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One of the most valuable pieces of an executive compensation plan, particularly for a small business owner or professional practice, is a cash balance plan. It allows the executive to benefit as both employer and employee and has retention benefits for a practice with both highly compensated employees who are getting close to retirement, and younger employees. Even if you already set up a 401(k) plan, adding a cash balance plan can make sense.
On the employee side, a cash balance plan (CBP) is a traditional defined benefit pension plan offering either a lump sum payout or an annuity on retirement. However, it has an individual account structure, similar to a 401(k), that is portable and transparent. Unlike a 401(k), CPBs are not dependent on market performance, and employees do not need to select and manage the assets.
As an employer, you set an annual contribution as a percentage... ...
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