In the US, Keogh Plans are full-fledged pension plans for small businesses and what other type of people?
"pre-tax salary reduction. However, contribution limits for SIMPLE plans are lower than for most other types of employer-provided retirement plans. A Simplified Employee Pension Individual Retirement Account, or SEP IRA, is a variation of the Individual Retirement Account. SEP IRAs are adopted by business owners to provide retirement benefits for the business owners and their employees. There are no significant administration costs for self-employed person with no employees. If the self-employed person does have employees, all employees must receive the same benefits under a SEP plan. Because SEP accounts are treated as IRAs, funds can be invested the same way"
"less, so he would benefit more from that plan. Scenario #3 – An entrepreneur who owns a small marketing firm makes $400,000 per year. She wishes to contribute as much as possible to a retirement plan in order to minimize her current taxes. She could contribute up to $11,500 for a SIMPLE IRA, $49,000 to a SEP-IRA, or up to $50,000 (contribution cap for 2012) in a Keogh Plan. By choosing the Keogh Plan over the SEP-IRA, she can contribute an additional $1,000 per year into her retirement plan. Keogh Plan Keogh plans are a type of retirement plan for"
"$32,500, for a total annual contribution of $49,000. The total contribution cap is $50,000 for 2012, $51,000 for 2013, $52,000 for 2014, and up to 25% of compensation or $53,000 in 2016, whichever is lower. A person with a Keogh Plan can also contribute to an IRA (traditional or Roth). Keogh Plans are not as common as most other retirement plans because there are several limitations to Keogh Plans. Compared to other retirement plans (traditional IRA, SIMPLE IRA, etc.), Keogh Plans require more administrative paperwork. While most small business owners can manage to set up other plans themselves, a Keogh"
"after retirement depends on how much they invested in the plan while they worked. The defined-benefits plan is more complex. It relies on an IRS formula to calculate the rate of contributions. In either case, as in other retirement plans such as 401(k)s and IRAs, the funds in the plan can be invested in stocks, bonds, mutual funds, etc. The main benefit of a Keogh Plan vs. other retirement plans is that a Keogh Plan has higher contribution limits for some individuals. For 2011, employees can generally contribute up to $16,500 per year, and the employer can contribute up to"
"her post-contribution income ($10,000, which would be the same as saying 20% of her gross income), regardless of whether she uses a SEP-IRA, Keogh Plan, or SIMPLE 401(k). Since there are less administrative costs, she would benefit most from choosing either the SEP-IRA or SIMPLE 401(k). Scenario #2 – A family physician who owns his own practice makes $100,000 per year. His maximum contribution is 25% of his post-contribution income ($20,000, which would be the same as saying 20% of his gross income) whether he uses a Keogh Plan or a SEP-IRA. The cost of maintaining the SEP-IRA is much"
"platform unique to self-employed workers, the SEP IRA and the Keogh Plan, but it lacked many of the benefits of the typical corporate 401(k) platform, such as employee deferral. Congress remedied this situation in 2001 with the passing of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA). Although EGTRRA was primarily known for its tax reductions, it also amended tax law to allow for self-employed individuals to access a 401(k) style retirement platform. This platform became popularly known as the Solo 401(k). In order to qualify for a Solo 401(k), an individual must claim some self-employed income. However, he/she"
"Employee Stock Ownership Plan (ESOP). Currently there are more than 11,000 companies owned entirely or in significant part by some 13 million employees. The following is a chart of the largest 10 companies in the United States that operate an ESOP or other New Economy Movement based system: Seventh Generation, a company dedicated to producing 'green' household products has policies requiring that no one be paid more than fourteen times the lowest base pay or five times higher than the average employee. Many New Economy business models are classified as benefit corporations in the 30 U.S. states and the District"
"Small Self Administered Scheme Small Self Administered Scheme (SSAS) is a type of UK Occupational Pension Scheme. Schemes are trust-based and established individually, usually by directors of limited companies for specified employees of the company. Since Pension Simplification (also known as A-Day), SSAS has been available for establishment by those who are not in a limited company (i.e. Partnerships and Families). SSAS registered with HMRC may enjoy tax-exempt status, all investments made will be free of Capital Gains Tax, and contributions to the SSAS will receive tax-relief (if contributions are made by a ""Relevant UK Individual""). Basic rate tax relief"
"business partners and their spouses. A full-time employee is generally defined as one who works at least 1,000 hours per year for his/her employer. Certain employees may be excluded from plan eligibility, such as those under age 21, non-resident aliens, and union members for which retirement benefits were the subject of a collective bargaining agreement. The two basic types of Solo 401(k) plans are brokerage based and self-directed, also known as a ""checkbook control"" Solo 401(k). The type of plan is based on the plan documents. The basic plan documents state and control the operations of the plan and the"
"it ""tailors the cost prediction and final net premium cost to the individual insured"" making the calculation more accurate. The second benefit is that ""it provides added incentives for loss reduction."" Professional employer organization Professional employer organization A professional employer organization (PEO) is an outsourcing firm which provides services to small and medium sized businesses (SMBs). Typically, the PEO offering may include human resource consulting, safety and risk mitigation services, payroll processing, employer payroll tax filing, workers' compensation insurance, health benefits, employers' practice and liability insurance (EPLI), retirement vehicles (401(k)), regulatory compliance assistance, workforce management technology, and training and development."
