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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.Profit sharing plans have long been a popular retirement plan choice for small businesses.
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.
The options available under these plans are significant.
You and Lafayette Life could be a winning combination together.
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.However, using either a cross-tested or age-weighted formula provides owners with more options in how the contribution amount is divided among employees based on objective criteria.For example, the owner may divide employees by job classifications and ownership or by age, subject to nondiscrimination testing.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.Profit sharing plans can be a powerful tool in promoting financial security in retirement.They are a valuable option for businesses considering a retirement plan, providing benefits to employees and their employers.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.Employers start a profit sharing plan for a host of reasons: This tutorial highlights some of a profit sharing plan’s advantages and some of your options and responsibilities as an employer operating a profit sharing plan.When you establish a profit sharing plan, you must take certain basic actions.