As you are probably aware, retirement plans continue to offer one of the most attractive tax benefits available to physicians and medical practices.  Additionally, a well-designed plan can enhance a benefit package to recruit and retain key employees.

Over the years, dramatic changes have been made in the area of retirement plans.  Their changes have provided opportunities for medical practices to increase annual contributions to owners and other key employees while possibly reducing the cost of contributions to others.

In light of these changes, we think it is necessary for all medical practices to have their existing plans professionally reviewed to determine if the current plan structure would benefit from these changes. As well, if your practice does not currently sponsor a retirement plan, this may be an ideal time to consider establishing one.

Also, significant improvements have been made in retirement plan investment "platforms" such as internet access for employees, simplified on-line contribution payment systems, individual stock accounts, and multi-fund company and investment advisors selections within one plan. These are just some of the latest features that you may not be currently enjoying.

Just as important as the legal changes, we may determine that your plan has certain hidden fees that you were not aware of. A new plan may lower your overall administrative and investment costs thereby increasing your bottomline.

Gates Moore & Company offers full service retirement plan consulting, third party administration and investment management for medical practice retirement plans. For more information email Chris Costelloe, CPA, Principal or call 404-266-9876.