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Step 5

Plan Design Questionnaire

BP | DS | Master Form

    Review your contact information

    Data Transfer from Proposal Questionnaire (Hidden)

    Tell us about your organization

    Thank you for reaching out to Envoy Financial to assist with your Church/Organization Retirement Plan needs. We appreciate the opportunity to provide the ability for you to establish a Retirement Plan to prepare for your “Future Funded Ministry”. Please answer the following questions on the subsequent pages. All entries are editable and will be saved as you click next at the bottom if each page.

    When a church/organization has between 1 – 5 employee participants, we recommend you start off with an Individual Retirement Account (IRA) to help meet your retirement needs. IRAs tend to have a lower cost and less management as it relates to the plan set-up, recordkeeping, and Plan Document costs required for a 403(b) Retirement account. Please inquiry about it at https://www.faithbasedira.com/

    How does the IRS designate your organization?
    How many Highly Compensated Employees (HCE) do you have?

    A Highly Compensated Employee is an individual who Owned more than 5% of the interest in a business at any time during the year or the preceding year, regardless of how much compensation that person earned or received. Or, received compensation from the business of more than $135,000 if the preceding year is 2022; and $150,000 if the plan year is 2023, and, if the employer so chooses, was in the top 20% of employees when ranked by compensation. Learn More

    Census

    Select one:

    Maximum file size: 83.89MB

    Initial Current Retirement Plan details

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    What would you change about your current plan?

    Please provide the following information

    Retirement Contributions:
    Please provide us with a copy of your IRS Determination Letter.

    Maximum file size: 5MB

    For the Payroll Questions, please provide accurate pay dates that will be entered into our recordkeeping system to assist with the contribution upload process. Our goal is to understand as accurately as possible the incrementation of your pay dates.

    Enrollment and Escalation

    Do you want automatic enrollment?
    Do you want to auto escalate (increase) for your employees?
    Would you like to design a Safe Harbor Plan?
    Would you like Matching Contributions or Non-elective Contributions?
    Which match would you prefer?

    Automatic contribution arrangements allow employers to "enroll" eligible employees in the retirement plan automatically unless the employee affirmatively elects not to participate. "Enroll" means that the employer contributes part of the employee's wages to the retirement plan on the employee's behalf. Learn More
     
    With auto escalation, your savings rate is automatically increased by one or more percentage points per year until it reaches the maximum default rate for the plan Learn More

    Basic Match: 100% match on the first 3% of deferred compensation plus a 50% match on deferrals between 3% and 5% (4% total). Enhanced Match: Must be at least as generous as the basic match at each tier of the match formula. A common formula is a 100% match on the first 4% of deferred compensation.