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Rochester
1214 North Main Street
Rochester, MI 48307
(248) 601-9500
Lapeer
951 S. Main Street, Suite 3
Lapeer, MI 48446
(810) 664-4470
If you’re like many business owners, you may wonder how to leverage your business to maximize your retirement savings efforts. A cash balance plan may be one option, especially for highly paid principals and key executives of small corporations, partnerships and LLCs.
Either way, a defined benefit plan puts the onus on employers to deliver the eventual retirement benefit, regardless of investment performance, while the performance of a defined contribution plan depends solely on employees, who may or may not receive contributions from their employers. Because investment performance is a factor in a defined contribution plan, the eventual benefit cannot be defined.
These plans are not inexpensive, and they must be audited annually. Cash balance plans must also fully vest all eligible employees after three years. However, a cash balance plan can help owners build a bigger retirement balance while attracting qualified workers. Talk to an experienced retirement plan specialist to learn more.
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