{"id":702,"date":"2020-08-10T15:53:42","date_gmt":"2020-08-10T15:53:42","guid":{"rendered":"https:\/\/compplanning.com\/wp\/?page_id=702"},"modified":"2024-11-03T01:27:28","modified_gmt":"2024-11-03T01:27:28","slug":"plans","status":"publish","type":"page","link":"https:\/\/compplanning.com\/plans\/","title":{"rendered":"Plans"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"702\" class=\"elementor elementor-702\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7f1804aa elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"7f1804aa\" data-element_type=\"section\" id=\"plan-design\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-36b5f343\" data-id=\"36b5f343\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c1a5dee elementor-widget elementor-widget-heading\" data-id=\"c1a5dee\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.9.1 - 14-12-2022 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Plan Types<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6681a8 elementor-widget elementor-widget-heading\" data-id=\"b6681a8\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_mouse&quot;:&quot;yes&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Qualified Plans<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6825cc2 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6825cc2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-6f0f62d\" data-id=\"6f0f62d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-692e007 elementor-widget elementor-widget-text-editor\" data-id=\"692e007\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.9.1 - 14-12-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>The IRS has created a number of retirement savings vehicles for employers of all sizes to use to save for their and their employees\u2019 retirement.<\/p><p>A qualified plan must meet a number of Internal Revenue Code requirements under Section 401(a) such as minimum coverage, benefits, participation, and vesting to name a few.<\/p><p>In return, the IRS provides the following <b>tax advantages<\/b> when businesses set up plans:<\/p><ul><li>Deductions for current contributions<\/li><li>Tax deferred earnings on investments until distribution<\/li><li>Employees may have opportunity to make pre tax or after-tax contribution<\/li><li>Deduction for ongoing plan expenses<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2dd7c05\" data-id=\"2dd7c05\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cf0b582 elementor-invisible elementor-widget elementor-widget-image\" data-id=\"cf0b582\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_translateY_effect&quot;:&quot;yes&quot;,&quot;motion_fx_translateY_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0.8000000000000000444089209850062616169452667236328125,&quot;sizes&quot;:[]},&quot;motion_fx_devices&quot;:[&quot;desktop&quot;],&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;motion_fx_scale_effect&quot;:&quot;yes&quot;,&quot;motion_fx_scale_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:1,&quot;sizes&quot;:[]},&quot;motion_fx_translateY_affectedRange&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:0,&quot;end&quot;:100}},&quot;motion_fx_scale_direction&quot;:&quot;out-in&quot;,&quot;motion_fx_scale_range&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:20,&quot;end&quot;:80}}}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.9.1 - 14-12-2022 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1128\" height=\"1350\" src=\"https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-man-lookihg-charts.png\" class=\"attachment-full size-full wp-image-691\" alt=\"Man looking over Qualified Plans: IRS retirement savings vehicles\" srcset=\"https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-man-lookihg-charts.png 1128w, https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-man-lookihg-charts-251x300.png 251w, https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-man-lookihg-charts-856x1024.png 856w, https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-man-lookihg-charts-768x919.png 768w\" sizes=\"(max-width: 1128px) 100vw, 1128px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-51e4673 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"51e4673\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3d63b51\" data-id=\"3d63b51\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f5088fd elementor-widget elementor-widget-text-editor\" data-id=\"f5088fd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>In addition to tax benefits, qualified retirement plans have <b>the following advantages<\/b>:<\/p><ul><li>Attract talented employees with a great benefit package<\/li><li>Retain valued employees by rewarding their service<\/li><li>Disciplined savings tool to help employees meet retirement needs<\/li><li>Significant savings accumulation in a short period of time<\/li><li>Protection from creditors<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd5e35d elementor-widget elementor-widget-text-editor\" data-id=\"fd5e35d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b>Qualified plans fall into two basic types of retirement plans: <\/b>DC (<a href=\"#defined-contribution\">Defined Contribution<\/a>) and DB (<a href=\"#defined-benefit\">Defined Benefit<\/a>) plans. <br \/><br \/>Below is a brief overview of some of the plan designs that our consultants will customize to best fit for your needs.