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Employee Benefits
Commercial Insurance
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Employee benefits are an important factor to any business in hiring and retaining
a good work force. Every New Jersey business needs to review periodically their
employee retirement and profit sharing benefit plans to ensure that this major
expense continues to offer the highest quality benefits for your employees.
Click on a link below to learn more.
Retirement Plans & Profit Sharing Plans
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.
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.
Defined Benefit Pension Plans
Savings Incentive Match Plan (SIMPLE)
Simple Employee Pensions (SEP's)
Employee Stock Ownership Plans (ESOP's)
Click on the link below to fill out a contact form to receive
additional information on a Profit Sharing Plan that will be
right for your business. Or you can speak with our Employee
Benefit Specialist at 732-680-4444 to discuss the features.
Profit Sharing Plans include:
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.
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they are withdrawn there are more real dollars working in your investments.
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.
Click on the link below to fill out a contact form to receive additional
information on retirement plans for your business. Or speak with our
Employee Benefit Specialist at 732-680-4444 to discuss the features.
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.

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.

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
Click on the link below to fill out a contact form to receive additional
information on SIMPLE IRA's for your business. Or speak with our
Employee Benefit Specialist at 732-680-4444 to discuss the features.
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.
Click on the link below to fill out a contact form to receive additional
information on Simplified Employee Pension Plans (SEP's) for your
business. Or speak with our Employee Benefit Specialist at 732-680-4444
to discuss the features.
Employees' retirement benefits are predetermined by his or her
compensation, years of service, and age. A Defined Benefit Plan may
determine that upon retirement an employee will receive 1% of his/her
average salary for the last five years of employment for every year of
service with the employer or the plan may state the promised benefit as an
exact dollar amount, such as $100 per month at retirement.

The employer will make contributions that, based on actuarial assumptions
including projected growth of investments, are required to reach the
predetermined retirement benefit. Should the performance of plan
investments fall below the projected amount, the employer is required to
make additional contributions to make up for the shortfall.

The contribution limits for Defined Benefit Plans are significantly higher
than the limits of defined contribution plans. (See below)
A Defined Contribution Plan does not promise a specific amount of
benefit at retirement. Employees, employers, or both, contribute to these
plans. Most often the contribution will be a percentage of compensation
up to a certain dollar amount. Depending on the plan type, the
contributions may or may not be made each year, but they are invested on
the employee's behalf, and the benefits paid to employees are based on
contributions and any earnings or loss. For defined contribution plans,
employers are not required to make up for any loss on investments. A
defined contribution plan can be a profit-sharing plan, an employee stock
ownership plan, a 401(k) plan, or a money purchase pension plan.
Click on the link below to fill out a contact form to receive additional information on
Defined Benefit and Contribution Plans for your business. Or speak with our
Employee Benefit Specialist at 732-680-4444 to discuss the features.
"Your Local New Jersey Employee Benefit Specialist!"
We offer experienced employee benefit profit sharing and retirement services to businesses
located in the following New Jersey counties and cities: Union County, Essex County,
Bergen County, Passaic County, Sussex County, Morris County, Warren County,
Hunterdon County, Somerset County, Middlesex County, Monmouth County, Mercer
County, Burlington County, Clark, Newark, Jersey City, Elizabeth, Rahway, Colonia,
Iselin, Avenel, Woodbridge, Port Reading, Carteret, Perth Amboy, Fords, South Amboy,
Metuchen, Plainfield, Dunellen, South Plainfield, Green Brook, Fanwood, North Plainfield,
Cranford, Scotch Plains, Westfield, Union, Millburn, Springfield, Mountainside, Gillette,
Warren, Watchung, Stirling, Millington, Middlesex, Martinsville, Piscataway, Edison, New
Brunswick, Highland Park, North Brunswick, Sayreville, East Brunswick, Somerset,
Milltown, South River, Bound Brook, Somerville, Bridgewater, Bayonne, Linden, Roselle,
Hoboken, Union City, Weehawken, West New York, Guttenberg, Cliffside Park,
Edgewater, North Bergen, Secaucus, Fairview, Ridgefield, Fort Lee, Leonia, Palisades Park,
Englewood Cliffs, Englewood, Bergenfield, Teaneck, Paramus, Bogota, Ridgefield Park,
Little Ferry, Hackensack, Maywood, Teterboro, South Hackensack, Rochelle Park,
Moonache, Lodi, Hasbrouck Heights, Saddle Brook, Garfield, Elmwood Park, Woodridge,
Carlstadt, East Rutherford, Lyndhurst, Rutherford, Wallington, Passaic, Clifton, Paterson,
Totowa, West Paterson, Little Falls, Great Notch, North Caldwell, Cedar Grove, Verona,
Montclair, Bloomfield, West Orange, Glen Ridge, Belleville, Nutley, Kingsland, North
Arlington, Kearney, Harrison, East Orange, East Newark, Orange, Irvington, South Orange,
Hillside, Townley, Livingston, Wayne, Trenton, Camden, Atlantic City, Princeton,
Vineland, Willingboro, and Toms River, NJ.
Copyright 2004-2008 American Insurance Services Agency - All rights reserved
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American Insurance
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1129 Raritan Road
Clark, New Jersey 07066
(732) 680-4444
Fax: (732) 680-4067