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If you already have a 401(k) plan for your practice, you’ve seen the benefits it can provide in tax-advantaged saving for retirement, as well as helping to retain staff with a comprehensive benefits package.
But as your practice may have grown over the years, there’s another plan you should consider adding that will allow highly-compensated partners or employees to contribute significantly to retirement income in a tax-advantageous way, at amounts well above the minimums set for a 401(k) plan.
If you’ve added younger staff along the way, it also has the benefit of incentivizing them, while allowing you to stay within the IRS guidelines. It’s called a Cash Balance Plan (CPB).
A CPB is a little different than a traditional pension plan or traditional 401(k) plan. In action, it functions like a combination of the two.
401(k) Plan: The employee contributes up to a set percentage determined... ...
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