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The employee decides how much money to enter into the 401K plan,
which makes the employee responsible for his or her own future. Any earnings in your 401K account grow tax deferred. Since earnings are not taxed until they are withdrawn there are more real dollars working in your investments. |
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A typical 401K plan provides the employee with a number of different
investment options, allowing them to be as conservative or as bold with their savings as they want. Employees also have the ability to "roll over" or transfer without penalty, their savings if they decide to leave their current employer for a new job. Employers may provide "matching funds," meaning the employer puts in a percentage of what the employee already added to their 401K plan. A typical employer will match the contribution made by the employee to the 401K plan up to 6% of their gross income, assuming the employee chooses to contribute that much into the plan. |
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Business Insurance
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Group Pension Plans
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Palomino Insurance Group
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Florida Health, Life & Business Insurance
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Proudly Serving Florida Since 1986!
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Answer a few questions and we will
provide you with a quote by email or phone. Choose the Florida personal or business insurance coverage you're interested in from the menu above. |
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Palomino Insurance Group Corp.
7515 S.W. 32nd Street
Miami, Florida 33155
Miami-Dade County, FL
(305) 267-0000
Fax (305) 267-0004
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**The information, pictures, and other content in this website about particular
insurance services is only provided for informational purposes. Any decisions regarding your insurance needs should be discussed with a licensed insurance agent. |
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We are your local Miami, Florida insurance agency, offering comprehensive
group pension plan services to businesses in the following cities and counties: Coral Gables, Kendall, Richmond Heights, Pinecrest, Howard, Coral Way Village, Westchester, Westwood Lakes, Brownsville, Sweetwater, Key Biscayne, North Bay Village, Miami Beach, Miami Springs, Virginia Gardens, Hialeah, El Portal, Miami Shores, Medley, Indian Creek, Surfside, Bal Harbour, North Miami, Biscayne Park, Pinewood Park, Opa Locka, Bunche Park, Hialeah Gardens, Palm Springs North, Carol City, Norland, Ojus, Miami Lakes, Biscayne Gardens, Hallandale, Sunny Isles Beach, Golden Beach, Aventura, Uleta, Miramar, Pembroke Pines, North Miami Beach, Hallandale Beach, Ives Estates, Pembroke Park, Hollywood, Dania Beach, Cooper City, Davie, West Miami, Weston, Plantation, Playland Isles, Melrose Park, Lauderhill, Sunrise, Tamarac, Fort Lauderdale, Wilton Manors, Oakland Park, Lauderdale Lakes, Sea Ranch Lakes, Pompano Beach, Margate, Coral Springs, North Lauderdale, Lighthouse Point, Hillsboro Beach, Coconut Creek, Deerfield Beach, Boca Raton, The Hamptons, Highland Beach, Boca West, Delray Beach, Boca Pointe, Boynton Beach, Lantana, Rainbow Lakes, Atlantis, Lake Worth, South Palm Beach, Palm Springs, Greenacres, Wellington, Haverhill, Palm Beach, Golden Lakes, Riviera Beach, Glen Ridge, West Palm Beach, Lake Park, Royal Palm Beach, Jupiter, Juno Beach, North Palm Beach, Loxahatchee, Belle Glade, Palm Beach Shores, South Miami, Cutler Ridge, Princeton, Perrine, Naranja, Homestead, Florida City, Leisure City, Miami-Dade County, Broward County, Palm Beach County, FL. We also offer group pension services in the remainder of Florida, including Orlando, Jacksonville, Lakeland, and the Tampa Bay area. |
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Employee benefits are an important factor to any business in hiring
and retaining a good work force. Every Florida business needs to periodically review their employee pension, retirement and profit sharing benefit plans to ensure that this major expense continues to offer the highest quality benefits for your employees. |
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Click on a link below to learn more.
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Retirement Plans & Profit Sharing Plans
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Profit sharing plans offer the most flexibility when
it comes to making contributions. Company contributions may be determined by a formula written into your plan or at the discretion of your board of directors or other governing body.
