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October 20, 2023
Cash Balance Plan Contribution Deadlines for 2023

Cash balance plans have straightforward deadlines to follow. The deadline for opening your plan and making contributions is the same, due on the date your business taxes are due (including deadlines). Partnerships and S corporations who follow the calendar year are required to make their contribution in full by March 15, 2024 for the 2023 [...]

October 20, 2023
Cash Balance Plan Contribution Limits for 2023

Cash balance plans are a type of defined benefit plan, different from defined contribution plans, and have no fixed annual contribution limits. Rather than the contribution limit being defined, the end balance or how much you would have in your account by retirement age, is predetermined. How much you can contribute to the account on [...]

October 19, 2023
What is a Defined Benefit Plan? Types of Plans, Pros & Cons

You may already be aware of defined contribution plans like the 401k, IRA, and solo 401k. Defined contribution plans have their contribution limits defined each year. The IRS states the maximum amount you can put in and once you reach the limits, you cannot contribute anything else. Defined benefit plans (also known as pension plans or [...]