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Fully Insured Defined Benefit Plan
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It is estimated that it will take up to One Million Dollars to meet your retirement needs. Do you know Where that $1,000,000 will come from?
Are you a small business owner or professional with few or no employees?
Are you within 5 - 10 years of retirement with a need to accumulate significant retirement assets on a fully guaranteed basis?
Do you want to put away more each year than the 25% of payroll or $40,000 per individual limit permitted by most qualified retirement plans?
Is yours an established business where there is a need or desire to maximize contributions and tax deductions each year until retirement to a greater extent than is possible in other qualified retirement plans?
There is a plan, approved by the IRS, that will allow you to meet these objectives: a 412(i) Defined Benefit Plan.
A 412(i) plan is a defined benefit retirement plan, the funding requirements of which fall under IRC Section 412(i). If a plan meets the requirements of this subsection, it is exempt from the complex funding rules of Section 412 of the Internal Revenue Code applicable to all other defined benefit plans.
Defined benefit plans are the only qualified pension plans that allow the significant accumulation of retirement assets in a short period of time. This special type of defined benefit plan, a 412(i) plan, generates the maximum deduction allowed by any plan type on a fully guaranteed basis. Guarantees are derived from insurance and/or annuity contracts and are dependent upon the claims-paying ability of the issuing company.
Fully insured, 412(i) defined benefit plans have been around for over 50 years and may be an attractive solution. They offer simplicity, maximum current tax-deductible contributions and guaranteed retirements benefits.
Defined Benefit Plans
The only qualified retirement plan to provide employees with a guaranteed retirement benefit payable at normal retirement age, with reduced benefits payable at an earlier retirement date.
Benefit is usually a monthly benefit based on compensation and years of service, and payable for the lifetime of the participant.
Plans may allow for "cash out" at retirement, with participant receiving a single lump sum instead of monthly payments.
Employer has obligation to make necessary contributions. Premiums may be paid to the Pension Benefit Guaranty Corporation to insure the benefits.
A fully insured 412(i) plan provides an attractive alternative solution offering simplicity, maximum current tax-deductible contributions and guaranteed retirement benefits.
412(i) Plan Features
A 412(i) Defined Benefit plan is a special type of defined benefit pension plan, with three significant characteristics:
Fully Guaranteed Retirement Benefit
Must be funded with Insurance Contracts
Typically generates largest possible tax deduction
Defined Benefit 412(i) Plans allow deductible contributions in excess of 25% of compensation.
412(i) Plans are ideally suited for the small business employer (6 or less employees) who was unable to save in the early years and now, with stable future business profits, desires to put away a very large, tax deductible contribution.
In addition to providing funding for future retirement income, tax deductible 412(i) contributions reduce current taxable income and increases tax deductions.
Self employed individuals, with expectations of stable future income, may find the features of the 412(i) plan attractive.
Business owners, starting a secon