OwnersPlus: Cash Balance + 401(k) for small business owners Dedicated DB

OwnersPlus^TM 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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Quick Eligibility Checklist for OwnersPlus Cash Balance Plan + 401(k) Retirement Program

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For a 60-year-old business owner earning $350,000 in W-2 income
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2019 plan maximum contribution for a 60-year-old, including “catch-up” contributions of $6000 for 401(k)

Cash balance plans aren’t right for everyone. OwnersPlus works well for business owners who are:

Owners of profitable businesses with 2-10 employees, Professionals with small practices, or Partnerships
Age 40+
Interested in making larger contributions than allowed in SEP-IRA or 401(k)
Likely to have cash flow to make contributions for 5+ years
Willing to make limited contributions for employees

I opened a OnePersonPlus Defined Benefit Plan and put away $150,000 in 2017 and another $120,000 in 2018 and it’s all a deduction. I figure at least 30% of it is a gift from the IRS.

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The OwnersPlus Cash Balance Program gives me an extra $200,000 to invest and gives my employees a boost too.

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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.

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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.

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We’re four partners with vastly different needs – our Cash Balance plan is customized to fit us.

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Key Advantages of OwnersPlus Cash Balance +401(k) Plans

Owners potentially can contribute three or four times what they can to other plans
Contributions are deductible business expenses generally saving the owner tens of thousands of dollars in annual taxes
Partners can receive different contribution amounts
Owner can set different “classes” and contribution levels for employee groups which provides for more flexibility in allocating employee benefits
Contributions on behalf of employees are limited and established during plan design. However, changes in personnel will impact required contributions.
Investments grow tax deferred, building wealth faster
At retirement (or at plan termination), assets in both the Cash Balance and the 401(k) plans are rolled into IRAs and continue to grow tax-deferred until withdrawn
Clients and their advisors can choose any equities, mutual funds, bonds, annuities or other marketable securities to fund their plans
Turnkey administration by Specialists who design plans tailored to meet each business owner’s objectives and handle all paperwork related to plan set-up and ongoing government compliance and reporting.

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Businesses That Might Qualify

Architectural Firm
Attorney
Construction Trades
Consultancy
Dental Practice
Engineering Firm
Entrepreneur
Family Business
Farm
Financial Planning Firm
Funeral Home
Franchise Owner
Design Firm
IT Consultants
Mortgage Broker
Medical Practice
Property Manager

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

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Key Dates

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.