Actuarial & Benefits Consulting

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Exceptional qualified plan consulting takes a hands-on, proactive approach, which Lurie Besikof Lapidus & Company, LLP has been providing to the business community since the adoption of the Employee Retirement Income Security Act of 1974. Our Actuarial & Benefits consultants provide plan design, consulting, administration and actuarial services to over 800 qualified plans. Our consultants have earned industry designations through the American Society of Pension Professionals and Actuaries (ASPPA), the Society of Actuaries (SOA), and the National Institute of Pension Administrators (NIPA). Attending industry conferences and keeping current on legislative changes allows our consultants to provide optimum service to our customers.

Actuarial & Benefits Consulting Services Include:
  • Plan Design Consulting: Our retirement consultants can help you to choose the plan that suits your company’s needs best. Whether your goal is to provide employee benefits to attract and retain the best talent, or you want to maximize your retirement savings while minimizing costs, we can work with you to design or redesign a plan to meet your objectives. Our consultants will also periodically update your plan to remain current with the most recent qualification requirements
  • Third party administration of qualified retirement plans, including:
    • 401(k) Plans: Employees are allowed to make pre-tax or post-tax (Roth) contributions to their accounts via payroll deductions. Accounts are held separately and are often participant-directed, and the investment gains and losses are incurred by the participants and not the employer. The 401(k) feature is a component of a Profit Sharing Plan that is elected by the employer.
    • Profit Sharing Plans: Employers allocate discretionary contributions to employees on an annual basis typically based upon a percentage of compensation. With these plans, accounts are also held separately, and the investment gains are experienced by the participants. Employer contributions are very flexible – amounts can be varied on a discretionary basis from year to year.
    • Traditional Defined Benefit Plans: A defined benefit plan guarantees a predetermined amount to participants at retirement. The benefit may be paid as a single-sum upon termination or retirement to provide benefit portability to employees. This type of plan is especially advantageous because of the high deductible limits.
    • Cash Balance Plans: Cash Balance plans are a specific type of defined benefit plan. They provide benefits which accumulate as an account balance like Profit Sharing Plans while allowing for higher deductions limits that employers can appreciate. Allocations are made to participant accounts and interest is credited annually.
    • Employee Stock Ownership Plan (ESOP): Similar to a Profit Sharing Plan, ESOPs are trusts that Companies contribute new shares of its own stock or cash to buy existing shares for individual employees. Companies can use ESOPs for a variety of reasons such as: provide a market for shares of departing owners of closely held companies, motivate and reward employees, and take advantage of incentives to borrow money for acquiring new assets in pretax dollars.
    • Safe Harbor 401(k): Safe Harbor 401(k) plans are a combination of a Profit Sharing Plan and a 401(k) plan where employers either match employee deferrals or provide each employee with a contribution on a uniform basis. This plan allows owners to defer up to the deferral limit without worrying about contributions being returned after year end because of low employee deferrals.
  • Actuarial studies, including:
    • Actuarial Funding Valuations
    • Accounting Disclosure and Expense Reporting
    • Other Post Employment Benefit (“OPEB”) valuations for GASB 43/45 and SFAS 106
  • Plan termination support
  • Vendor searches
  • Compliance reviews
  • ESOP re-purchase obligation studies
  • Qualified plan audits
  • Plan Document Services
  • Plan Design Proposals

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