Compensation and Benefit Planning

Offering Key Guidance and Insight

MichaelSilver provides expertise and services designed to help navigate the challenging, often confusing and ever-changing area of Employee Benefit Plans. Whether you are in the planning stages, need assistance with implementation, or need basic compliance assistance, we can help. Services include:

Retirement Plans

• Assistance with Plan implementation and design
• Ensuring familiarity and compliance with the Plan document and choosing investment advisors or Third Party Administrators (TPA)
• Help in managing your exposure to audit requirements
• Compliance checks
• Determination of plan applicability related to controlled groups
• Assistance with Voluntary Compliance Submissions
• Roth conversion and IRA distribution planning
• Calculations of required minimum distributions (RMDs) and assistance with reporting
• Assistance with plan wind-down

Health and Welfare Benefit Plans

• Applicability of the Affordable Care Act to your business
• Analysis of self-insurance vs. fully-insured plan
• Effect of offering employees additional compensation in lieu of insurance benefits
• Guidance on understanding the nondiscrimination rules
• Assistance with setting up of HSA accounts and compatible plans
• Assistance with setting up cafeteria plans
• Differentiation of benefits for employees
• Utilization of HSA versus FSA accounts

Other Employee Benefits

• Executive Plans
• Deferred Compensation Plan: design, implementation, and calculations
• Stock option analysis
• Salary reviews
• Employee vs. Independent Contractor Analysis
• Assistance in establishing an employee expense reimbursement plan

Financial Statements

We work closely with you to provide guidance and advice and to prepare for the year-end compliance and financial statement to satisfying the requirements dictated by the Employee Retirement Income Security Act (ERISA).

Tax Compliance

MichaelSilver can also manage all of the Plan’s tax compliance reporting needs:

• Preparation of Forms 5500, 5500-SF and 5500-EZ
• Preparation of Summary Annual Reports
• Assistance with IRS or DOL matters
• Assistance with preparation of employee census information
• Preparation of Form 5530
• Preparation of Form 1099-R and Form 945