Evon Mendrin
speaker
181 appearances
1 recordings
1 series
first heard Sep 2025
last heard 25 Sep
Evon Mendrin’s voice in public audio — every appearance, attributed to the second.
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What are the different ways they can calculate those?
And that's something I was mentioning to you, Matt, before we started recording was that very often with new clients,
they'll have a 401k plan from xyz tech based platform and then pro router profit sharing and not really sure what that means or why that was selected why that's the case and so i think there's a lot of room for education to just ask okay what is the goal here if you do do profit sharing what's the goal for that profit sharing what do you want to get out of it and let's make sure that
you have the type or the method of profit sharing that makes the most sense for that goal.
And so ProRata, it seems like it's the simplest, the very basic, it's the same percentage essentially across all employees that you're gonna give to yourself as the owner, right?
And drawbacks are that it's expensive because you need to apply that same percentage across the board to all employees.
And so I guess if your goal is to do that, if that's what you want out of profit sharing, then that will accomplish that.
But very often, like you mentioned, we're trying to use that as a tax planning and say an investing tool for the owners very often, or at least the associates as well.
And so outside of that very basic pro rata method, what are some of the other calculations that they might consider?
When you say target, what does that mean?
I understand what you mean, but just kind of for the listener, what does that mean?
So you're able to segment out your employees into different groups.
I mean, could it even be like ownership group, non-OD, non-ownership OD group, and then staff, like can you even segment based on roles like that?
Gotcha.
And to highlight your point about why age is important in terms of the testing of fairness in whichever way you need to do that, whether it's targeting, for example, part of the reason that age is important there is because, as you mentioned, a younger employee or just like a younger optometrist has much longer time to save and invest towards a retirement goal.
And you would need to put in, let's say hypothetically, the OD is trying to invest towards a goal.
Well, if you have more time, you can put in less dollars into the account each and every month and still reach that goal.
Someone that's much older is going to need to put in much more over a shorter amount of time in order to reach that same goal.
And so that same sort of, we'll call it time value of money math, right?
Is essentially that same concept is working here for the benefit of the older doctors or the older owners, right?
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