chris Posted June 30, 2009 Posted June 30, 2009 I have a client who is one of three persons in an S corporation owning a farming operation. They have no employees and approximately 4 independent contractors. Client wants a ball park estimate of what it might cost to set up a DB plan for the business. I have no experience in setting up DB's and deem them to be more complex than DC plans. Can anyone venture a ball park range for setting up a DB plan based on the sparse info provided above? Thanks for any help.
SoCalActuary Posted June 30, 2009 Posted June 30, 2009 If you can't swim, don't go into the deep end of the pool. Find a good referral source for the DB administration, preferably someone who knows what they are doing, and who won't have a conflict of interest with you or the client.
chris Posted June 30, 2009 Author Posted June 30, 2009 SoCalActuary: To respond to your initial advice. I am not going into the deep end of the pool. I just want someone to tell me if they know how deep it is. I told client that I have no experience in handling DB plans. Client asked if I could find out what a ballpark range might be for setting up a DB. Again, I understand there are many moving parts involved and therefore my post above.
Andy the Actuary Posted June 30, 2009 Posted June 30, 2009 There are TPA's who operate off a fee schedule - flat amount plus so much per participant - but then you will getting a product that possibly won't be the best fit or may have hidden problems. Also, your client may not be getting the highest level of consulting. Follow SCA's advice and get qualified help. Probably, under $10,000 is a ballpark. Then, again, how long is a piece of string? Lot's of questions need to be asked. For example, the ball game changes if say 10 years ago client had a DB plan and it was terminated. The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
chris Posted June 30, 2009 Author Posted June 30, 2009 Andy: Thanks for the $10000 potential ballpark number. Again, I realize that there any number of details that might skew that number. Client wanting a starting point I guess. Please pardon the following as this might not be the place for it, but are there any qualified individuals on this board handling DB plans in NC? Again, I am not trying to do DB plans when I only know DC plans. Just trying to point the client in the right direction...... Thanks, Chris.
david rigby Posted June 30, 2009 Posted June 30, 2009 ... are there any qualified individuals on this board handling DB plans in NC? Yes. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
K2retire Posted June 30, 2009 Posted June 30, 2009 And many qualified folks elsewhere who would be willing to handle a DB in NC.
AndyH Posted July 1, 2009 Posted July 1, 2009 Yeah, but NC people are all Red Sox fans because they have a great minor league franchise there, so they're different.
david rigby Posted July 1, 2009 Posted July 1, 2009 ... NC people are all Red Sox fans... O contraire! ... because they have a great minor league franchise there... And who would that be? I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Andy the Actuary Posted July 1, 2009 Posted July 1, 2009 I would like to offer my free baseball consulting services here. I will even throw in my dog-eared copy of Mortimer Spiegelman's Demography. Andy the other actuary is no doubt referring to the Tampico Stoagies who recently located to Bessemer City by accident. The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
Belgarath Posted July 1, 2009 Posted July 1, 2009 Andy, some misguided people (not to point fingers at Mr. Rigby...) are closet Red Sox fans, but they just aren't yet willing to openly admit it yet. Really only two types of people in this world: Red Sox fans, and wannabees! Although after last night...baseball is a cruel game.
Andy the Actuary Posted July 1, 2009 Posted July 1, 2009 No closet for me. I was a charter member of the Harry Agannis Fan Club. I also clothespinned a '56 Topps baseball card of Norm Zauchin to my Schwinn's wheel spokes to motorize it. I was elated when the Sox finally signed Pumpsie Green. And Hawk Harrelson? I could go on . . . The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
AndyH Posted July 1, 2009 Posted July 1, 2009 ... NC people are all Red Sox fans... O contraire! ... because they have a great minor league franchise there... And who would that be? You mean not everybody in NC wears a big red B on their left sleeve? Oops, that be SC. Same thing to James Taylor, right?
david rigby Posted July 1, 2009 Posted July 1, 2009 SC indeed! That is the "Greenville Drive". And James Taylor is from NC. BTW, the Salem Red Sox are(is?) in the Carolina League, but the team is located in Salem VA. As always, Go Braves! I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Andy the Actuary Posted July 1, 2009 Posted July 1, 2009 Come on, The Greenville Drive. Sounds like a scenic 1940s mountain drive where you'd pull off to a roadside diner to enjoy a frosty mug of rootbeer and listen to the St. Louie Cardinals on an old Crosley. The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
david rigby Posted July 1, 2009 Posted July 1, 2009 The name is probably based on: - Greenville has a "motor mile", pretty significant for a city its size; - BMW has a nearby plant. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
SoCalActuary Posted July 1, 2009 Posted July 1, 2009 Last I heard, NC is the home of college baseball. They don't need any "R-slurring yankees from Baaastun" in the South.
Guest GMAT Posted July 6, 2009 Posted July 6, 2009 Traditional small DB plan 5-10K if they think this it too high, they should not be in a DB plan.
Guest GMP Posted July 7, 2009 Posted July 7, 2009 I have a few clients that are farmers, and when they tell me they have no employees I generally reply "Uh huh." Make sure someone gets a FULL census with hours before a quote is given.
GMK Posted July 7, 2009 Posted July 7, 2009 "... yankees from Baaastun" Nice phrasing, SoCal, especially in a 'BallPark' thread on these boards.
Andy the Actuary Posted July 7, 2009 Posted July 7, 2009 I have a few clients that are farmers, and when they tell me they have no employees I generally reply "Uh huh." Make sure someone gets a FULL census with hours before a quote is given. This rule applies to all situations and not just our agrarian friends. The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
AndyH Posted July 7, 2009 Posted July 7, 2009 "... yankees from Baaastun" Nice phrasing, SoCal, especially in a 'BallPark' thread on these boards. I'll Betcha many people in MannyWorld think that the Yankees are from Boston.
SoCalActuary Posted July 7, 2009 Posted July 7, 2009 "... yankees from Baaastun" Nice phrasing, SoCal, especially in a 'BallPark' thread on these boards. I'll Betcha many people in MannyWorld think that the Yankees are from Boston. Anyone north of Maryland is a yankee if you are from the South. Maybe you heard of the Yankee Clipper, a wood-lined hole in the water - also called a ship. There was a song about yankee doodle. Then New York decided to name a sports team about their region. People in Mannyworld think of Arizona as back east somewhere, and the bay refers to SF-Oakland area.
jevd Posted July 7, 2009 Posted July 7, 2009 Hey Dave, Maybe its about time to start another board for SOX Nation and other fans etc. JEVD Making the complex understandable.
AndyH Posted July 7, 2009 Posted July 7, 2009 And maybe another about pet pictures. Here's mine: You can tell that one isn't from this year - there is no rain water in the pool.
Andy the Actuary Posted July 7, 2009 Posted July 7, 2009 This is Winifred. We keep her in our bedroom closet with the 30 or so shoeboxes of pidgeons. The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
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