Primark Benefits

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Pension & Profit Sharing Plans, Financial Planners, Financial Planning Consultants

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33 Years

in Business

(650) 692-2043Visit WebsiteMap & Directions875 Mahler Rd Ste 105Burlingame, CA 94010 Write a Review

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Email: Email Business
Extra Phones: Phone: (650) 692-2039
Neighborhoods: Bayfront, Inner Bayshore
Other Link: http://www.primarkbenefits.com
Other Email: Email Business
Categories: Pension & Profit Sharing Plans, Financial Planners, Financial Planning Consultants, Financial Services, Mutual Funds, Retirement Planning Services, Wills, Trusts & Estate Planning Attorneys

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Details

Phone: (650) 692-2043

Address: 875 Mahler Rd Ste 105, Burlingame, CA 94010

Website: http://www.primarkbenefits.com

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Primark Benefits

Tax Planning
The in-plan Roth conversion rules allow Section 401(k) and 403(b) (and ultimately, 457(b)) plan sponsors to offer participants more flexibility in their retirement tax planning.
Charitable Giving
Congress wants to reduce the deficit, but it has no appetite to raise taxes, so it’s focused on cutting loopholes to raise income—like deductions for mortgages, charitable contributions, and 401ks. According to Stephen Dobrow, President & CEO of Primark Benefits, if they reduce 401k contributions, it would have a significant effect on retirement savings, which today accounts for 2/3 or all wealth in the US. More importantly, it would drastically reduce the quality of life for people during retirement.
Tax Services
Roth IRA
Section 401(k) and 403(b) plan sponsors may now allow certain participants to convert their accounts held under the plan to Roth accounts. This in-plan conversion will allow participants to include these amounts in gross income for federal tax purposes in the year of the conversion, rather than having to wait until the year in which the amounts are actually distributed from the plan. Previously, a participant who wanted to convert his or her account to a Roth account would have had to take a distribution from the plan and then roll the distribution over to another plan with a Roth feature, such as a Roth IRA, in order to accelerate taxation and allow future earnings to accumulate tax-free.
Tax Deductions
If you are a business owner or employer interested in current tax deductions, future retirement benefits or creative employee reward programs, let’s talk.
Income Tax
The amount includable in gross income as a result of an in-plan conversion is the fair market value of the distribution, reduced by any basis that the participant may have in the distribution. If the amounts converted include an outstanding participant loan, the loan balance will be includable in gross income. If the distribution includes employer securities attributable to employee contributions, any net unrealized appreciation will be included in the fair market value. The conversion will not be subject to federal income tax withholding. Because of this, participants may need to increase their withholding rate on wages or make estimated tax payments in order to avoid being subject to an underpayment penalty.

Investment Management
The information on this website is for educational purposes only. It is not intended to be a substitute for specific individualized tax, legal or investment planning advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner or investment manager.
Mutual Funds
Primark Benefits’ open architecture platform provides access to over 10,000 mutual funds that you can use to build your own customized investment menus for your clients. Your plan participants benefit from a well-diversified investment menu without being limited to a single fund family or an insurance company.

Accounting Services
Payroll Services

Financial Planning
Retirement Planning
If your Pension Plan will benefit any employees other than the owners of the Plan’s sponsoring employer, the Department of Labor requires that any persons who handle the assets of the Trust obtain fidelity bonding. The minimum ERISA Bond coverage is for 10% of “Qualified” plan Assets. The usual cost for a $100,000 bond is about $220 for one year and about $550 for 5 years.

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