Ascension's retirement practice provides strategic consulting and full turnkey administrative services to employers seeking responsible guidance for their retirement plan administration. Our practice offers the consulting, plan design, plan document creation, administration and communication support necessary to build and maintain your plan so that it becomes an asset to your employees -- not a liability to your organization.
Ascension offers strong expertise in retirement and executive plans, including regulatory compliance.
401(k): a 401(k) retirement savings plan allows employees to save for retirement, and have the savings invested while deferring income tax on the saved money and earnings until withdrawal.
403(b): a 403(b) plan is a tax-advantaged retirement savings plan available for public education organizations, some non-profit employers, such as 501(c)(3) organizations, cooperative hospital service organizations and self-employed ministers. It has a tax treatment similar to a 401(k) plan. Employees make salary deferrals before income tax is paid and the money is allowed to grow tax deferred until it is withdrawn from the plan.
BOLI: Bank Owned Life Insurance is life insurance purchased by banks for which the bank is the beneficiary, and/or owner. This is a tax shelter for the bank, as it is a tax-free funding arrangement for employee benefits and can provide significant leverage for the bank.
TOLI: Trust Owned Life Insurance is insurance owned by a trust and is used by many high net worth individuals as the cornerstone of their estate plan. It enables the trust to provide for survivors, cover estate tax liability planning, balance inheritances among heirs and meet charitable objectives.
COLI: Corporate Owned Life Insurance is life insurance on employees' lives that is owned by the employer corporation, with benefits payable to the corporation. COLI was originally purchased on the lives of key employees and executives by a company to indemnify the corporation against the financial cost of losing key employees to unexpected death, the risk of recruiting and training replacements of necessary or highly-trained personnel, or to fund corporate obligations including costs for post-retirement health insurance premiums.