Law firms are excellent candidates for Cash Balance plans. Desire usually exists to provide a program for additional tax-deferral for the dozens of partners. The 401(k) Profit Sharing contributions can max out around $64,000 and may not be enough.
FuturePlan can design a Cash Balance plan that will allow the firm to contribute approximately $4,500,000 into the plan, with many of the partners receiving their age-weighted maximum every year. The firm is also able to continue to offer excellent benefits for employees with lower salaries.
Do you have clients or prospects looking to accelerate retirement savings and reduce their tax burden? To receive a Cash Balance Overview with one of our dedicated FuturePlan Cash Balance experts, fill out this quick form here.
Retirement Plan Illustration – 2021
*This illustration shows only the cost to the group.
Staff employees and others pay for their own 401(k) contributions.