Maximizing Owners' Retirement Plan Benefits

Financial Institutions

September 01, 2015
by Robert Buss, Jr., CPA, CEBS

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Robert Buss, Jr. Robert Buss, Jr., CPA, CEBS
Executive Director of Benefit Services

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A common goal of owners of profitable, closely held small businesses is to minimize income taxes and save for retirement.  Given its flexibility as a tax savings vehicle for the owners and employees of the business, the 401(k) retirement plan is a popular choice.  Oftentimes these plans do not allow business owners to contribute as much as they would like on their own behalf.  A possible solution may be to add a safe harbor 401(k) and cross-tested profit sharing allocation to their plan, perhaps combined with a cash balance plan.


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Length: 2 pages (PDF 62 kB)

 

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