Witt Mares Pension Designs, LLC

What Our Clients Are Saying

We want to know our business is being handled properly. The staff at Witt Mares Pension Designs can explain complicated plan details to a layperson, allowing me to have a better understanding of what’s going on. Their experience with multiple plans and incredible wealth of knowledge gives them an edge. They can do anything I need and they really take the time to explain something when I call.

Sandra Parks
Parks Orthodontics, PC



When we wanted to make some changes to the retirement plan, but still keep it employee friendly, Witt Mares Pension Designs helped us redesign our plan. They made the process so easy and we were able to meet the goals for the owners and still give a great benefit to the employees.

Patricia H. Stibbs
Practice Administrator
Plastic Surgery Center of Hampton Roads

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Witt Mares Pension Designs, LLC


In today’s competitive job market, employers recognize the necessity of offering a retirement program to attract, reward and retain loyal and productive employees. In addition, qualified retirement plans are one of the few remaining tax shelters, where companies receive an up-front deduction and the participants do not pay any taxes until they receive the funds, allowing the money to grow tax-free.

Witt Mares Pension Designs, a third party administrator, provides quality retirement plan consulting and administration services to businesses throughout Virginia. Currently, Pension Designs administers or consults with over 150 qualified retirement plans.

Clients range in size from small offices to companies with 2000+ employees. Our most common retirement plan clients are 401(k) plans and profit sharing plans. These include plans with age-weighted and new comparability provisions.

With many major qualified plan options currently available, and many different ways to design those plans, the selection of a plan can be confusing. Witt Mares Pension Designs can assist you in choosing the best plan for you. Then we will customize a program that fits your company’s needs as well as your own.

For more information on which option is right for you and your company, contact:

Anna Hunter, CPA, CPC, QPA
Phone: (757) 873-1587, extension 1388
Email: ahunter@wittmares.com
LinkedIn: View Anna Hunter’s Profile

Services

  • 401(k) (Traditional, Simple, and Safe Harbor)
  • Profit Sharing
  • Money Purchase
  • Age Weighted
  • New Comparability
  • 403(b)
  • Independent consulting for existing and new benefit plans
  • IRS and Department of Labor audit preparation
  • Employer Stock Ownership Plans (ESOP)

Memberships & Affiliations

Witt Mares Pension Designs is pleased to be a member of numerous industry organizations, including:

AICPA EBPAQC

ASPPA

NCEO

Issues & Perspectives

Welfare Plan Filing Requirements

Employers who offer employee health, dental, life, LTD or AD&D insurance plans are required to file a Form 5500 if over 100 employees are participating. Each year, insurance companies are required to send a Schedule A form to employers with the information required to be reported with the Form 5500. If you have over 100 employees eligible for company provided insurance, a Form 5500 may be required and Witt Mares Pension Designs will be happy to prepare the form for you. For further information, contact Anna Hunter.

Change in Owner? It’s Time for a Retirement Plan Discussion

Good retirement plan design is based on a number of factors, not the least of which is the age and desires of the owner(s) of the business. When company ownership changes, company retirement plans can and should change too. After a company changes owners, it is a good time to look at some different retirement plan options. Witt Mares Pension Designs will provide you with a comparison of different retirement plan types (SIMPLE, 401(k), new comparability) to help you make an educated decision. Contact Anna Hunter to discuss your current retirement plan options.

Lesser Known but Important Form 5500-EZ Filing Requirements

If you have a one-participant 401(k) plan (sometimes called a solo-401(k) plan or a “uni”-k plan) there is a Form 5500-EZ filing requirement once the plan assets exceed $250,000 at the end of a plan year. There is also a requirement to file a final Form 5500-EZ in the year all assets are distributed from a terminated one-participant 401(k) plan even if no Form 5500-EZ has ever been filed before. Many financial advisors are not aware of these filing requirements, so if you have no employees and an existing 401(k) plan, you need to be aware of the law.

If you realize a 5500-EZ should have been filed and was not, Witt Mares Pension Designs handles late filings. Contact Anna Hunter for more information.

403(b) Plans for Not-For-Profit Organizations

(As published in Virginia Business)
Here are some things you should be doing now to prepare if your organization has a 403(b) plan.   More…

Taking A Bite Out of Retirement Expenses

(As published in the Oyster Pointer)
Times are tight and employers are cutting costs to keep the bottom line where it belongs. Is it time to drop the company retirement plan contribution entirely? Maybe not.   More…

Useful Links

Retirement Planning Resources