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Retirement and 401(k) 2017-01-25T09:05:29+00:00

Sheakley Retirement provides a one-stop, comprehensive retirement plan solution for small to medium size employers. It starts with a consultative meeting to determine the plan design that best meets the needs of the business and its employees. Then we’ll handle the implementation and maintenance of the retirement plan, ensuring a simple, efficient and successful 401(k) profit sharing plan or other retirement program.

Plan Administration

Your Sheakley team will oversee the complex details and activities of installing and expertly managing a retirement plan

Sheakley can handle tasks such as recordkeeping services, answering questions, enrolling individuals, contributions, distributions, compliance testing, and completion of Form 5500 tax forms.

Plan Design

Sheakley consultants are experts in plan design. We’ll assist in customizing a plan specific to the needs of your organization and we will maintain all areas of plan compliance

The close interactions we maintain with all parties ensure a partnership that is committed to service and efficient communication.

Document Services

Sheakley has access to standardized, non-standardized and individually designed documents

Our experienced staff will walk plan sponsors through numerous provisions and design a retirement plan based on specific client needs and demographics. We provide a comprehensive analysis of the census in order to determine the most suitable plan based on the plan sponsor’s specific retirement goals.

IRS & DOL Correction Programs

We take the steps necessary to resolve a compliance problem

We’ll assist with the Employee Plans Compliance Resolution Systems (EPCRS) or the Voluntary Correction Program (VCP) process. And we’ll provide signature ready documents for program submission.

Plan Administration

Your Sheakley team will oversee the complex details and activities of installing and expertly managing a retirement plan.

Leave the Hassles to Us

Sheakley can handle tasks such as recordkeeping services, answering questions, enrolling individuals, contributions, distributions, compliance testing, and completion of Form 5500 tax forms.

Plan Design

Sheakley consultants are experts in plan design. We’ll assist in customizing a plan specific to the needs of your organization. We maintain all areas of plan compliance; the peace of mind that this provides helps keep our clients focused on their business – instead of employee related paperwork and understanding of complex, and often very personal, employee issues.

Unbeatable Teamwork

The close interactions we maintain with all parties ensure a partnership that is committed to service and efficient communication.

Document Services

Sheakley has access to standardized, non-standardized and individually designed documents. Our experienced staff will walk plan sponsors through numerous provisions and design a retirement plan based on specific client needs and demographics.

Always Here to Help

We provide a comprehensive analysis of the census in order to determine the most suitable plan based on the plan sponsor’s specific retirement goals.

IRS and DOL Correction Programs

We'll assist with the Employee Plans Compliance Resolution Systems (EPCRS) or the Voluntary Correction Program (VCP) process. We can take the steps necessary to fix a compliance problem and will also provide signature ready documents for program submission.

We Have Your Back

We’ll make it easy!
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Why Choose Sheakley

      • Single provider — one source for your HR and risk management needs
      • Expertise — our experienced support team will help guide you through the complicated world of HR
      • Experience — more than 50 years of serving our clients’ HR and risk management needs
      • Trust — family owned, local offices, BBB Accredited and trusted by more than 50,000 clients

FAQ

Employer-sponsored retirement plans that are generally grouped into a Defined Contribution Plan (DC).In DC plans, the plan defines the contributions that an employer can make, not the benefit that will be received at retirement. The terminating employee receives the proceeds in a current or deferred lump sum or annuity. Since the benefit is not defined, the retirement outcomes are not known in advance.

In 1978, section 401k of the Internal Revenue Code authorized the use of a new type of defined contribution plan that allows for the employee to make pre-tax contributions to the plan.

Vesting means that you have earned the right to a portion of the full amount of your Participant Account. Once you have “vested” a portion of or the full amount of your account, that amount cannot be forfeited or taken away from you (however, your vested account balance will be adjusted for any investment gains and losses). All contributions that you make, plus any investment earnings on those contributions, are always 100% vested and cannot be forfeited for any reason.

The vesting schedule is based on your years of service, and determines how rapidly your account balance becomes non-forfeitable. The portion of your account balance to which you are not entitled is called a “forfeiture” and is left behind in the Plan when you terminate your employment. Talk to your plan administrator or ask them for a copy of your plan’s Summary Plan Description (also known as an SPD).

As required by law, your entire interest in this plan must be distributed or begin to be distributed no later than your “Required Beginning Date”. At that time, you must take at least a minimum amount called a “required minimum distribution.”

During your lifetime, distributions generally will be based on the “Uniform Life Expectancy Table” published by the IRS. Upon your death, if you have named a Beneficiary or Beneficiaries their life expectancy generally will be used to determine their payments. These rules will be explained to you and your Beneficiary(ies) by the Plan Administrator once you reach age 70½ or earlier if you should die.

If you are not a more than 5% owner of your employer, you may delay starting payment of your retirement benefits until you terminate employment, even if you are older than age 70½, however; if you are a 5% or more owner, you must take a distribution upon attainment of age 70½, even if you are still working. This is your Required Beginning Date.

Generally, the full value of your account balance is payable at your Normal Retirement Date. The Normal Retirement Age under this Plan may vary. Your Normal Retirement Date is the date you attain your Normal Retirement Age.

If you work beyond your Normal Retirement Age, and have not terminated employment, you may request to start receiving benefit payments. Whether or not you work past Normal Retirement Age, you will continue to fully participate in the Plan.

You may choose the person or persons (the Beneficiary or Beneficiaries) who will receive benefits under the Plan if you die. You must name your Beneficiary (or Beneficiaries) on a form provided by the Plan Administrator, and return the form to the Plan Administrator. If you are married, your Spouse is your Beneficiary automatically. If you wish to name someone else, you must complete a beneficiary designation form and get your Spouse’s written consent. Your Spouse’s signature must be witnessed by a notary public or by the Plan Administrator.

In the event of your death, the full value of your account is payable to your Beneficiary in a lump sum or, if the plan permits, in installment payments over any period that does not exceed the life expectancy of your Beneficiary.

Hear It from Our Clients

Sheakley is the most professional company I have ever dealt with. Everyone is EXTREMELY knowledgeable of their job.

Connie D, Jones Machinery

Your customer service is excellent – we appreciate your responsiveness, professionalism, and friendliness.

Katie R, TNCPE

Wonderful and speedy service from our Sheakley representatives. Keep up the fantastic work.

Linda H, Jet Plastics

Carrie and the rest of the team administering our plan are responsive and helpful. Easy to work with. Kudos!

Steve L, Terrace Park Country Club
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