DEFINED BENEFIT PLANS TAKE SAVINGS TO THE MAX
Our Solo Defined Benefit Plan (SoloDB plan) provides a great opportunity for business owners to accumulate a significant tax-preferred retirement account. Learn more.
Traditional Defined Benefit Plan
A traditional Defined Benefit Plan (DB Plan or DBP) is a retirement plan that provides a benefit for individual participants based on formulas in the Plan Document, such as 50% of pay paid monthly starting at age 65.
New Comparability Cash Balance Plan
A Cash Balance Plan is a type of Defined Benefit Plan. It is not an Individual Account Plan (Defined Contribution Plan) since each participant's benefits are not determined by the performance of the assets held in an individual account for that participant. However, it looks a lot like an Individual Account Plan (such as a Profit Sharing Plan) because the benefits are related to a Hypothetical Cash Balance Account. Because a Cash Balance Plan exhibits some characteristics of both Defined Benefit Plans and Defined Contribution Plans, it is often called a hybrid plan. Learn more.
Defined Benefit / Defined Contribution Combo Plan
A Defined Benefit/Defined Contribution Combination Plan (DB/DC Combo) allows the plan sponsor to offer a two-tiered approach to saving for retirement. The defined benefit plan provides a guaranteed retirement benefit base that can be supplemented with discretionary contributions made into a 401(k)/Profit Sharing Plan. This plan design will be attractive to sponsors that are looking for the flexibility offered in a DC Plan but also find the higher contribution levels possible in a DB Plan attractive. InWest offers turnkey plan design and compliance administration for DB/DC Combo Plans. Learn more.