Retirement Services

Quincy Cass Associates Professionals

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Quincy Cass Associates is a registered broker-dealer allied with National Financial Service Corporation (NFSC), a Fidelity Investments company, which provides all clearing services for our client accounts. We are able to act in a traditional brokerage manner including the following investments and additional services:

401K Plans

“A 401(k) plan is a tax-advantaged, defined-contribution retirement account offered by many employers to their employees. It is named after a section of the U.S. Internal Revenue Code. Workers can make contributions to their 401(k) accounts through automatic payroll withholding, and their employers can match some or all of those contributions. The investment earnings in a traditional 401(k) plan are not taxed until the employee withdraws that money, typically after retirement. In a Roth 401(k) plan, withdrawals can be tax-free. (Internal Revenue Service. “401(k) Plan Overview.” Accessed April 15, 2020.)”

Source: https://www.investopedia.com/terms/1/401kplan.asp

Simple IRA

“A SIMPLE IRA is a retirement savings plan that most small businesses with 100 or fewer employees can use. “SIMPLE” stands for “Savings Incentive Match Plan for Employees,” and “IRA” stands for “Individual Retirement Account.” Employers can choose to make a 2% retirement account contribution to all employees or an optional matching contribution of up to 3%.

Employees can contribute a maximum of $13,500 annually in 2020; the maximum is increased periodically to account for inflation. Retirement savers ages 50 and older may make an additional catch-up contribution of $3,000, bringing their annual maximum to $16,500.

One of the many major provisions, now law, under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the government will provide a maximum tax credit of $500 per year to employers who create a 401(k) or SIMPLE IRA plan with automatic enrollment.”

Source: https://www.investopedia.com/terms/s/simple-ira.asp

Simplified Employee Pension

“A simplified employee pension (SEP or SEP IRA) is a retirement plan that an employer or self-employed individuals can establish. The employer is allowed a tax deduction for contributions made to the SEP plan and makes contributions to each eligible employee’s SEP IRA on a discretionary basis.1

Additionally, under the new Setting Every Community Up for Retirement Enhancement (SECURE) legislation, which was enacted on December 20, 2019,2 small employers will get a tax credit to offset the costs of starting a 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) IRA plan with auto-enrollment on top of the start-up credit they already receive. 3

SEP IRAs often have higher annual contribution limits than standard IRAs.4 Fundamentally, a SEP IRA can be considered a traditional IRA with the ability to receive employer contributions. One major benefit it offers employees is that employer contributions are vested immediately.

  1. Internal Revenue Service. “SEP Retirement Plans for Small Businesses,” Page 1. Accessed Feb. 14, 2020.
  2. U.S. Congress. “H.R.1865 – Further Consolidated Appropriations Act, 2020.” Accessed Feb. 14, 2020.
  3. House Committee on Ways and Means. “The Setting Every Community Up for Retirement Act of 2019,” Page 1. Accessed Feb. 14, 2020.
  4. Internal Revenue Service. “COLA Increases for Dollar Limitations on Benefits and Contributions.” Accessed Feb. 14, 2020.
  5. Internal Revenue Service. “Choosing a Retirement Plan: SEP.” Accessed Feb. 14, 2020.”

Source: https://www.investopedia.com/terms/s/sep.asp

Rollover IRA

“An IRA rollover is the transfer of the holdings of one retirement plan to another without creating a taxable event.

With a direct rollover, the retirement plan administrator may pay the plan’s proceeds directly to another plan or to an IRA. The distribution may be issued as a check made payable to the new account. When receiving a distribution from an IRA through a trustee-to-trustee transfer, the institution holding the IRA may distribute the funds from the IRA to the other IRA or a retirement plan.

In the case of a 60-day rollover, funds from a retirement plan or IRA are paid directly to the investor, who deposits some or all of the funds in another retirement plan or IRA within 60 days.

Taxes are typically not paid when performing a direct rollover or trustee-to-trustee transfer. However, distributions from a 60-day rollover and funds not rolled over are typically taxable.”

Source: https://www.investopedia.com/terms/r/rollover-ira.asp

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