<\/p><p>\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e3269e elementor-tablet-align-right elementor-widget__width-auto elementor-invisible elementor-widget elementor-widget-button\" data-id=\"1e3269e\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_animation_delay&quot;:500}\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"#defined-contribution\" class=\"elementor-button-link elementor-button elementor-size-md elementor-animation-float\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t<span class=\"elementor-button-icon elementor-align-icon-right\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Defined Contribution Plans<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-c8f1b05\" data-id=\"c8f1b05\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-110c55e elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"110c55e\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7465443\" data-id=\"7465443\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c436df0 elementor-widget__width-auto elementor-widget-tablet__width-inherit elementor-widget elementor-widget-heading\" data-id=\"c436df0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Start your customized retirement plan analysis.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4cc7a37 elementor-widget__width-auto elementor-widget elementor-widget-html\" data-id=\"4cc7a37\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<a class=\"typeform-share button white elementor-button-link elementor-button elementor-size-sm elementor-animation-float\" href=\"https:\/\/form.typeform.com\/to\/cKIRwp\" data-mode=\"drawer_left\" style=\"float:right; border-radius: 6px 6px 6px 6px;padding: 15px 20px 14px 22px !important; text-transform: none; background-color: #fff; color: #00BAD2; font-size: 17px;\" target=\"_blank\">\n<span class=\"elementor-button-content-wrapper\">\n\t<span class=\"elementor-button-icon elementor-align-icon-right\" style=\"margin-left: 15px;\">\n\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-right\"><\/i><\/span>\n\t\t<span class=\"elementor-button-text\">Start My Analysis<\/span>\n<\/span><\/a>\n<script> (function() { var qs,js,q,s,d=document, gi=d.getElementById, ce=d.createElement, gt=d.getElementsByTagName, id=\"typef_orm_share\", b=\"https:\/\/embed.typeform.com\/\"; if(!gi.call(d,id)){ js=ce.call(d,\"script\"); js.id=id; js.src=b+\"embed.js\"; q=gt.call(d,\"script\")[0]; q.parentNode.insertBefore(js,q) } })() <\/script>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-521752e elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"521752e\" data-element_type=\"section\" id=\"defined-contribution\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a75671e\" data-id=\"a75671e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a8d810b elementor-widget elementor-widget-heading\" data-id=\"a8d810b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Plan Types<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-38e5da6 elementor-widget elementor-widget-heading\" data-id=\"38e5da6\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_mouse&quot;:&quot;yes&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Defined Contribution Plans\n<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-03b27d2 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"03b27d2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5ab74ec\" data-id=\"5ab74ec\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a661bc elementor-widget elementor-widget-text-editor\" data-id=\"4a661bc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Defined Contribution Plans operate, per their name, with a \u201cdefined contribution\u201d or <b>determinable amount allocated to eligible employees<\/b>.<\/p><p>These contributions along with any earnings are maintained in an account (either pooled or segregated) for each employee\u2019s benefit. Contributions to the plan may consist of pre-tax employer and\/or pre-tax and\/or post-tax employee contributions.<\/p><p>The ultimate retirement benefit or benefit upon distribution of each participant will be dependent on the contributions and earnings experienced by the account, with investment control either by the employer or by the employee. For this reason, the future retirement benefit cannot be determined or guaranteed.<\/p><p>Employer contributions may be subject to a vesting schedule. Non-vested account balances forfeited by former employees can be used to reduce employer contributions or be reallocated to active participants.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-c282778\" data-id=\"c282778\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-291ffb4 elementor-invisible elementor-widget elementor-widget-image\" data-id=\"291ffb4\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_translateY_effect&quot;:&quot;yes&quot;,&quot;motion_fx_translateY_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0.8000000000000000444089209850062616169452667236328125,&quot;sizes&quot;:[]},&quot;motion_fx_devices&quot;:[&quot;desktop&quot;],&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;motion_fx_scale_effect&quot;:&quot;yes&quot;,&quot;motion_fx_scale_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:1,&quot;sizes&quot;:[]},&quot;motion_fx_translateY_affectedRange&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:0,&quot;end&quot;:100}},&quot;motion_fx_scale_direction&quot;:&quot;out-in&quot;,&quot;motion_fx_scale_range&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:20,&quot;end&quot;:80}}}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"780\" height=\"1168\" src=\"https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-man-pointing-laptop.png\" class=\"attachment-full