Adapt Your Plan as Circumstances Change

Powers Financial Group, LLC provides ongoing consulting for businesses with retirement plans.

Retirement plans are long-term savings vehicles, and over time your business, your workforce, and the laws governing qualified plans will change. In Texarkana, you may add new employees, adjust compensation structures, or face new contribution limits as Congress amends the tax code. The investing environment shifts, employee needs evolve, and plan features that worked well five years ago may no longer serve your goals.

Powers Financial Group, LLC designs and administers plans for the long term and remains available to help you review your plan when circumstances change. The firm provides consulting services that address law changes, employee feedback, investment performance, and plan design adjustments. You receive advice from professionals who understand your plan history and can recommend changes that align with your current business structure and budget.

If you have questions about your existing retirement plan or need to review your options, contact Powers Financial Group, LLC to schedule a consulting session.

When to Review and What to Look For

Consulting often begins with a plan review. You examine contribution levels, participation rates, vesting schedules, and whether your plan still matches your hiring and retention goals. The firm reviews recent law changes and identifies any new opportunities or risks that affect your plan. You discuss whether to add Roth contributions, adjust safe harbor provisions, or change the plan year.

After the review, you receive a written summary that outlines any recommended changes and explains how each adjustment would affect contributions, testing, and participant benefits. If amendments are necessary, the firm prepares updated plan documents and files any required notices with the IRS. Your employees receive clear communication about what is changing and how it affects their accounts.

The firm also helps you respond to employee questions about distribution options, loan terms, and beneficiary designations. If you are considering plan termination or merger, the firm walks you through the steps required to wind down the plan or combine it with another qualified plan. This guidance ensures that you make decisions based on accurate information and a full understanding of the compliance requirements involved.

Business owners reach out to Powers Financial Group, LLC when they need advice about plan changes, law updates, or employee concerns. The following questions address common consulting scenarios.

Plan Reviews Often Raise These Topics

Most businesses benefit from a full plan review every three to five years or whenever major law changes take effect. You should also review the plan if your workforce demographics shift significantly or if participation rates drop.
How often should we review our retirement plan?

Congress periodically adjusts contribution limits, changes required minimum distribution ages, and introduces new plan types or features. Powers Financial Group, LLC monitors these changes and advises you when amendments are necessary.

What kinds of law changes affect retirement plans?
Most plan features can be amended without terminating the plan. The firm prepares the amendment, files it with the IRS if required, and updates the Summary Plan Description so participants understand the change.
Can we change our plan design without starting over?
The firm reviews enrollment data and plan features to identify barriers to participation. You may need to adjust the eligibility period, increase matching contributions, or add automatic enrollment to improve participation rates.
What if employee participation is lower than expected?
The firm prepares the termination documents, calculates final account balances, coordinates distributions, and files the final Form 5500. You receive guidance on timing, tax reporting, and participant communication throughout the process.
How do you help with plan termination?

A dedicated advisor helps you respond to law changes, employee needs, and shifting business goals without starting from scratch. Powers Financial Group, LLC provides consulting services that protect your investment in your retirement plan and keep it aligned with your long-term objectives. Learn more by reaching out today.