I opened a OnePersonPlus Defined Benefit Plan and put away $150,000 in 2016 and another $120,000 in 2017 and it’s all a deduction. I figure at least 30% of it is a gift from the IRS.
OwnersPlusTM is a retirement program for partnerships, professionals and business owners with 2-10 employees. By combining a cash balance defined benefit plan and a safe harbor 401(k)/profit sharing plan, OwnersPlus gives business owners the potential to make very large deductible contributions for themselves — often $150,000 or more annually — while limiting the total cost of benefits for employees
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For a 60-year-old business owner earning $350,000 in W-2 income
Cash balance plans aren’t right for everyone. OwnersPlus works well for business owners who are:
I opened a OnePersonPlus Defined Benefit Plan and put away $150,000 in 2016 and another $120,000 in 2017 and it’s all a deduction. I figure at least 30% of it is a gift from the IRS.
The OwnersPlus Cash Balance Program gives me an extra $200,000 to invest and gives my employees a boost too.
We increased our W-2 income to max out our retirement savings. With a OnePersonPlus defined benefit and a 401(k), we’ll add $500,000 each year for the next 5 years.
As a realtor, my income is never the same from year to year. With a OnePerson (k), I save about $50,000 in good years but I don’t have to do anything when business is slow.
We’re four partners with vastly different needs – our Cash Balance plan is customized to fit us.
Businesses That Might Qualify
Getting Started with OwnersPlus Cash Balance + 401(k) Retirement Program
Please note these plans must be opened by the end of the business fiscal year, usually December 31st
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Review & Refine Illustration with Dedicated DB Specialist
Business Owner Accepts Plan Design
Plan Documents Prepared and Signed
Open Investment Accounts
Cash Balance Plans must be opened by the end of the business’s fiscal year, generally December 31st. Cash Balance contributions are not required until the tax filing deadline with extensions but no later than eight and a half months after the end of the fiscal year.
Safe Harbor 401(k)/Profit Sharing Plans must be set up before October 1st. The profit sharing contribution on behalf of the business owners will be limited to 5% if this deadline is missed.
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