You can provide that yearly contributions will
equal a certain percentage of profits. If the company makes no profit, no contribution is required that year. You can provide that contributions be made only if profits exceed specified amounts or you can let your board of directors review the company's financial position each year and make plan contributions at its discretion. |
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The amount of benefits an employee will receive from a profit sharing
plan depends on several factors. Since most company contributions are dependent on profitability, a profit sharing plan can be a strong incentive for employees to perform well. Other factors include the plan's investment performance, the number of years an employee has participated in the plan, and the amounts fortified by employees who leave before becoming entitled to the full value of their accounts. |
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Profit Sharing Plans include:
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Defined Benefit Pension Plans
Savings Incentive Match Plan (SIMPLE)
Simple Employee Pensions (SEP's)
Employee Stock Ownership Plans (ESOP's)
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Click on the link below to fill out a secure contact form to receive
additional information on a Profit Sharing Plan that will be right for your Miami, Florida area business. Or speak with our Business Employee Benefits Planning Specialist at (305) 267-0000 to discuss the features. |
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A retirement plan that allows employees in private companies to
make contributions of pre-tax dollars to a company pool that is then invested in stocks, bonds, or money markets. |
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Click on the link below to fill out a secure contact form to receive
additional information on retirement plans that will be right for your Florida business. Or speak with our Business Employee Benefits Planning Specialist at (305) 267-0000 to discuss the features. |
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Because the responsibility of funding the SIMPLE IRA is shared
between the employer and employee, the start-up and maintenance costs for SIMPLE IRAs are very low compared to qualified plans |
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A "Savings Incentive Match Plan for Employees" or SIMPLE IRA is a
retirement plan that may be established by employers, including self-
employed individuals (sole proprietorships and partnerships). A SIMPLE IRA allows eligible employees to set aside part of their pre-tax compensation as a contribution to the plan and defer the tax on the money until it is distributed to them. |
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Like other employer plans, the SIMPLE IRA allows employers a tax-
deduction for contributions they make to the SIMPLE IRA plan. The employee's contributions to the SIMPLE IRA are not taxed, but distributions are taxed. The tax and penalty treatment applicable to distributions from a SIMPLE IRA is determined by the owner's age at the time of distribution. Contributions to SIMPLE IRAs are immediately 100% vested, and the owner of the SIMPLE IRA directs the investments. |
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Click on the link below to fill out a secure contact form to receive
additional information on a SIMPLE IRA retirement plan that will be right for your Florida business. Or speak with our Business Employee Benefits Planning Specialist at (305) 267-0000 to discuss the features. |
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The SEP is an IRA-based plan to which employers may make tax-
deductible contributions on behalf of eligible employees. The employer is allowed a tax deduction for plan contributions, which are made to each eligible employees' SEP IRA on a discretionary basis. Employees do not pay taxes on SEP contributions, but the contributions are taxed when the employee receives a distribution from the SEP IRA.
Any employee that is eligible to participate in their employer's SEP plan
must establish a Traditional IRA to which the employer will deposit SEP contributions. SEP contributions become Traditional IRA assets and are subject to many of the Traditional IRA rules, including the following:
Any employer with one or more employees may establish a SEP Plan.
This includes sole proprietorships, partnerships, corporations, and non- profit organizations.
Contributions to SEP IRAs are immediately 100% vested.
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Click on the link below to fill out a secure contact form to receive
additional information on a SEP pension plan that will be right for your Florida business. Or speak with our Business Employee Benefits Planning Specialist at (305) 267-0000 to discuss the features. |
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A 403B retirement plan is a retirement plan for civil government,
university, and not-for-profit employees. It has the same characteristics and benefits of a standard 401K. |
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Most 403B retirement plans are funded by employee only contributions.
Employee contributions are tax deductible, tax deferred while inside the plan, and taxable as ordinary income upon distribution. |
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Contributions to 403B retirement plans generally take one of the following
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3. the employee makes contributions and the employer makes a
matching contribution. |
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1. only employees make contributions through a salary-reduction
agreement |
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2. only the employer makes contributions
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Every dollar contributed to a 403B retirement plan is tax deferred. Your
gross income is reduced by the amount of contribution to the plan and this will lower your current federal income tax liability. There is no current tax within the 403B retirement plan on gains, dividends and interest income. |
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Tax deductible contributions can only come from salary deductions
and can only be placed into 403B retirement plans offered through an employer. |
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By law, employee investment in a 403B is limited to investing in mutual
funds, variable annuities and fixed annuities. As of 2005, employees can deduct 100% of salary up to $14,000 and place those funds into a 403B.
A $4000 catch up contribution provision is available for individuals over
50 years of age during 2005. An additional catch-up provision is available for participants that did not participate in the 403B plan earlier, and is subject to length of employment rules. |
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Investing in stocks, bonds, mutual funds and variable annuities
does not guarantee a profit. All of these investments can lose money. Stocks, bonds, mutual funds and variable annuities are not FDIC insured. |
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Click on the link below to fill out a secure contact form to receive
additional information on a 403B retirement plan that will be right for your Florida business. Or speak with our Business Employee Benefits Planning Specialist at (305) 267-0000 to discuss the features. |
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Palomino Insurance Group Corp.
Copyright 2006-2008 All rights reserved
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