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A Defined Benefit Plan is an employer-funded retirement plan where employee benefits are computed using a formula based on various factors. They serve to define the retirement benefit that is ultimately paid to the participant.
Traditional Defined Benefit Plan
A Traditional Defined Benefit Plan promises to pay a specified benefit at a future retirement date to eligible participants.
Cash Balance Plan
A Cash Balance Plan creates a hypothetical account balances similar to what you see in a 401(k) plan. More understandable than a traditional defined benefit plan and the fastest growing retirement plan in the country.
Combo Plans
Combo plans combine a profit sharing/401(k) plan with a cash balance plan. This strategy maximizes contributions to key personnel while simultaneously maximizing their share of the company’s total retirement plan contributions.
Combo Plan designs work extremely well for smaller professional service firms where the goal is to save much more for retirement and reduce your current income taxes. They are a perfect fit for successful businesses with a proven track record of solid earnings.
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