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The information herein is general and educational in nature and should not be considered legal or tax advice.Tax laws and regulations are complex and subject to change, which can materially impact investment results.Profit sharing plans can be a powerful tool in promoting financial security in retirement.
The business owner may prefer that not everyone receive the same share.
Age-weighted formulas allow higher contributions for older employees who are closer to retirement age.
Whether you are ready to become a Financial Representative or would like to learn more about working with Lafayette Life, we are eager to hear from you.
The Lafayette Life Insurance Company does not provide legal or tax advice.
Many employers offer profit sharing plans to align employees’ goals with company goals to increase productivity and ultimately, profits.
A profit sharing plan can be a great benefit for your employees and something you can offer which will give you an advantage when recruiting highly sought after employees.Once you have decided on a profit sharing plan for your company, you will have flexibility in choosing some of the plan’s features – such as when and which employees can participate in the plan.Other features written into the plan are required by law.In either case, you will be bound by the terms of the plan document.A allows you to decide (within limits) from year to year whether to contribute on behalf of participants.The individual limits are adjusted for cost-of-living increases.In a traditional profit Sharing plan, typically owners and employees share the same percentage of their salary for the contribution.Profit sharing plans have long been a popular retirement plan choice for small businesses.With these plans, the employer makes discretionary contributions and a key advantage is flexibility in determining the annual contribution amount depending on business profitability.Lafayette Life cannot guarantee that the information herein is accurate, complete, or timely Lafayette Life makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.Please consult an attorney or tax professional regarding your specific situation.