Align Your Retirement Plan With Your Goals

Powers Financial Group, LLC helps businesses in Texarkana design retirement plans that fit their workforce and budget.

When you decide to offer a retirement plan, the design phase determines how well that plan serves both your business and your employees. You need to understand contribution limits, vesting schedules, eligibility requirements, and how different plan features affect participation rates before you commit to a structure that could last decades.

Powers Financial Group, LLC starts with a consulting session and employee survey to understand what your staff needs and what your company can sustain. From there, the firm prepares the Plan and Trust documents, drafts a sample Board Resolution for plan adoption, writes the Summary Plan Description, and files the forms required to obtain an IRS favorable Letter of Determination. You also receive Enrollment Forms, Beneficiary Designation Forms, and Record Keeping Forms tailored to your plan. The firm provides assistance with employee meetings so your staff understands the plan features and how to enroll.

If you are ready to build a retirement plan that reflects your business structure and employee demographics, contact Powers Financial Group, LLC to begin the design process.

What Goes Into Building a Compliant Plan

The design phase involves more than choosing a plan type. You work through contribution formulas, safe harbor provisions, loan options, and whether your plan will allow hardship withdrawals or Roth contributions. Each choice affects how the plan operates and what annual testing you will need to satisfy IRS rules.

Once the documents are prepared and the IRS issues a favorable Letter of Determination, you have a legally recognized retirement plan. Your employees receive clear enrollment materials and a Summary Plan Description written in plain language. You gain a roadmap for ongoing contributions and a framework that protects both the company and participants.

The Board Resolution formalizes the plan adoption and establishes the effective date. The Beneficiary Designation Forms ensure that account balances transfer according to each employee's wishes. Record Keeping Forms provide a consistent way to track contributions, loans, and distributions over time. These documents form the foundation for all future plan activity and compliance work.

Business owners often have similar concerns when they begin the plan design process. The following questions address the practical steps and documents involved before your plan goes live.

We Know These Details Can Raise Questions

The survey gathers information about demographics, salary ranges, turnover, and retirement savings preferences. This data helps Powers Financial Group LLC recommend plan features that fit your workforce and avoid designs that favor only a few employees.
What does the employee survey include?

The IRS review typically takes several months after submission. Powers Financial Group, LLC prepares and files all required forms and monitors the application until the favorable letter arrives.

How long does it take to receive the IRS Letter of Determination?
The Summary Plan Description explains eligibility, vesting, contribution formulas, distribution rules, and participant rights in plain language. You distribute this document to all eligible employees so they understand how the plan works.
What is included in the Summary Plan Description?
The Board Resolution officially adopts the plan and sets the effective date. It creates a corporate record that the IRS and Department of Labor may request during audits or reviews.
Why is a Board Resolution necessary?

Powers Financial Group, LLC walks your staff through plan features, enrollment deadlines, contribution options, and beneficiary designations. Employees leave with completed forms and a clear understanding of how to participate.

What happens during the employee meetings?

A well-designed retirement plan in Texarkana starts with documents that reflect your business goals and meet federal requirements. Powers Financial Group, LLC handles the consulting, drafting, filing, and employee communication so you can focus on running your company. Reach out today to start the plan design process.