The information you have provided is as follows:
Three year average income:
A participant with the above mentioned parameters can accumulate
(Lump Sum at Retirement Amount) till he reaches an assumed retirement age of (Retirement Age) . In the first year, a maximum contribution of (Maximum Contribution) can be made to the plan.
A plan for 2017 can be incorporated at any time during the year, and within a certain time in 2018. The funding of the defined benefit plan can also happen any time in 2017 and in 2018, but before the company files its tax returns.
If you have employees, the IRS mandates you to make available a retirement plan for employees as well. Depending on the plan design, you will be required to contribute an amount of 3% to 7.5% of the employee wages in a profit sharing plan. We will consult with you to come up with the best plan design based on your circumstances and company demographics. Our Census Request Form will be emailed to you which has to be filled and sent back to firstname.lastname@example.org .
A comprehensive report shall be emailed to you outlining the further steps you need to take in order to get started with a defined benefit plan.
Please enter your email address below:
“A defined benefit plan requires the assumption of a retirement age which is normally 62 or 65. Since you have already reached this age we will need to perform further actuarial adjustments in order to calculate your defined benefit contribution. Unfortunately, this cannot be done online. Please get in touch with our office and we will come up with a projection for you. You can reach us at email@example.com or get in touch with us here.”Let’s Talk
“You may be too young for a Defined Benefit Plan. Please contact our office to explore suitable options.”Let’s Talk