New Comparability & Cash Balance plans offer small to mid-sized professional firms the opportunity to target large tax-deferred pension contributions to the owners while providing modest benefits to employees.
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Pension Options for Small Business Owners
1. NEW COMPARABILITY 401(K) PROFIT SHARING PLANS & CASH BALANCE PENSION PLANS A cost effective way to maximize retirement savings Prepared by Primoris Benefit Advisors, Inc.
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6. PROFIT SHARING ALLOCATION EXAMPLE Prepared by Primoris Benefit Advisors, Inc. Employee Age Compensation Contribution % of Pay Principal A 56 $230,000.00 $46,000.00 20.0% Principal B 50 230,000.00 46,000.00 20.0% NHCE 1 46 70,000.00 3,500.00 5.0% NHCE 2 37 50,000.00 2,500.00 5.0% NHCE 3 31 40,000.00 2,000.00 5.0% Totals $630,000.00 $100,000.00
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8. CASH BALANCE PLANS For those seeking far larger tax-deductible contributions Prepared by Primoris Benefit Advisors, Inc.
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10. CASH BALANCE/DC COMBO EXAMPLE Prepared by Primoris Benefit Advisors, Inc. Comp Cash Balance Profit Sharing PS % of Pay 401(k) Deferral Total CB + PS + 401(k) Principal A 230,000 150,000 12,400 5.39% 20,500 182,900 Principal B 230,000 112,000 12,400 5.39% 20,500 144,900 NHCE 1 70,000 1,200 4,900 7.00% 6,100 NHCE 2 50,000 1,200 3,500 7.00% 4,700 NHCE 3 40,000 1,200 2,800 7.00% 4,000 Totals 620,000 265,600 36,000 41,000 342,600