The Pension Department handles all areas of pension planning for clients ranging from the calculation of pension deductions to distribution requirements, as well as prohibited transactions and termination of plans. We design all types of qualified pension plans such as defined benefit, money purchase, profit sharing, 401(k) and cash balanced plans. During our design phase, we determine the most attractive plan design for the company by analyzing their tax situation and projecting the tax-free accumulation and distributable benefits at retirement. Our innovative structuring serves as a means for our clients to maximize pension deductions by deferring the payment of taxes until benefits are actually received. We work closely with our clients and their accoutnants to develop the most appropriate approach to meet our clients’ needs
Our pension department handles all aspects of the administration of qualified retirement plans, including the calculation of annual contributions, preparation of annual valuations and annual tax forms required by the Department of Labor and the Pension Benefit Guaranty Corporation. We also prepare the calculations for the termination benefits and maximum loan amounts. We consult our clients regarding their continued tax-favored status with the Internal Revenue Service by discussing issues like minimum coverage and participation, highly compensated employees, contribution and benefit limitations, permitted disparity funding requirements, vesting, distribution requirements, tax deductions, prohibited transactions, maximum permissible loans, fiduciary responsibilities, reporting requirements and termination of plans.
We also consult our clients on real estate issues relating to their qualified plans.
Michele A. Farber, owner
Michele A. Farber graduated from the State University of Albany in May of 1985 with a Bachelor of Arts degree. She completed the Adelphi University Lawyer’s Assistant Program in Employee Benefits in December of 1985. Ms. Farber has been working in the pension field since 1985. Prior to opening up Pension Plan Designs Inc, Ms. Farber mangaed the ERISA Department at Hoffman Polland & Furman PLLC for twenty-six years.
Ms. Farber handles all types of administration for defined benefit plans, money purchase plans, profit sharing plans, 401(k) plans and cash balance plans.
Her responsibility includes plan design, cross tested plans, contribution calculations, preparation of the annual valuations, preparing of the annual Tax Forms to the Internal Revenue Service, calculation of termination benefits, calculation of maximum loan amounts, and discrimination testing. In addition, she handles the day to day questions of clients, acts as the liaison to the Internal Revenue Service, handles all plan audits with the Internal Revenue Service, submission of plans to the Internal Revenue Service for favorable letters of determination on initial plan qualification and discontinuance.