• “Their innovative and knowledgeable approach to retirement plans and financial planning has been an important component of the benefits we offer our employees.”
     K. Adams, COO
     Emergency Physicians Medical Group




Getting Started

About Getting Started

Setting up a 401(k) plan or defined benefit plan is fairly straightforward.  However, factors such as existing plans, types of assets within the plan, and number of non-physicians will determine not only the appropriate type of plan, but also the method and potential cost of dissolving any prior plans.The first step in any retirement plan setup is to decide whether the MedAmerica Financial Services plans are appropriate for your hospital based physician group.  Request a meeting with Chris Renner and have him meet with you and your colleagues at your next department meeting.

If the plan design and set up meet with your group’s approval, a new plan can be set up within 45 days of an agreement.  If an old plan exists, it can be easily rolled into the new plan if the the new plan is adopted as a successor plan.  If, because of other circumstances, the old plan must be terminated, MFSI can help you terminate that plan.

Typical Conversion for small groups:

Day 1:    Agreement to adopt the MFSI plan
Day 2:    Exchange of group census information
Day 10:  Enrollment information sent to each participant
Day 20:  Education of every physician / employee in your group
Day 30:  Collect enrollment forms from each participant
Day 35:  Set up deductions with your payroll provider
Day 45:  Payroll deductions set up for following payroll date

Large groups can be converted into their own plan in about 60 – 75 days subject to the conversion schedule of Schwab Retirement Plan Services.

Plans can be adopted at any time during the calendar year and made retroactive to January 1 of the current year.  However, if your group structure is a corporation, the latest that a plan can be realistically adopted is September 30th.  Partnerships, LLC’s, or LLP’s can adopt the plan up to December 31st and still have time to make contributions.







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