At BGA, we design customized ERISA retirement plans tailored to the unique needs of medical practices, including doctors, dentists, surgeons, and other high-income professionals. We understand that managing a successful practice involves balancing operational responsibilities with tax planning and asset protection considerations. Our team works closely with medical professionals to evaluate retirement plan strategies that may provide opportunities for additional retirement contributions while supporting asset protection considerations and compliance with ERISA standards.
Our team brings experience in working with medical professionals, understanding the intricacies of practice ownership, partnership structures, and the financial goals of high earners. We offer:
We work with medical practices to evaluate retirement plan structures, including 401(k) plans, profit-sharing plans, and cash balance plans, based on the goals and operational considerations of the practice.
Our team also assists with reviewing contribution opportunities and plan features in accordance with applicable ERISA requirements
Retirement plans can be designed to allow higher contribution levels, allowing you to defer additional income and invest your retirement assets tax-deferred. This strategy is especially beneficial for partners and high-earning professionals in high tax brackets.
ERISA Retirement plans may provide an additional layer of asset protection while you focus on your practice.
We assist with the complexities of ERISA compliance in order to help reduce administrative burdens on you and your practice. We also offer fiduciary oversight. As fiduciaries, we are legally required to act in the best interests of the plan and its participants.
A plastic surgery group with two physician partners wanted to evaluate whether a more advanced retirement plan design could better align with each partner’s financial goals.
One partner was nearing retirement and did not want to make additional retirement contributions. The other partner was younger, had significant taxable household income, and wanted to evaluate opportunities to defer more income, increase retirement savings, and reduce current tax exposure. Both partners were also interested in incorporating asset protection considerations into their planning.
High tax exposure, different retirement savings goals between partners, and a need to evaluate additional asset protection strategies.
BGA presented a customized Cash Balance + 401(k) combination plan to evaluate opportunities to increase tax-deferred retirement savings for one partner while allowing the other partner to avoid participating in the cash balance portion of the plan.
The proposed design also included required employee contributions and annual testing considerations to help satisfy applicable retirement plan requirements.
Our knowledge of ERISA plans, and our experience designing these plans for medical practices differentiates us from typical Wealth Management Firms. We understand the unique financial needs of doctors, dentists, and surgeons, and we are committed to helping you achieve your goals. Our team is here to provide guidance so that you can focus on your patients and your practice.
If you’re ready to explore a customized retirement plan for your practice, contact us today. Our team is here to discuss retirement plan options that take into account your tax planning needs, addresses asset protection considerations, and supports your long-term financial objectives.
