Basic Steps to Setup a Qualified Retirement Plan
STEP 1: Filling out your Business Information
The first step in setting up your Qualified Retirement Plan (QRP) is filling out the information sheet provided. Once complete, fax the information sheet to our office at (916) 930-0102 or send it by email to email@example.com.
STEP 2: Document Preparation
After receiving your business information we will start the process of preparing your plan documents. Once the documents have been completed you will receive your prepared plan documents in a QRP binder.
STEP 3: Signature Requirements
You will receive two sets of signature documents: One is for you to retain for your records and the other is for QRP & Associates, LLC. Please sign all identified signature locations on both sets of documents and then mail back one set in the self addressed envelope provided.
STEP 4: Setting up your Qualified Retirement Plan Financial Account
The next step is to take the completed set of plan documents, which includes your NEW Employer Identification Number (EIN), to any bank or financial institution and open up a bank or brokerage account for your QRP. Once the account is opened you are ready to begin making contributions from your business into your QRP.
STEP 5: Investing the Plan Assets
You, as the trustee of the plan, are in charge of investing the plans assets. Refer to your Qualified Retirement Manual to review the permitted and allowed investments
STEP 6: Contributing to Your Plan
Earnings from your business can now be contributed into your plan. Contribution amounts into your new plan can vary depending upon the type of business entity, the number of employees your business has, and your available cash to fund your plan. Discuss your contribution plans with your tax advisor who will be able to assist you in both the method and the amount to contribute.
Should you need further assistance or have questions regarding setting up your QRP please contact our office at (916) 277-9333 or email us at firstname.lastname@example.org.