Investing 102

[glassman]

Originally Posted by JKnight

Mike,

Are you guys going down the path of a pension plan, as in defined benefit, or something like a profit sharing plan (defined contribution)? The defined contribution plan might be quite a bit easier from an administration standpoint, but everything Greg said above would still apply. Just clarifying terms as it might be important to make the distinction in your conversations with the pros.

Jeff, i'm not sure which path we're going down. I knew at some point, but the process of starting this thing up is going on 22 months. Were only starting with like 40k and apparently thats not enough for somebody to make a decent commission on, not sure.

So as we "begin" this, (again) i will clear things up in terms of what i can understand. Like my accountant, he speaks to me in "accountantease" and i speak English. But when i "get it" i really "get it", just takes a while.

He explained to us three different plans, and i forget which one we chose. Pam will know, as her and I are in this (well that part) together and fortuneately for me i married a smart cookie...