Owner Only Solutions

With a DB Plan, the only contributions made are those by your employer – YOU! This is a great option for owner only businesses allowing you to create a retirement plan with a guaranteed monthly income.

You might think your business is too small to have a functioning 401k plan, but you’d be wrong. Owner only 401k, or plans that include your spouse, are available to you right now. Offering many advantages over the traditional SEP plan that has become the mainstay plan for owner only businesses. You have choices!

A non-qualified, deferred compensation (NQDC) plan allows you to earn wages, bonuses, or other compensation in one year but receive the earnings—and defer the income tax on them—in a later year, or when you retire. Doing this provides income in the future (often after you’ve retired) and may reduce the tax payable on the income.

Think about a brighter future with your retirement in place.

When divorce is on the cards, your spouse may be entitled to a portion of your pension plan.  If that’s the case you’ll need a Qualified domestic Relations Order (QDRO). A QDRO is a judgement, decree or order for a retirement plan to pay child support, alimony or marital property rights to a spouse, former spouse, child or other dependent of a participant.

Hopefully you’ll never need help with this, but if you do, we’re here to support you.

When a QDRO Order is in place, it’s vital to get a valuation of the retirement plan and ensure that the valuation date is recorded properly. Whatever the valuation of the pension on the valuation date will determine what the plan was valued at up to, and including that date and the proceeds will be distributed accordingly. This ensures that any funds added after that date are not distributed to your spouse – if that is what the order demands.