Employees value the fixed benefit provided by this type of plan. On the employer side, businesses can generally contribute (and therefore deduct) more each year than in defined contribution plans. However, defined benefit plans are often more complex and, thus, more costly to establish and maintain than other types of plans.
An owner-only defined benefit plan is a defined benefit plan that is ideal for business owners with no employees other than their spouses (including self-employed individuals, corporations, and partnerships) who desire to maximize their retirement contributions.Learn more about owner-only defined benefit plans.
While a defined benefits retirement plan may not be the right approach for every business we can help you discover the best fit for yours. Our goal is to understand your needs and then try to create a plan to address those needs. We appreciate the opportunity to assist you, your company’s retirement plan, and your participants.