"to run other investment plans. As part of the arrangement, Xerox’s chief investment officer joined GMAM. Following GM’s bankruptcy, in 2010 Xerox took back the management of its pension assets. Other early examples of pension fund investment outsourcing included Brown & Williamson, Weyerhauser, Maytag, ADM and K-Mart. In the United States, movement toward outsourcing by state, county or municipal pension plans has been slower than corporate pensions. This is despite the difficulty that many public pension funds have recruiting and retaining qualified staffs, particularly in alternatives such as hedge funds, private equity and real assets such as real estate, oil"
"2005, also known as the corporate pension. The corporate pension system provides two forms of benefits in addition to the traditional voluntary personal pension saving account: the defined benefit and defined contribution plans. Pay-outs from the two new plans are provided either as a lump-sum retirement pay or as an annuity. As for 2009, private pension spending in the percentage of GDP is 7.9 percent, equivalent to 10.3 trillion won. By the end of 2009, 1.723 million workers were already enrolled in the plan. By 2011, 2.7 million, or 30 per cent of the regular workers are enrolled and protected."
"investment options and administrative providers. Defined contribution plans are common in the United States, and exist in various other countries, including: the UK’s personal retirement plans and proposed National Employment Savings Trust (NEST), Germany’s Riester plans, Australia’s Superannuation system, and New Zealand’s KiwiSaver scheme. Individual retirement savings plans also exist in Austria, Czech Republic, Denmark, Greece, Finland, Ireland, Japan, Korea, Netherlands, Slovenia and Spain. Examples of defined contribution plans in the USA include Individual Retirement Accounts (IRAs) and 401(k) plans. In such plans, the employee is responsible, to one degree or another, for selecting the types of investments toward which"
"pension funds, foundations, financial endowments, fund managers, insurance companies, sovereign wealth funds, and other institutional investors. Over 20% of the wealthiest families in the United States are clients of the company's wealth management division. It provides personal trust, investment management, custodian bank, and philanthropic services, financial consulting, guardianship and estate administration, qualified retirement plans and private and business banking. Wealth Management focuses on high-net-worth individuals and families, business owners, executives, professionals, retirees, and established privately held businesses in its target markets with assets typically exceeding $75 million. Wealth Management services are delivered through a network of 85 offices in 18"
"insurance providers, but typically include limitations to: Business owner's policy A business owner’s policy (also businessowner’s policy, business owners policy or BOP) is a special type of commercial insurance designed for small and medium-sized businesses. By bundling general liability insurance and property insurance into a single policy, BOPs typically offer a reduced premium, often making them a more cost-effective option than separately purchased policies. Specific coverage included in a business owner’s policy varies among insurance providers, but most policies require that businesses meet eligibility criteria to qualify. A typical business owner’s policy includes property and liability insurance. The property insurance"
"of 18 are dependents of someone who is covered or under a special exclusion where they are allowed to alternate provisions. The national pension scheme is divided into four categories of insured persons – the workplace-based insured, the individually insured, the voluntarily insured, and the voluntarily and continuously insured. Employees between the ages of 18 to 59 are covered under the workplace-based pension scheme and contribute 4.5% of their gross monthly earnings. The national pension covers employees who work in firms that employ five or more employees, fishermen, farmers, and the self-employed in both rural and urban areas. Employers are"
"tax. Congress exempted insurance companies from taxes if they collected less than $350,000 in annual premiums; IAT qualified for this exemption at one time. Peter Kellogg Peter R. Kellogg (born September 5, 1942), is an American businessman and philanthropist with a net worth estimated by Forbes at around $3.4 billion. Peter attended Babson College in Wellesley, MA and the Berkshire School in Sheffield, MA. He is the son of James Crane Kellogg, III of Wall Street specialist firm Spear, Leeds & Kellogg; he joined his father's firm in 1967 after working at Dominick & Dominick. His fortune is primarily from"
"<br> Pensions in the United States Pensions in the United States consist of the Social Security system, as well as various private pension plans offered by employers, insurance companies, and trade unions. Private pension plans are governed by various federal statutes and regulations: labor law regarding the establishment (primarily ERISA), maintenance, and termination of pension plans; tax treatment of pension plans and pension distributions; provisions of securities law relevant to pension plans; pension-related bankruptcy laws; protection against age discrimination and other requirements imposed on pensions. Pension law also incorporates judicial decisions with respect to those federal statutes and regulations. Pension"
