Defined Benefit pension plans are powerful vehicles for benefit solutions and tax savings. Defined benefit plans come in the form of a traditional defined benefit plan and a cash balance pension plan, also known as a hybrid pension plan.
Carve-out retirement plans help small business owners create plans that slant the contributions to key employees.
To qualify for tax deductions, retirement plans have to meet requirements of the Internal Revenue Code. The major emphasis of these rules is to ensure that plans provide lower paid employees with retirement benefits and do not disproportionately favor higher paid employees and business owners.
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