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Overview
Each small business has its own unique financial characteristics
The solution
Retirement plan design
Small Business Retirement Plan Solution
Cash balance plans blend the features of a traditional defined benefit retirement structure with the look and feel of a 401(k)/profit-sharing plan.
Annual contribution limits for retirement plans rise significantly in 2022, giving small business owners greater tax deferrals with DB and 401(k) pension plans.
A defined contribution (DC) plan can test on a benefits basis if it meets certain criteria.
Employers and owners continually look at different strategies to defer tax on income, provide benefits to key employees, and boost their retirement savings.
As part of the proposed federal fiscal year 2014 budget, President Obama included a cap on the amount of retirement savings an individual could accumulate in tax-deferred retirement plans.
If tax rates increase and small business owners look at different alternatives to manage their tax liabilities, will we see changes to their retirement programs?
