401(k) Profit Sharing

Case Study

Meet Alex & Jake

Alex and Jake own a law firm that has grown in size and reputation over its tenure. They had started their retirement plan options with a simple off-the-shelf plan but now realize the need for more help and guidance to make sure they were optimizing their business retirement plan design for both owners and staff.

These owners spent many years growing their firm and building their reputation so as their business has grown it was important to both the partners and staff that their plan allowed for maximum saving opportunities while also treating a tool for employee retention.

The Motivation

Alex and Jake had a basic 401k plan that met their needs for the first few years, but as their business and revenues grew they wanted to offer a retirement benefit that allow them to truly maximize their personal contributions while also acting as a selling point to new prospective attorneys to join their team.

They worked closely with PPC to restructure their plan to meet their evolving benefit needs.

How It Works

The Impact

By choosing a profit-sharing plan, these owners were able to take advantage of strategic tax advantages while also building a culture of collective motivation and growth. Owners benefit from tax strategies to help them save for retirement and save on current-year tax burdens and employees are directly invested in the company’s success, knowing that it would bolster their retirement savings. This alignment of interests led to increased dedication and a strengthened sense of community within the company.