Contribution backfilling is a powerful strategy that business owners may use in a variety of situations. This article will provide Defined Benefit Plan context for understanding, explain the concept of contribution backfilling, and examine several situations where backfilling in a Defined Benefit Plan may be beneficial. Context: Defined Benefit Plans Explained A Defined Benefit Plan […]

Backfilling a Defined Benefit Plan

April 15, 2021

Defined Benefit Strategy: Contribution Backfilling

This article has been updated for 2021. Background: Locum Tenens Retirement Are you a locum tenens worker? If so, planning for your retirement is critical. For example, you likely are not enrolled in an employer-sponsored retirement plan. In other words, saving for retirement is your responsibility. However, being self-employed provides a broader range of options […]

locum tenens retirement

October 16, 2020

Retirement for Locum Tenens Workers. What Is the Right Vehicle?

This article has been updated for 2021. What Is a Cash Balance Plan? A Cash Balance Plan is a type of retirement plan. However, unlike individual retirement vehicles, such as IRAs, Cash Balance Plans are employer-sponsored. Thus, an individual cannot adopt a Cash Balance Plan unless he or she is self-employed. Additionally, if an individual […]

What Is a Cash Balance Plan

August 19, 2020

What Is a Cash Balance Plan? How Does a Cash Balance Plan Work?

This article has been updated for 2021. Early Defined Benefit Adoption It’s human nature to take action as a deadline approaches. For example, why do you think CPAs are busier in April than February? Not surprisingly, it’s the same for clients setting up a Defined Benefit Plan. Historically, we’ve seen Defined Benefit inquiries and setups […]

Setting Up a Defined Benefit Plan Early in the Year

February 26, 2020

Setting Up a Defined Benefit Plan Early in the Year. What Are the Advantages?

This article has been updated for 2021. A side business provides a great opportunity to save for retirement. In fact, a business owner may be able to save and deduct most or all side business income using a Defined Benefit Plan. SEP and 401(k) Plans significantly limit retirement contributions. Defined Benefit Plans, on the other […]

Side Business Defined Benefit

August 26, 2019

The Side Business Defined Benefit Plan. When a Solo K Isn’t Enough.