A Defined Benefit plan for high income clients and family businesses

OnePersonPlus is a traditional Defined Benefit plan designed to meet the tax savings and retirement income needs of individuals with high self-employment income and owner-only or family businesses. These plans provide large tax-deductible contributions averaging $100,000+ annually.

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OnePersonPlus Defined Benefit Plan Allows the Largest Contribution

High income earners 50 or older may be eligible to contribute to a OnePersonPlus 2 to 3 times the amount they might otherwise contribute to a SEP or 401(k).

Quick Eligibility Checklist for a OnePersonPlus Defined Benefit Plan

RETIREMENT PLAN SAVING LIMITS

For a Client Age 52 Earning $330,000 OnePersonPlus Retirement Chart

2023 plan maximum contribution limits for a 52 year-old, including “catch-up” contributions of $3,500 for SIMPLE IRA, $7,500 for 401(k).

Learn more about small business retirement plan options

OnePersonPlus has the potential to be a powerful retirement plan solution for people who are:

  • Earning $100,000 or more annually in one of these ways
    • As primary income for an owner-only business or owner plus spouse or other family member
    • Has a second occupation or source of income in which individual works for himself or herself
    • Is considered an independent contractor rather than an employee
  • Interested in making larger contributions than allowed in a SEP-IRA or 401(k)
  • Likely to have cash flow to make contributions for 3-5 years or longer
Testimonial Slide

Key Advantages of OnePersonPlus Defined Benefit Plan

  • Allows the highest contributions to a qualified plan – $100,000 or more and as much as 100% of compensation, depending on a number of factors
  • Contributions are fully tax deductible – saving huge amounts in taxes
  • Investments grow tax-deferred building wealth faster than a taxable investment
  • Clients and their advisors may invest plan contributions in marketable securities, such as stocks, bonds, ETFs, mutual funds, and annuities, they choose
  • Reduces adjusted gross income making itemized deductions and personal exemptions worth even more
  • Tax-free roll over to an IRA at retirement (or at plan termination)

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OCCUPATIONS THAT MIGHT QUALIFY

  • Attorney

  • Construction Trades

  • Consultant

  • Engineer

  • Entertainer

  • Family Business

  • Farmer

  • Financial Advisor

  • Graphic Designer

  • Corporate Director

  • Physician

  • Real Estate Agent

  • Sales Rep

  • Software Engineer

  • Web Developer

Getting Started

2

Talk to Dedicated DB consultant to adjust plan to meet client objectives

3

Complete questionnaire and send payment

4

Sign plan documents

5

Open investment account

Key Dates

Defined Benefit plans should be opened by December 31 and at the latest by the business’ tax filing deadline including extensions for the plan year.

Contributions are not required until the tax filing deadline with extensions but no later than 8½ months after the end of the fiscal year.

 

Resources

REQUEST A PERSONALIZED ILLUSTRATION

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TYPICAL DEFINED BENEFIT CLIENTS

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WHITEPAPER: INTRODUCTION TO DEFINED BENEFIT PLANS

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Estimate contribution and deduction with our DB calculator Try it now

Call: 866-269-2706