San Francisco, Calif. (October 7, 2013) — Dedicated Defined Benefit Services, the leading provider of defined benefit plans for 1-5 person companies, announced today that it will provide marketing, sales support and administrative services for small business defined benefit (DB) plans and individual 401(k) plans along with Transamerica’s Variable Annuity and Mutual Fund products. These programs will be available nationwide to financial advisors and plan sponsors.
Dedicated Defined Benefit Services has developed an off-the-shelf DB program with a simple, streamlined process for setting up the plans. Defined benefit plans typically allow high income small business owners to build tax-deferred retirement savings quickly by making large annual contributions. In some situations, clients may combine defined benefit and 401(k) plans which typically allows them to maximize deductible contributions to retirement plans. Plans must be opened by the end of the fiscal year, generally December 31st, in order to take advantage of tax benefits for that fiscal year.
“This year in particular, high income clients are hearing from their CPAs that a qualified retirement plan is one of the few remaining significant strategies for managing tax liability,” said Karen Shapiro, CEO, Dedicated Defined Benefit Services, LLC. “Our clients are generally small business owners and individuals with self-employment income, who are looking to make large tax-deductible contributions toward their retirement over the next five to ten years.”
Dedicated Defined Benefit Services does not offer investments so working with Transamerica is a good fit. “Because clients should consider the volatility of investments in defined benefit plans, our riskbased pricing for variable annuities gives clients a unique, lower-cost solution,” said John Koehler, Senior Vice President Advanced Markets for Transamerica. “Clients have the flexibility to use a combination of investments — variable annuities and mutual funds from Transamerica along with other instruments, in an effort to meet their retirement savings needs.” Financial advisors and small business owners can get additional information on the plans by calling. Dedicated Defined Benefit Services at 866-765-6321, Monday — Friday, 9:30 a.m. — 8:00 p.m. EST.
For more information about defined benefit plans and to determine if you qualify, visit www.onepersonplus.com or call 1-866-269-2706, or ask your financial or tax advisor for more information.
About Dedicated Defined Benefit Services
Dedicated Defined Benefit Services, based in the San Francisco Bay area, is the only national company focused exclusively on helping financial advisors provide Defined Benefit Plans for high-income professionals, small business owners and individuals with self-employment income. Dedicated DB, which pioneered streamlined, turnkey defined benefit plans for small business, administers over 1000 plans for firms with one to five employees.