Demand Stays Strong for Cash Balance Plans

TRA [The Retirement Advantage]

Many things changed in 2023, but we can still count a few guiding principles in the retirement plan business as we go into the 2024 selling season. One thing we can assert, many business owners and highly paid entrepreneurs are still looking for ways to lower their tax burdens.

In fact, tax-saving strategies may be more important than ever before. At the same time, offering the most attractive benefits packages to the most valued employees gains greater significance as employers navigate the SECURE Act.

Learning Objectives:

• Understanding of how to help business owners lower their tax burden through use of a Cash Balance Plan
• Familiarity with basics of Cash Balance Plan design and why they are so popular
• How a Cash Balance Plan pairs with a 401(k) Plan to optimize tax deductions and retirement savings
• Way to use Cash Balance Plans to accomplish business ownership succession planning goals
• Awareness of roles of the Advisor, Plan Sponsor, and Actuary/Third Party Administrator
• How to identify suitable candidates for sponsorship of Cash Balance Plan

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