size-full wp-image-694\" alt=\"Man pointing at employee retirement savings\" srcset=\"https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-man-pointing-laptop.png 780w, https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-man-pointing-laptop-200x300.png 200w, https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-man-pointing-laptop-684x1024.png 684w, https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-man-pointing-laptop-768x1150.png 768w\" sizes=\"(max-width: 780px) 100vw, 780px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6539f92 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6539f92\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5d389a1\" data-id=\"5d389a1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9494b37 elementor-widget elementor-widget-text-editor\" data-id=\"9494b37\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>For 2025, an employee\u2019s contributions to the plan <b>may not exceed $23,500<\/b> ($31,000 for employees age 50 or over and $34,750 for those attaining age 60-63 during 2025).\u00a0<\/p><p>The employer contribution, when combined with the employee contribution may not exceed the lesser of $70,000 for 2025 and $69,000 for 2024 or 100% of an employee\u2019s compensation. The company may make a deductible plan contribution up to 25% of the overall eligible payroll.\u00a0<\/p><p>The <b>maximum eligible compensation<\/b> that can be considered for any single employee is $345,000 in 2024 and $350,000 in 2025<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e2c8dea\" data-id=\"e2c8dea\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5dc9a15 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5dc9a15\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-d886290\" data-id=\"d886290\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b4f380a elementor-widget elementor-widget-heading\" data-id=\"b4f380a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Defined Contribution \nPlan Types<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a103f65 elementor-tabs-view-vertical elementor-widget elementor-widget-tabs\" data-id=\"a103f65\" data-element_type=\"widget\" data-widget_type=\"tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.9.1 - 14-12-2022 *\/\n.elementor-widget-tabs.elementor-tabs-view-vertical .elementor-tabs-wrapper{width:25%;flex-shrink:0}.elementor-widget-tabs.elementor-tabs-view-vertical .elementor-tab-desktop-title.elementor-active{border-right-style:none}.elementor-widget-tabs.elementor-tabs-view-vertical .elementor-tab-desktop-title.elementor-active:after,.elementor-widget-tabs.elementor-tabs-view-vertical .elementor-tab-desktop-title.elementor-active:before{height:999em;width:0;right:0;border-right-style:solid}.elementor-widget-tabs.elementor-tabs-view-vertical .elementor-tab-desktop-title.elementor-active:before{top:0;transform:translateY(-100%)}.elementor-widget-tabs.elementor-tabs-view-vertical .elementor-tab-desktop-title.elementor-active:after{top:100%}.elementor-widget-tabs.elementor-tabs-view-horizontal .elementor-tab-desktop-title{display:table-cell}.elementor-widget-tabs.elementor-tabs-view-horizontal .elementor-tab-desktop-title.elementor-active{border-bottom-style:none}.elementor-widget-tabs.elementor-tabs-view-horizontal .elementor-tab-desktop-title.elementor-active:after,.elementor-widget-tabs.elementor-tabs-view-horizontal .elementor-tab-desktop-title.elementor-active:before{bottom:0;height:0;width:999em;border-bottom-style:solid}.elementor-widget-tabs.elementor-tabs-view-horizontal .elementor-tab-desktop-title.elementor-active:before{right:100%}.elementor-widget-tabs.elementor-tabs-view-horizontal .elementor-tab-desktop-title.elementor-active:after{left:100%}.elementor-widget-tabs .elementor-tab-content,.elementor-widget-tabs .elementor-tab-title,.elementor-widget-tabs .elementor-tab-title:after,.elementor-widget-tabs .elementor-tab-title:before,.elementor-widget-tabs .elementor-tabs-content-wrapper{border:1px #d4d4d4}.elementor-widget-tabs .elementor-tabs{text-align:left}.elementor-widget-tabs .elementor-tabs-wrapper{overflow:hidden}.elementor-widget-tabs .elementor-tab-title{cursor:pointer;outline:var(--focus-outline,none)}.elementor-widget-tabs .elementor-tab-desktop-title{position:relative;padding:20px 25px;font-weight:700;line-height:1;border:solid transparent}.elementor-widget-tabs .elementor-tab-desktop-title.elementor-active{border-color:#d4d4d4}.elementor-widget-tabs .elementor-tab-desktop-title.elementor-active:after,.elementor-widget-tabs .elementor-tab-desktop-title.elementor-active:before{display:block;content:\"\";position:absolute}.elementor-widget-tabs .elementor-tab-desktop-title:focus-visible{border:1px solid #000}.elementor-widget-tabs .elementor-tab-mobile-title{padding:10px;cursor:pointer}.elementor-widget-tabs .elementor-tab-content{padding:20px;display:none}@media (max-width:767px){.elementor-tabs .elementor-tab-content,.elementor-tabs .elementor-tab-title{border-style:solid solid none}.elementor-tabs .elementor-tabs-wrapper{display:none}.elementor-tabs .elementor-tabs-content-wrapper{border-bottom-style:solid}.elementor-tabs .elementor-tab-content{padding:10px}}@media (min-width:768px){.elementor-widget-tabs.elementor-tabs-view-vertical .elementor-tabs{display:flex}.elementor-widget-tabs.elementor-tabs-view-vertical .elementor-tabs-wrapper{flex-direction:column}.elementor-widget-tabs.elementor-tabs-view-vertical .elementor-tabs-content-wrapper{flex-grow:1;border-style:solid solid solid