"more depending on special circumstances. While the laws often take several revisions to address their intended purpose, they usually serve to address a significant industry problem, such as the lax oversight of 403(b) plans in recent years. Pension administration in the United States Pension administration in the United States is the act of performing various types of yearly service on an organizational retirement plan, such as a 401(k), profit sharing plan, defined benefit plan, or cash balance plan. Increasingly these plan types are also being implemented in combination arrangements for greater contribution potential, such as the pairing of a cash"
"defined benefit plans are funded, because governments there provide tax incentives to funded plans (in Australia they are mandatory). In the United States, private employers must pay an insurance-type premium to the Pension Benefit Guaranty Corporation (PBGC), a government agency whose role is to encourage the continuation and maintenance of voluntary private pension plans and provide timely and uninterrupted payment of pension benefits. When the PBGC steps in and takes over a pension plan, it provides payment of pension benefits up to certain maximum amounts, which are indexed for inflation. The PBGC receives its funding from several sources, including insurance"
"allowed to alternative provisions. The national pension scheme is divided into four categories of insured persons – the workplace-based insured, the individually insured, the voluntarily insured, and the voluntarily and continuously insured. Employees between the ages of 18 to 59 are covered under the workplace-based pension scheme and contribute 4.5% of their gross monthly earnings. The national pension covers employees who work in firms that employ five or more employees, fishermen, farmers, and the self-employed in both rural and urban areas. Employers are also covered under the workplace-based pension scheme and help cover their employees obligated 9% contribution by providing"
"Business owner's policy A business owner’s policy (also businessowner’s policy, business owners policy or BOP) is a special type of commercial insurance designed for small and medium-sized businesses. By bundling general liability insurance and property insurance into a single policy, BOPs typically offer a reduced premium, often making them a more cost-effective option than separately purchased policies. Specific coverage included in a business owner’s policy varies among insurance providers, but most policies require that businesses meet eligibility criteria to qualify. A typical business owner’s policy includes property and liability insurance. The property insurance portion of a BOP is available most"
"citizens in urban areas and their dependents, with the exception of government workers. All salaried and wage workers are covered, as are self-employed persons who voluntarily join. It also insures many old-age pensioners. The Medical Service Insurance Organization covers government employees, students, and inhabitants of rural areas. The Imam Khomeinei Relief Foundation insures the poor who are not covered by other insurance schemes, while the Military Personnel Insurance Organization provides health insurance to members of the armed forces. Beyond these schemes, there are a number of private and semi-public insurance programs that cover the more affluent members of society. More"
"in private equities, although some other countries (such as Canada) and some states permit their pension funds to invest in private equities. As a universal system, Social Security generally operates as a pipeline, through which current tax receipts from workers are used to pay current benefits to retirees, survivors, and the disabled. When there is an excess of taxes withheld over benefits paid, by law this excess is invested in Treasury securities (not in private equities) as described above. Two broad categories of private pension plans are ""defined benefit pension plans"" and ""defined contribution pension plans."" Of these two, Social"
"available to Maine businesses with fewer than 50 employees, the self-employed, and other individuals. The program is funded through a one-time grant of $53 million from the state, employer and employee contributions, Medicaid payments, and an ongoing assessment on insurance entities known as the ""Savings Offset Payment"" (SOP) based on savings attributable to the operations of Dirigo. In 2002, it was estimated that over 100,000 Maine residents were uninsured. Almost 80% of enrollees have family incomes below 300% of the Federal Poverty Level. 700 small employers were enrolled in DirigoChoice, representing 2.5% of the firms that are eligible. The primary"
