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Defined Benefit (DB) and Defined Contribution (DC) Plans have some specific differences.

 

In floor offset arrangements, in which an employer maintains two separate retirement plans, these plans work alongside one another to maximize the portion of total employer contributions going towards the benefit of the business owner.

 

There are many factors to consider when choosing a retirement plan, which is why you want to find someone who is adept in retirement plan design and up to date with IRS rules and regulations to help design the perfect plan for your situation.

 

A new deduction for certain pass-through income for business owners, found in Code Section 199A is available to owners of “pass-through” entities, such as sole proprietorships, partnerships, and subchapter S-Corporations.

 

Many small business owners think of their business as their retirement “plan”. Why not use an actual qualified retirement plan with all of its tax advantages to accomplish this same thing?

 

As some business owners are able to step back and see their hard work paying off. This is when they realize that they have not yet invested for their retirement success.

 

Cash balance plans technically fall under the defined benefit plan umbrella with IRS rules and regulations; allowing for larger benefits and deductions while keeping the benefit design relatively easy to understand.

 

Defined benefit, or DB, plans are often overlooked by small businesses that could take advantage of them.

 

The SECURE Act will bring changes to Defined Benefit retirement plans.

 

The IRS has announced the new retirement plan limits for 2020.

 

A cash balance plan is a defined benefit plan that looks like a defined contribution plan.

 

A cash balance plan can be designed so that, unlike in a traditional defined benefit plan, key employees or business partners with the same pay and service receive the same contribution and benefit payout from the plan regardless of differences in their ages.

 

Because a cash balance plan is a defined benefit plan, the contribution for a participant can be substantially larger than the maximum contribution to a defined contribution plan – depending upon the age of the participant, as much as three or four times larger.

 

A floor offset arrangement is a defined benefit (DB) plan combined with a defined contribution (DC) plan such as a profit sharing plan to provide a total benefit.