none}.elementor-widget-tabs.elementor-tabs-view-horizontal .elementor-tab-content{border-style:none solid solid}.elementor-widget-tabs.elementor-tabs-alignment-center .elementor-tabs-wrapper,.elementor-widget-tabs.elementor-tabs-alignment-end .elementor-tabs-wrapper,.elementor-widget-tabs.elementor-tabs-alignment-stretch .elementor-tabs-wrapper{display:flex}.elementor-widget-tabs.elementor-tabs-alignment-center .elementor-tabs-wrapper{justify-content:center}.elementor-widget-tabs.elementor-tabs-alignment-end .elementor-tabs-wrapper{justify-content:flex-end}.elementor-widget-tabs.elementor-tabs-alignment-stretch.elementor-tabs-view-horizontal .elementor-tab-title{width:100%}.elementor-widget-tabs.elementor-tabs-alignment-stretch.elementor-tabs-view-vertical .elementor-tab-title{height:100%}.elementor-tabs .elementor-tab-mobile-title{display:none}}<\/style>\t\t<div class=\"elementor-tabs\">\n\t\t\t<div class=\"elementor-tabs-wrapper\" role=\"tablist\" >\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1681\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1681\" aria-expanded=\"false\">401(k) Plans<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1682\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1682\" aria-expanded=\"false\">403(b) Plans<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1683\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1683\" aria-expanded=\"false\">Profit Sharing Plan<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1684\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"4\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1684\" aria-expanded=\"false\">Prevailing Wage Plans<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1685\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"5\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1685\" aria-expanded=\"false\">Multiple Employer Plans (MEPs)<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"elementor-tabs-content-wrapper\" role=\"tablist\" aria-orientation=\"vertical\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1681\" aria-expanded=\"false\">401(k) Plans<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1681\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1681\" tabindex=\"0\" hidden=\"false\"><p>The 401(k) feature allows employees to voluntarily elect to make contributions (deferrals) into a qualified plan through payroll deductions up to an annual $22,500 limit for 2023 ($30,000 if age 50 of over). The term 401(k) comes from Section 401(k) of the Internal Revenue Code relating to employee deferral of compensation.<\/p><p>It may be helpful to think of qualified retirement plans as having multiple potential buckets or sources of funding (i.e. profit sharing, deferrals, matching).<\/p><h4><strong>Traditional Pre-Tax Deferrals<\/strong><\/h4><p>Employee contributions to the plan will be made on pre-tax basis, and subsequently reduce the reportable income on an employee\u2019s W-2. Their account will grow tax deferred until the time the funds are withdrawn and reported as income.<\/p><h4><strong>ROTH Post-Tax Deferrals<\/strong><\/h4><p>If elected as a plan option, employees may elect to have their voluntary deferral be made to the plan on a post-tax basis. These contributions will grow tax free and be able to be withdrawn upon retirement with no further tax consequences. Roth is offer preferred if you believe you will be in a higher marginal tax rate during retirement.<\/p><h4><strong>Matching Contributions<\/strong><\/h4><p>Employers may choose to match some portion of the amount deferred by the employee to encourage greater employee participation, i.e., 50% match on the first 6% deferred by an employee. These employer contributions may be subject to a vesting schedule<\/p><p>Employee deferrals and employer matching contributions are subject to annual nondiscrimination tests which limit how much \u201cHighly Compensated Employees\u201d can defer or benefit based on the \u201cNon-Highly Compensated Employees\u201d contributions. A \u201cHighly Compensated Employee\u201d is an employee that:<\/p><ul><li>Owns more than 5% of the employer at any time during the current or prior plan year (attribution rules apply which treat an individual as owning stock owned by his spouse, children, grandchildren or parents); or<\/li><li>Received compensation in excess of the indexed limit in the preceding plan year (indexed limit is $155,000 for 2024 and $160,000 for 2025 to determine status in 2026).<\/li><\/ul><h4><strong>401(k) Safe Harbor Plans<\/strong><\/h4><p>An option exists to offer certain \u201c401(k) Safe Harbor\u201d plan designs which are deemed to pass the discrimination testing mentioned above. By promising certain employer profit sharing or matching contributions that are 100% vested, Highly Compensated Employees can defer up to the annual limit regardless of participation of other employees.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1682\" aria-expanded=\"false\">403(b) Plans<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1682\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1682\" tabindex=\"0\" hidden=\"hidden\"><p>These plans are similar to a 401(k) but are only available to be offered by non-profit employers. These plans can either be ERISA or Non-ERISA depending on the level of employer involvement in selecting the investment provider of if any employer contributions are made to the plan.\u00a0<\/p><p>At the current time, the main difference relates to how the assets are held, eligibility requirements, discrimination testing of employee deferrals, and a special allowable catchup contribution.