By: Scott Cloud, MBA, CPC Cash balance plans are a type of defined benefit retirement savings plan that enables business owners to make significant tax-deductible contributions each year and to accumulate significant retirement savings on a tax-deferred basis. While SEPs and 401(k)/profit sharing plans – as defined contribution retirement...
By: Jerry Alena Cash balance plans can help professional practitioners turn back time when it comes to saving for retirement. Because medical professionals spend a lot of time and money investing in their careers early on, they may not be able to invest in a retirement plan on a material basis until their 40s or 50s. College debt, medical school...
By: Scott M. Cloud, MBA, CPC Including a safe harbor contribution provision in a 401(k) plan gives the plan an exemption to the actual deferral percentage (ADP) test that might otherwise limit the salary deferral contribution amounts of owners, family members of owners, and employees with gross annual wages of $135,000(*) or more (collectively...
By Scott Cloud, MBA, CPC What is the Startup Plan Tax Credit on Plan Expenses? What is the Startup Plan Tax Credit on Employer Contributions? Are non-profits or governmental employers eligible for Startup Plan Tax Credits? What types of retirement plans are eligible for Startup Plan Tax Credits? If an employer changes from one type of retirement...
Catch-Up Contributions Required Minimum Distribution (RMD) Beginning Age Eligibility for Long-Term, Part-Time Employees Financial Incentives to Increase Employee Participation Employer Match on Student Loan Payments Mandatory Automatic Enrollment in Startup 401(k) Plans Roth Treatment of Employer Contributions Mandatory Cash-Out Distribution...
