Am I a Good Candidate For a New Plan?

Am I a Good Candidate For a New Plan?

Answer the following questions to determine if you might be a good candidate for a new Cash Balance Plan:

1. Do you have sufficient cash flow to support contributions alongside living expenses?
2. Do you feel behind on personal retirement savings?
3. Is your owner-to-employee ratio less than 1:10 (20+ hour employees)?
4. Is your owner-to-employee ratio less than 1:5?
5. Is your owner-to-employee ratio less than 1:2?
6. Can you support $150,000+ annual salary/self-employment income?
7. Are all employees family members?
8. Are you at least 10 years older than youngest non-owner employee?
9. Will you have stable profits for next 3-5 years?
10. Is someone willing to dedicate 5 hours yearly to plan administration?
11. Are employees requesting retirement benefits?
12. Would a plan aid recruitment and retention?
13. Are you desperately looking for additional tax deductions?

If you answered "Yes" to question 1 and at least 4 of questions 2-13, you are likely a good candidate for a new plan.