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1683\" aria-expanded=\"false\">Profit Sharing Plan<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1683\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1683\" tabindex=\"0\" hidden=\"hidden\"><p>Profit Sharing plans consist of employer contributions that are generally made on a discretionary basis. After the end year, with our guidance, the employer will decide on an amount, if any, to be contributed to the plan. Any contributions will be tested to be non-discriminatory. These plans can stand on their own or be a money type under a 401(k) or an ERISA 403(b) plan.<\/p><p>We surprisingly still find many plans using an inflexible <strong>Pro Rata <\/strong>allocation (where \u00a0contributions are allocated in proportion to each employee\u2019s compensation) or an <strong>Integrated<\/strong> allocation (where contribution are allocated taking into account Social Security, resulting in a larger percent contributions to employees with salary above the taxable wage base).<\/p><p>Almost all of our plan use a flexible <strong>New Comparability <\/strong>allocation. Allocations of varying percentages can be allocated to different groups of employees. Sometimes referred to as \u201cCross Tested\u201d plans, these plans are tested for compliance on a benefits basis, like a DB plan. Small businesses wanting to direct a larger amount of contributions to older owners and key employees, while having ultimate control over contributions to the rest of the employees find this method powerful.\u00a0<\/p><p>Higher allocations can be given to select employees, as long as we can prove mathematically that the allocation is non-discriminatory when compared the benefits provided at retirement age.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"4\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1684\" aria-expanded=\"false\">Prevailing Wage Plans<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1684\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1684\" tabindex=\"0\" hidden=\"hidden\"><p>Companies with non-union employees working on public projects required to pay a prevailing wage may contribute the portion allowable for fringe benefits to a qualifying retirement plan. If not using the fringe portion for benefits, amounts must be included in payroll as compensation.\u00a0<\/p><p>The benefits to an employer of implementing a prevailing wage plan are as follows:<\/p><ul><li>Savings in payroll taxes (FICA, Medicare, Federal and State unemployment)<\/li><li>Lower workers\u2019 compensation premiums<\/li><li>Contributions can potentially be used to offset other employer contributions<\/li><li>Ability to make more competitive bids to help win more prevailing wage work<\/li><li>Can be combined to be a money type under 401(k) plan instead of a separate plan<\/li><\/ul><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"5\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1685\" aria-expanded=\"false\">Multiple Employer Plans (MEPs)<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1685\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1685\" tabindex=\"0\" hidden=\"hidden\"><p>A Multiple Employer Plan, or \u201cMEP\u201d, is a retirement plan (either defined contribution or defined benefit) that is maintained by two more unrelated employers that are not members of the same controlled group.<\/p><p>Businesses will elect to be an \u201cadopting employer\u201d of the plan. DOL rulings indicate that a MEP must cover a bona fide group of employers to constitute a single plan, currently otherwise separate 5500 filings would be required.<\/p><p>A single document and investment solution are used for all employers under the plan.<\/p><\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10b1eb1 elementor-tablet-align-center elementor-align-center elementor-mobile-align-left elementor-invisible elementor-widget elementor-widget-button\" data-id=\"10b1eb1\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_animation_delay&quot;:500}\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"#defined-benefit\" class=\"elementor-button-link elementor-button elementor-size-md elementor-animation-float\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t<span class=\"elementor-button-icon elementor-align-icon-right\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Defined Benefit Plans<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-36bce51 elementor-hidden-phone elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"36bce51\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;background_motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;background_motion_fx_scale_effect&quot;:&quot;yes&quot;,&quot;background_motion_fx_scale_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:3,&quot;sizes&quot;:[]},&quot;animation&quot;:&quot;fadeIn&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_motion_fx_scale_direction&quot;:&quot;out-in&quot;,&quot;background_motion_fx_scale_range&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:20,&quot;end&quot;:80}},&quot;background_motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-a780544\" data-id=\"a780544\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b78a3a4 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"b78a3a4\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Compensation Planning team<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-07b2842\" data-id=\"07b2842\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e81e48b elementor-widget elementor-widget-heading\" data-id=\"e81e48b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Clients are our number one priority. We love providing savings and peace of mind for your retirement plan.