Burns & McDonnell Retirement Plans
Financial Planning – Wealth Management – Retirement Planning – Investment Management
Retirement and Financial Planning Services for Employees of Burns & McDonnell
As an employee of Burns & McDonnell, you have access to exclusive financial opportunities to enhance your future. Through the 401(k) and Employee Stock Ownership Plan (ESOP), employees of Burns & McDonnell have a unique advantage of having ownership in one of the most successful companies in the world.
- But how do you know if you have saved enough?
- How much is truly enough?
- What about the potential tax burdens?
- What happens to your ESOP when you stop working?
- Do you need a 401(k) if you contribute to your Burns & McDonnell ESOP?
The Retirement Planning Group currently advises over $110,000,000* worth of assets for clients that are current employees or retirees of Burns & McDonnell. Our clientele includes many different levels of staff within the organization, such as Project Managers, Officers,Principals, and Original Shareholders.
* As of 01/01/2023
Our goal is to make your plan simple to understand and document our process, so you know what to expect and feel empowered about the future! From there, we’ll show you how small actions can help you save money, retire sooner, and build more income in retirement.
It’s important to understand your options before making a decision to receive a distribution from your Burns & McDonnell ESOP. Working with a Burns & McDonnell Retirement Plan Specialist can help you understand the benefits and tax consequences of ESOP rollovers, withdrawals, stock transfers, and conversions.
Are you looking for a one-man band, or would you rather have an entire team working for you? When you have a team working on your behalf, dedicated to their discipline, you can get better results.
How Can A Financial Advisor Help Me?
Our team of Burns & McDonnell Retirement Plan Specialists will work with you to develop a plan to meet your financial and retirement goals. When you engage with us, we will sit down with you and in real-time, walk you through your entire financial picture.
You deserve an entire team looking out for your best interests – and that’s what we’ve built for you. We provide our clients with a dedicated Wealth Manager, Tax Professional, Investment Team Member, and Client Service Associate. Each professional is position-specific and designed to help you in that specific area while collaborating with the entire team.
What Happens To My ESOP When I Retire?
When you retire from Burns & McDonnell, distributions are made in the form of cash, stock, or a combination of both. To receive a distribution from your ESOP there must be a qualifying event, such as termination of employment for retirement or a job change. The most common distribution options for an ESOP are:
- Cash Withdrawal
- Rollover to an IRA or Qualified Plan
- Roth Conversion
- Company Stock Transfer
What Kind Tax Considerations Can I Expect?
While the Burns & McDonnell ESOP is an exceptional employee benefit, there are important tax considerations to be aware of. Are you retiring before age 59½? If so, putting together a Schedule of Withdrawals will be essential.
For all retirees, it is important to figure out where your income is going to come from. The order you pull money from different buckets (tax-deferred and non-tax deferred) is significant for tax planning purposes.
If your tax situation is complex, it would be wise to consider outsourcing your tax preparation to a CPA who will work closely with your financial advisor. When you become a client of The Retirement Planning Group, based on your situation, we’ll assemble a dedicated group of in-house professionals made up of a Wealth Manager, Tax Professional, Investment Team Member, and Client Service Associate.
How Do I Find The Right Advisor For My Specific Needs?
A financial advisor should be more than just investment advice. The most qualified financial advisor should be able to devise a plan based on your needs. This can cover retirement planning, tax planning, debt management, estate planning, portfolio management, and more.
If you are apprehensive about hiring an advisor and don’t know where to start, look for a fiduciary. A fiduciary financial advisor has a duty both ethically and legally to put the clients’ best interest before their own by acting in good faith and providing all relevant facts to their clients.
Wouldn’t it be nice to know that your advisor is always acting in your best interest? At The Retirement Planning Group, our entire team takes on a full-time fiduciary role. There are no investment commissions, no backdoor soft-dollar investment arrangements – just honest, transparent advice.
As an employee of Burns & McDonnell, your financial situation is unique.
Dwight Twillman, CFP®
Principal & Senior Wealth Manager
Dwight Twillman has over 26 years of experience in the financial services industry. He has worked with high net-worth individuals, Defined Contribution, Defined Benefit plans, Endowments, and Foundations. He holds the CERTIFIED FINANCIAL PLANNER™ designation and is a Principal of The Retirement Planning Group.
If you’re looking for a financial advisor, it’s also beneficial to ask friends and family or colleagues for recommendations. Once you have good recommendations, do your homework. Research them online, make sure their values are in line with yours, check their credentials, and even call to speak to someone to see how you like their customer service.
We’re here to help. Speak with one of our Burns & McDonnell Retirement Plan Specialists today by calling 888-988-6621.
Download The Guide
This guide will provide you with valuable information and insight into the financial benefits available to you as an employee of Burns & McDonnell. With access to a 401(k) and Employee Stock Ownership Plan (ESOP), you have the unique opportunity to own a piece of one of the world’s most successful companies.
Through this guide, you’ll find answers to important questions such as:
- How can you determine if you have saved enough for your future?
- What is the ideal amount to save for a secure future?
- How will taxes impact your savings?
- What happens to your ESOP after you retire or leave the company?
- Is it necessary to have a 401(k) if you already contribute to the Burns & McDonnell ESOP?
- Should you consider working with a financial advisor?