PROFIT Retirement Program

As an independent contractor, benefits like group pension or retirement programs are not always available to you. The Wisconsin REALTORS® Association, in conjunction with M&I Institutional Trust Service, has developed the PRoFIT (Planned Retirement Future Investment Trust) member benefit. The program is a long-term savings and/or retirement program that any Wisconsin REALTORS® Association member (independent contractor) interested in long term financial planning for themselves and their families may participate in.

What is PRoFIT?

The PRoFIT program is an extremely easy way for you to start saving NOW for your retirement future. 

PRoFIT (Planned Retirement Future Investment Trust) is an IRS-approved KEOGH Plan designed especially for REALTORS® interested in long-term financial planning. The plan allows independent contractor REALTORS® to shelter up to $46,000 of annual earnings, tax deferred. Today, participants have invested over 3 million with M&I Institutional Trust Services, the plan custodian. For more information contact Debbie Thacker at the WRA. (800) 279-1972 # 256 or view a brochure and application for the plan.

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How Does the PRoFIT Plan Work?

The program is simple. You simply “direct deposit” a certain percentage of your commission checks to the Wisconsin REALTORS® Association PRoFIT program. Program participants will receive coupons which you or your payroll department use to send in with your contribution. You may deposit up to $46,000* annually of your net self-employment earnings in your account. Your total contribution may also be subject to other applicable legal limits.

Your contribution is collected and deposited with the M&I Institutional Trust Services in Madison. You will receive a quarterly report on your investment.

Upon your retirement, termination, or death, a lump sum distribution of all monies is made to you or your beneficiary in the form of a rollover or a check made payable to you. If you are terminating your participation in the program, there is a termination fee of $25.00.

Additionally, if you receive your disbursement in a check, you will have to pay Federal and state income taxes during the year you received the PRoFIT account disbursement. In addition, depending on your age, you may be required to pay a 10% penalty on your disbursements.

To participate in the WRA’s PRoFIT plan, there is a one-time, non-refundable application fee of $75.00, an annual administrative fee of $40.00 and a 10 basis point asset-based fee. The minimum initial contribution is $100.00, with no minimum deposits after enrollment.

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Daily Valuation

You have three options to access account information 24 hours a day, seven days a week.

1. MI Retirement Line - an easy to use toll-free automated phone link with push button privacy.
2. MI @ccount Access - an interactive site at www.mitrust.com provides you with a visual connection to account information, transaction capabilities and financial resource tools.
3. M&I Direct (accessible by option out of the Mi Retirement Line) - in-depth personal service provided by highly trained customer service representatives knowledgeable about the plan and investment options.

With these services, you can:

• request an interim statement, showing yesterday's balance
• change transfer funds among the investments
• obtain performance results on the investment funds

Any changes that you make to your account will be followed up with a confirmation letter mailed to your home address. In addition, quarterly statements will be mailed directly to your home address within 10 business days after the close of each quarter.

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Application Form

This PRoFIT application form is in pdf format which requires Adobe's Acrobat Reader. To join the program simply print the form, complete it and return it to the Wisconsin REALTORS® Association, 4801 Forest Run Rd., Suite 201, Madison, WI 53704-7377, or call us at 800-279-1972 for an application form. Download the PRoFIT application form.

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