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Beyend 401 small buisness owners - Jean D.

Beyend 401 small buisness owners

Author: Jean.D
Publishers: Wiley & sons
Year of publication: 2004
Number of pages: 274
ISBN 0-471-27268
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Download: beyond401korsmallbusinessowners2004.pdf

BEYOND 401(K)S
FOR
SMALL
BUSINESS
OWNERS
A Practical Guide to Incentive, Deferred Compensation, and Retirement Plans
JEAN D. SI FLEET, ESQ^CPA
BEYOND
401(k)S
FOR
SMALL
BUSINESS
OWNERS
A Practical Guide to Incentive, Deferred Compensation, and Retirement Plans
JEAN D. SIFLEET
WILEY
John Wiley & Sons, Inc.
BEYOND
401(k)S
FOR
SMALL
BUSINESS
OWNERS
BEYOND
401(k)S
FOR
SMALL
BUSINESS
OWNERS
A Practical Guide to Incentive, Deferred Compensation, and Retirement Plans
JEAN D. SIFLEET
WILEY
John Wiley & Sons, Inc.
Copyright © 2004 by Jean D. Sifleet, Esq. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923,
(978) 750-8400, fax (978) 750-4470, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, e-mail: permcoordinator@wiley.com.
Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. The publisher is not engaged in rendering professional services, and you should consult a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.
For general information on our other products and services please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002.
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Library of Congress Cataloging-in-Publication Data:
Sifleet, Jean D., 1948-
Beyond 401(k)s for small business owners : a practical guide to incentive, deferred compensation, and retirement plans / Jean D. Sifleet. p. cm.
Includes index.
ISBN 0-471-27268-X (pbk.)
1. Employee fringe benefits. 2. Small business—Management. 3. Pensions.
4. Incentive awards. I. Title.
HD4928.N6S57 2003
658.3'22—dc21
2003041101
Printed in the United States of America.
10 987654321
This book is dedicated with great respect to small business owners who overcome incredible obstacles and create prosperity for themselves, their families, and employees.
PREFACE
The goal of this book is to provide information, in clear ordinary language, that enables small business owners to move ahead with confidence and take advantage of many tools to enhance compensation and retirement benefits.
In preparing this book, I owe thanks to many people. My family and friends endured many months of my questions and requests for feedback. Special thanks are owed to my contributing experts who generously shared their knowledge and experience so that this book would tell you candidly how to avoid pitfalls.
Extra special thanks go to Michael Hamilton and the full extended team from John Wiley & Sons, without whose commitment this book would not have happened.
vii
CONTENTS
1. What Are You Trying to Accomplish? 1
Different Goals Need Different Plans 2
Compensation and Benefits Evolve as the Business Grows 2
“Be Careful What You Ask For” 4
For a Current Tax Deduction, You Need a “Qualified Plan” 4
To Limit Participitation in the Plan, You Need a
“Nonqualified Plan” 5
Look at the Big Picture before Diving into the Specifics 6
The Bewildering Array of Alternatives 6
2. Why Have a Compensation Plan? 13
Compensation Reflects Your Company’s Values 13
Base Pay and Benefits 14
What Do You Currently Offer? 15
How Does Your Pay Compare? 16
Use Compensation to Motivate Employees 16
What Behaviors Do You Want to Encourage? Discourage? 16 Writing Your Compensation Plan 17
A Written Plan Will Help You Be Consistent 19
Using a Calendar Time Line 19
Next, Create a Visual Calendar Framework for
Your Planning Process 21
What Is Important to Employees? 21
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