\n<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9080955 elementor-align-right elementor-tablet-align-left typeform-share link elementor-widget elementor-widget-button\" data-id=\"9080955\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/compplanning.com\/wp\/why-choose-us\/\" class=\"elementor-button-link elementor-button elementor-size-sm elementor-animation-float\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t<span class=\"elementor-button-icon elementor-align-icon-right\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-right\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"elementor-button-text\">What we offer that others don't<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6db1ec8 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"6db1ec8\" data-element_type=\"section\" id=\"defined-benefit\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9e8bc55\" data-id=\"9e8bc55\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b288c88 elementor-widget elementor-widget-heading\" data-id=\"b288c88\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Plan Types<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9c7f7e elementor-widget elementor-widget-heading\" data-id=\"d9c7f7e\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_mouse&quot;:&quot;yes&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Defined Benefit Plans<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-31197eb elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"31197eb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-342f45b\" data-id=\"342f45b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2e1b470 elementor-widget elementor-widget-text-editor\" data-id=\"2e1b470\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Defined Benefit Plans operate, per their name, with a \u201cdefined benefit\u201d provided to employees at retirement.\u00a0<\/p><p>On an annual basis, an actuary determines a minimum required, maximum allowed, and recommended contribution for the employer based on the current plan assets when compared to the current plan liabilities to meet projected retirement benefits. The responsibility for funding the individual liabilities lies with the employer who invests all of the overall plan assets. Investment gains\/losses will not affect participants\u2019 benefits, but may require smaller or larger contributions by the employer.<\/p><p>Defined Benefit Plans are often appealing to <b>employers who are looking to contribute more than that $70,000 maximum<\/b> defined contribution limit.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49b555b elementor-widget elementor-widget-text-editor\" data-id=\"49b555b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>In a DB Plan, the <b>maximum benefit<\/b> that can be funded for is the lesser of $280,000\/yr at retirement or 100% of highest 3 year average compensation.&nbsp;<\/p>\n<p>Substantial deductible contributions are allowed to be made to the plan in order to create a large enough funding source to fund the accrued benefits.<\/p>\n<p><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-85ecd4c\" data-id=\"85ecd4c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5c1f422 elementor-invisible elementor-widget elementor-widget-image\" data-id=\"5c1f422\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_translateY_effect&quot;:&quot;yes&quot;,&quot;motion_fx_translateY_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0.8000000000000000444089209850062616169452667236328125,&quot;sizes&quot;:[]},&quot;motion_fx_devices&quot;:[&quot;desktop&quot;],&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;motion_fx_scale_effect&quot;:&quot;yes&quot;,&quot;motion_fx_scale_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:1,&quot;sizes&quot;:[]},&quot;motion_fx_translateY_affectedRange&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:0,&quot;end&quot;:100}},&quot;motion_fx_scale_direction&quot;:&quot;out-in&quot;,&quot;motion_fx_scale_range&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:20,&quot;end&quot;:80}}}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"740\" height=\"992\" src=\"https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-woman-sitting-laptop2.png\" class=\"attachment-full size-full wp-image-1020\" alt=\"Woman reviewing options of Defined Benefit plan\" srcset=\"https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-woman-sitting-laptop2.png 740w, https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-woman-sitting-laptop2-224x300.png 224w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-ffae366 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ffae366\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-4c31c8f\" data-id=\"4c31c8f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a013d7a elementor-tabs-view-vertical elementor-widget elementor-widget-tabs\" data-id=\"a013d7a\" data-element_type=\"widget\" data-widget_type=\"tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-tabs\">\n\t\t\t<div class=\"elementor-tabs-wrapper\" role=\"tablist\" >\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1671\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1671\" aria-expanded=\"false\">Cash Balance Plans<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1672\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1672\" aria-expanded=\"false\">Traditional Defined Benefit Plans<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"elementor-tabs-content-wrapper\" role=\"tablist\" aria-orientation=\"vertical\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1671\" aria-expanded=\"false\">Cash Balance Plans<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1671\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1671\" tabindex=\"0\" hidden=\"false\"><p>A Cash Balance Plan is a type of Defined Benefit Plan that will appear more like a Defined Contribution Plan to participants, but operate like a Defined Benefit Plan for funding purposes.