Cash Balance Plans: Best of Both Worlds (Trust Officers Session)
Networking will begin at 7:45am with the presentation to start at 8:00am. Breakfast will be provided. First time guests are free to attend the event and any returning guests will be $20.
So what is a Cash Balance Plan? Simply put, a cash balance plan combines the flexibility, portability and simplicity of a profit sharing/401(k) plan with the high contribution limits of a traditional defined benefit plan to create a unique hybrid that is very appealing to high income earners in the small business plan space. A cash balance plan can provide your clients with an opportunity to substantially increase the amount set aside for retirement while receiving a large tax benefit, protecting their assets from lawsuits or bankruptcy, attracting and retaining key employees and providing another avenue for family business succession planning.
Bryce Hemker, Owner of Midwest Pension Actuaries, Inc. will be the speaker presenting this topic. He has over 25 years of Qualified Plan design and administration experience. His firm, Midwest Pension Actuaries, has been designing plans and providing actuarial services since 1975 and currently administers over 600 cash balance plans.
Bryce will walk us through the basics of how these types of plans are structured, who they are best suited for and a few strategic ideas for your clients.