addition to the $11,500.
- Just like the SEP IRA, the SIMPLE IRA offers… Immediate vesting for employee contributions and employer match contributions No IRS approval, reporting, or annual testing And a low administrative cost
- 401(k) plans are very popular amongst mid and large-capitalization companies. It does require much more administrative work that the other plans we have covered, but many small businesses are attracted to their features. The typical business profile is small businesses on the verge of becoming mid-cap businesses. Larger number of employees (50 or more) Unlike the SIMPLE IRA, the 401(k) does not have a minimum or maximum. This is just a profile. Loan provisions available – 401(k) plans can offer loan provisions where SEP and SIMPLE IRAs do not (Cover contribution limits).
- Continue with slide. Non-Discrimination testing - 401(k) plans, like most tax-qualified retirement plans, are not allowed to set up the plan so it favors “Highly Compensated Employees”, individuals who are at least 5% owners and receive compensation in excess of the amount stated by the IRS each year. A 401(k), other than a SIMPLE 401(k), does allow you to customize the plan design options For example… You can set up the vesting schedule. Here are two vesting schedule options. 401(k) plans are generally rather flexible and can be customized for your company. Because of these features (record keeping, IRS nondiscrimination testing and reporting requirements), higher administrative costs are associated with these plans, as opposed to SEPs and SIMPLE IRAs
- Another type of defined contribution plan is a profit sharing plan. A profit sharing plan has a number of features, including (read the slide). .
- Continue to read the slide. A profit sharing plan can be offered independently or in conjunction with a 401(k) plan. Because of record keeping, IRS nondiscrimination testing and reporting requirements, higher administrative costs are associated with these plans
- The final type of defined contribution plan is a money purchase plan. A money purchase plan has a number of features, including (read the slide). The major difference between money purchase plans and profit sharing plans is that annual contributions to a money purchase plan are required--regardless of the performance of the business. Now that we have discussed the various types of plans available and gone over the benefits and features of each, let’s take the next step and examine your company’s situation.
- Let’s now take a look at our same two business owners, Joe and Mike, and see how a defined contribution (DC) plan would affect each of them. We want to pay particular attention to what the current contributions would be and what the ultimate retirement situation would look like for each of them. Joe and Mike decide to establish a SEP plan, which, as we have discussed previously, is a type of DC plan. We will also assume that since Joe & Mike are equal partners in the business that they draw the same income and therefore the contribution for both will be the same. (After all they are equal partners so they should both have equal plan contributions). They earn enough income so that the plan can contribute $45,000 per year for both of them. Both plan to retire at age 65. Therefore Joe will have plan contributions for 40 years but Mike will only have 15 years of contributions. Assuming contributions of $45,000 are made each year and the plan is able to earn an average rate of return of 6%, let’s see what Joe & Mike’s accumulated savings look like at their respective retirement dates. Joe will have over $7 million when he reaches age 65 and Mike will have slightly over $1 million when he reaches age 65.
- On your seat you should have a sheet titled, What retirement plan works best for you. On this sheet you will find these questions. (read slide)
- (read slide. At second bullet ask the audience “do you have part-time workers, full-time workers, union employees”.) I am not expecting you to complete this right now. These questions are for you to take home and think about.
- In the mean time I would like you to take a few minutes to complete the evaluation form, which was also left on your chair. Please remember that this is intended to be a general overview of types of Retirement Plans only. Tax-Qualified Retirement Plans must comply with the Employee Retirement Income Security Act of 1974 as amended (ERISA), the Internal Revenue Code of 1986, as amended and other applicable law. For this reason, you should consult with tax advisors and attorneys expert in these matters before establishing a plan. New York Life, its affiliates, employees and agents do not provide legal or tax advice. In addition to the feedback from this seminar, completing this form will entitle you to a free, no-obligation appointment, I don’t expect you to make any financial decisions at the first meeting. When you come to my office, I’ll Review your situation, We’ll determine if my services are the right fit for your needs, and Define the scope of our work together. Agent Notes: Make sure everyone has an evaluation form and is filling it out and remind them of the following: If you… Check “Yes, I’d like a free, no-obligation appointment,” and I’ll call you to set up an appointment. Check “No, I do not care for a free, no-obligation appointment,” and no one from my office will call or make any attempt to contact you directly. I’ll be collecting the evaluation forms as you leave today.
- I hope I have given you some things to think about today. Thank you for your time and attention. Please allow me to make my way to the door so I can shake hands with you and collect your evaluation forms. Thank you again.