Factors for a Legal Professional Corporation to Consider When Choosing its First Qualified Retirement Plan

Author

Beverly Puckett Nuoffer, Fontbonne College

Year of Award

1986

Degree

Master of Business Administration (MBA)

College

College of Business & Professional Studies

Degree Program

Business

Department

Business Administration

Keywords

Law Office, Retirement, ERISA, Qualified Plan, Benefits, Legal Profession

Abstract

When a business entity contemplates the establishment of a retirement plan for its employees there are many factors to take into consideration before making a final decision. Initially, the organization must determine if it desires a qualified or nonqualified plan. To sponsor a qualified plan entails additional expenses and restrictions to meet the standards of the Employee Retirement Income security Act of 1974 (ERISA), but it also results in more immediate tax benefits, among other things.

Once an organization decides it wants a qualified plan the next step is to analyze the advantages and disadvantages of the various types of plans. The primary types are defined contribution and defined benefit plans. A further step is to pick out the appropriate plan sub-type, such as a profit sharing or target benefit plan.

Finally, the company must choose the specific plan provisions which most accurately reflect its philosophy. Certain provisions can reinforce desired attributes in the employee population, such as longevity, participation in increasing their accrued retirement benefits, etc.

The object of this thesis is to evaluate these decisions with respect to a small legal professional corporation choosing its initial retirement plan.

Document Type

Restricted Thesis

Recommended Citation

Nuoffer, Beverly Puckett, "Factors for a Legal Professional Corporation to Consider When Choosing its First Qualified Retirement Plan" (1986). All Theses, Dissertations, and Capstone Projects. 642.
https://griffinshare.fontbonne.edu/all-etds/642