"GEHA GEHA (Government Employees Health Association) is a self-insured, not-for-profit association providing health and dental plans to federal employees and retirees and their families through the Federal Employees Health Benefits Program (FEHBP) and the Federal Employees Dental and Vision Insurance Program (FEDVIP). GEHA provides benefits to nearly 1.8 million people worldwide. The company currently offers traditional fee-for-service health plan options with a preferred provider organization (PPO) along with a high deductible health plan (HDHP) that can be paired with a health savings account (HSA). On the dental side, GEHA offers two options under the Connection Dental Federal FEDVIP plan. In"
"Professional employer organization A professional employer organization (PEO) is an outsourcing firm which provides services to small and medium sized businesses (SMBs). Typically, the PEO offering may include human resource consulting, safety and risk mitigation services, payroll processing, employer payroll tax filing, workers' compensation insurance, health benefits, employers' practice and liability insurance (EPLI), retirement vehicles (401(k)), regulatory compliance assistance, workforce management technology, and training and development. The PEO enters into a contractual co-employment agreement with its clientele. Through co-employment, the PEO becomes the employer of record for tax purposes through filing payroll taxes under its own tax identification numbers. As"
"Solo 401(k) A Solo 401(k), (also known as a Self Employed 401(k) or Individual 401(k)), is a 401(k) qualified retirement plan for Americans that was designed specifically for employers with no full-time employees other than the business owner(s) and their spouse(s). The general 401(k) plan gives employees an incentive to save for retirement by allowing them to designate funds as 401(k) funds and thus not have to pay taxes on them until the employee reaches retirement age. In this plan, both the employee and his/her employer may make contributions to the plan. The Solo 401(k) is unique because it only"
"Sachs, ING, Kempen and Robeco – Corestone while Russell Investments and SEI are leading examples of the second group. Cardano is an example of the third group. These are organisations that have been created by pension funds by spinning off their in-house teams into independent organisations that specialise in providing solutions for pension schemes. This group is particularly prevalent in the Netherlands. Leading examples in this group include APG (formerly part of the ABP Pension Fund), Blue Sky Group (originally part of the KLM Pension Fund), MN (formerly part of the PMT Pension Fund) and PGGM (formerly part of the"
"generally not tax deductible in the U.S. Under the COLI Best Practices Act within the Pension Protection Act of 2006, key person insurance proceeds for policies owned by employers can be taxable if certain conditions are not met. In Australia, Key person insurance policies are generally not deductible unless used specifically for business revenue protection purposes. Claim proceeds in Australia if used for revenue purposes may be taxable and depending on the ownership of the policy, may trigger a Capital Gains Taxation Event. In the UK the main principles of key person insurance taxation were outlined by the Chancellor of"
"such as a bank or brokerage firm. Pension plans often come with a tax break depending on the country and plan type. For example, Canadians have the option to open a Registered Retirement Savings Plan (RRSP), as well as a range of employee and state pension programs. This plan allows contributions to this account to be marked as un-taxable income and remain un-taxed until withdrawal. Most countries' governments will provide advice on pension schemes. Widows' funds were among the first pension type arrangement to appear, for example Duke Ernest the Pious of Gotha in Germany, founded a widows' fund for"
"indefinitely. COBRA only applies to firms with 20 or more employees, although some states also have ""mini-COBRA"" laws that apply to small employers. In the late 1990s federal legislation had been proposed to ""create federally-recognized Association Health Plans which was then ""referred to in some bills as 'Small Business Health Plans.' The National Association of Insurance Commissioners (NAIC), which is the ""standard-setting and regulatory of chief insurance regulators from all states, the District of Columbia and territories, cautioned against implementing AHPs citing ""plan failures like we saw The Multiple Employer Welfare Arrangements (MEWAs) in the 1990s."" ""[S]mall businesses in California"
"Small Business Health Options Program The federal Small Business Health Options Program is an insurance exchange, created by Patient Protection and Affordable Care Act (Obamacare). The Small Business Health Options Program (SHOP) Marketplace helps small businesses to provide health coverage to their employees. Therefore, it is open to employers with 50 or fewer full-time equivalent employees (FTEs), in which it also includes non-profit organizations. According to the HealthCare.gov, the benefit of SHOP Marketplace includes, allowing owner to offer health and dental coverage to employees. Other than that, with flexibility, choice, and the online application and account management, SHOP aims to"