\u00a0<\/p><p>For this reason, these plans are referred to as <b>hybrid plans<\/b>. Participants will receive a Cash Balance statement with a hypothetical balance and earnings, instead of a traditional Defined Benefit statement expressed as a fixed monthly benefit upon retirement.<\/p><p>In a Cash Balance Plan, each employee\u2019s \u201caccount\u201d receives an annual contribution credit and an interest credit based on a guaranteed rate as stated in the plan document. An employee\u2019s plan benefit is equal to the hypothetical account balance which represents the sum of all contributions and interest credits. For employees, they can more easily understand their plan benefit and count on a determinable amount that is not affected by market fluctuations for financial planning purposes.<\/p><p>As in a traditional defined benefit plan, the employer in a cash balance plan bears the investment risks and rewards. An actuary will determine the minimum required, maximum allowed, and recommend contribution to keep the plan funded on a termination basis.\u00a0<\/p><p>Though unlike a traditional DB Plan, the liabilities in a Cash Balance plan are more predictable, since benefits are credited on a year by year basis in relation to the current year and will grow at the plans stated interest rates.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1672\" aria-expanded=\"false\">Traditional Defined Benefit Plans<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1672\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1672\" tabindex=\"0\" hidden=\"hidden\"><p>Instead of an individual account balance based on contributions and earnings, a defined benefit plan promises\u00a0<b>a monthly benefit at retirement funded by a pooled trust<\/b>.<\/p><p>The benefit formula is stated in the plan document and is generally based on a participant\u2019s average compensation and years of service.<\/p><\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-eadf144 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"eadf144\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-41ea967\" data-id=\"41ea967\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8b49e36 elementor-invisible elementor-widget elementor-widget-image\" data-id=\"8b49e36\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;pulse&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/compplanning.com\/wp\/stories\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"904\" height=\"1004\" src=\"https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-woman-standing-holding.png\" class=\"elementor-animation-float attachment-full size-full wp-image-756\" alt=\"Woman searching for employee retirement plans\" srcset=\"https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-woman-standing-holding.png 904w, https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-woman-standing-holding-270x300.png 270w, https:\/\/compplanning.com\/wp\/wp-content\/uploads\/2020\/08\/graphic-woman-standing-holding-768x853.png 768w\" sizes=\"(max-width: 904px) 100vw, 904px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0e3756e elementor-widget elementor-widget-heading\" data-id=\"0e3756e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">See how we save real businesses real money.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e10ba1 elementor-tablet-align-center elementor-widget__width-inherit elementor-align-center elementor-invisible elementor-widget elementor-widget-button\" data-id=\"6e10ba1\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_animation_delay&quot;:500}\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/compplanning.com\/wp\/stories\/\" class=\"elementor-button-link elementor-button elementor-size-md elementor-animation-float\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t<span class=\"elementor-button-icon elementor-align-icon-right\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-right\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Our Stories of Savings<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Plan Types Qualified Plans The IRS has created a number of retirement savings vehicles for employers of all sizes to use to save for their and their employees\u2019 retirement. A qualified plan must meet a number of Internal Revenue Code requirements under Section 401(a) such as minimum coverage, benefits, participation, and vesting to name a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":691,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_mi_skip_tracking":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Retirement Plans: Qualified and Defined Contribution\/Benefit Plans<\/title>\n<meta name=\"description\" content=\"Employers, we\u2019ll analyze your plan options and craft a plan that benefits you and your employees. 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