412(e)(3) Defined Benefit PlanJuly 7, 2017
Safe Harbor 401(k) PlansJuly 7, 2017
The plan works best when the business owner is older than most of the other employees.
These plans allow for the largest possible share of the company’s contribution to be allocated to the owner and/or key employees. There is flexibility in the contribution level since it is a profit sharing plan and the contribution each year is discretionary.
Below is a hypothetical comparison illustrating the power of a New Comparability Plan. Note how the owner’s allocation has increased from $34,370 to $54,000.
That is a 57% increase to the owner with no increase in the contribution from the business!
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That Schlage Key
I Love Writing Life insurance and health insurance because its complicated now and people need help. People also need to get their insurance before they have a major event like I did with heart surgery.
I grew up in a very small town, my father ran the drug store since 1953. I started working at age 8 and learned about business, customer service, and how to treat people from him. Unfortunately he died at age 64 unexpectedly and I had to return to run and close down his business. I learned from that what happens when fathers and business owners don’t plan. That the government does not help, but gets in the way.
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Peter Robert Stone
Ins. Lic CA 0i31296
Lic in AZ, SD, TX, OH, FL, PA, VA, NM, MI, KY