Available to sole proprietors, partnerships, LLCs, C corporations, and S corporations:
SEP IRAs are IRAs for the self-employed individual or small business owner, including those with employees.
Self-Employed 401(k)s are 401(k)s for the self-employed individual or business owner with no employees other than a spouse.
SIMPLE IRAs are IRAs for businesses with 100 or fewer employees and self-employed individuals.
Other Benefit Plans:
Defined Benefit Plans are one of two general types of pension plans, the other being the defined contribution plan. In general, defined benefit plans provide a specific benefit at retirement for each eligible employee, while defined contribution plans specify the amount of contributions to be made by the employer toward an employee’s retirement account. In a defined contribution plan, the actual amount of retirement benefits provided to an employee depends on the amount of the contributions as well as the gains or losses of the account.
Defined benefit plans provide a fixed, pre-established benefit for employees at retirement. Employees often value the fixed benefit provided by this type of plan. On the employer side, businesses can generally contribute (and therefore deduct) more each year than in defined contribution plans. However, defined benefit plans are often more complex and, thus, more costly to establish and maintain than other types of plans.
One of our key areas of expertise is helping implement a very tax efficient way for owners of small business, and their employees, to save for retirement. Implementing a defined benefit plan at your firm could save you thousands of dollars a year.
Cash Balance Plans are a defined benefit plan that defines the benefit in terms that are more characteristic of a defined contribution plan. In other words, a cash balance plan defines the promised benefit in terms of a stated account balance.
Pension Equity Plans (PEPs) provide for a benefit defined as an accumulated percentage of pay. PEP formulas often closely resemble traditional defined benefit formulas except that a traditional benefit formula produces a benefit that is expressed as an annuity payable at normal retirement age and a PEP formula produces a lump sum accumulated benefit that must be converted to an annuity payable at normal retirement age.