Maximizing Retirement Benefits for Employees: A Comprehensive Guide
Intoduction Retirement benefits for employees are more than just a perk – they’re a vital component of any competitive compensation package. At Pension Deductions, we
DB Plan helps small business owners and individuals save for retirement by allowing you to make large contributions and get tax deductions.
A Cash Balance plan is suitable when the business has multiple partners or when employees and owners are in the similar age groups.
A Safe Harbor 401(k) Plan allows the business owner to contribute the maximum possible amount to the 401(k) plan irrespective of what the employees contribute.
A profit sharing plan allows the business owner to contribute more than permitted in a 401(k) plan but not as much as a defined benefit plan.
Pension Deduction helped hundreds of clients to contribute millions of dollars to their retirement plans. We can help you to sponsor the most tax-efficient retirement plan while reducing the overhead for the business. Our process ensures exceptional work quality and optimizes pension contributions, so you can achieve your retirement and business objectives in a cost-effective way. Let us handle complexity, compliance and customization while you focus on business in which you are an expert.
“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 info@pensiondeductions.com or get in touch with us here.”
Let’s TalkIntoduction Retirement benefits for employees are more than just a perk – they’re a vital component of any competitive compensation package. At Pension Deductions, we
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Retirement planning is a crucial aspect of financial management that often gets overlooked until later in life. However, taking proactive steps towards planning for retirement
Hi ,
The information you have provided is as follows:
Three year average income:
Participant’s age:
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 can be incorporated at any time during the year, and within a certain time in the following year. The funding of the defined benefit plan can also happen any time 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 info@pensiondeductions.com .
Please enter your email address below. 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 note that these contribution amounts are approximate amounts and only for the first year of the plan. These amounts still need to be certified by an actuary and contributions should not be made based only on the amounts generated by the online calculator without consulting an actuary.
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