On October 21, 2015 the IRS announced the 2016 limits that affect qualified retirement plans. As you can see, they are unchanged from 2015.
The percentage of individuals in Europe that donate their organs upon their death varies greatly from one European country to the next. For example, only twelve percent of the German citizens choose to donate their organs but if one steps across the border and enters Austria, close to one hundred percent (99.98%) donate their organs. In Denmark only 4.25% donate their organs, but if one leaves Copenhagen and drives across the Oresund Bridge, down the two-mile long undersea Drogden Tunnel and into Sweden, 86% of the population donate their organs. Why these strange differences amongst very similar demographics?
Now that you know what a Cash Balance Plan is from reading Part 1 Is a Cash Balance Plan Right For My Company? Part 1 of this series, the next step is: What are the reasons for setting up a Cash Balance Plan?
Part 1: What is a Cash Balance Plan?
We are living in a land of increasing corporate and personal tax rates and we have money we are trying to hide (at least temporarily) from the government. What is a good solution for my company's retirement plan in order to avoid (again, temporarily) taxes, benefit employees and increase retirement savings? Is it a 401(k) plan, a profit sharing plan, a SIMPLE, or...even more complex, a Cash Balance Plan???