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Profit sharing plans offer the
most flexibility when it
comes to making
contributions. Company
contributions may be
determined by a formula
written into your plan or at
the discretion of your board
of directors or other
governing body.
You can provide that yearly
contributions will equal a
certain percentage of profits.
If the company makes no
profit, no contribution is
required that year. You can
provide that contributions be
made only if profits exceed
specified amounts or you
can let your board of
directors review the
company's financial position
each year and make plan
contributions at its
discretion.
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The amount of benefits an
employee will receive from
a profit sharing plan
depends on several factors.
Since most company
contributions are
dependent on profitability, a
profit sharing plan can be a
strong incentive for
employees to perform well.
Other factors include the
plan's investment
performance, the number
of years an employee has
participated in the plan, and
the amounts fortified by
employees who leave
before becoming entitled to
the full value of their
accounts.
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Profit Sharing
Plans include:
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Defined Benefit Pension
Savings Incentive Match
(SIMPLE)
Simple Employee
Pensions (SEP's)
Employee Stock
Ownership (ESOP's)
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914-276-6000
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800-498-1819
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Click on the link below to
fill out a New York Employee
Benefits Plans contact form.
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Direct Access Group Benefits, Inc.
© 2004, All Rights Reserved
© 2004, All Rights Reserved
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(914) 276-6000
(800) 498-1819 toll free
(914) 401-9319 fax
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189 Route 100
PO Box 590
Somers, New York 10589
Westchester County, NY
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Group Benefits
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Direct Access
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