Imagine your 401(k) plan on steroids. Imagine being able to contribute four times more than your current 401(k) limit. Imagine having an balance where investments are managed for you and the investment return is guaranteed. And imagine, upon termination or retirement, taking your balance as a tax-free rollover into an IRA. Well, your imagination may turn to reality, as Cash Balance Retirement plans now provide the above advantages, while opening the door to those looking to sock away a lot more in pre-tax contributions into their ERISA protected retirement savings accounts.
According to the IRS, Cash Balance Plans are the fastest growing type of retirement plans in the United States, with over 1,000 plans being approved each year. For high-income earners and business owners, they provide much higher pre-tax contribution limits (> $200,000/year) in addition to your regular 401(k) annual contributions. These contributions fall under the full protection
Brian Schiedel is responsible for monitoring daily valuation recordkeeping services, ensuring that transactions meet strict procedural guidelines, and providing compliance and other consulting services for Burke Group’s retirement plan clients. He serves as the direct Relationship Manager for more than 30 retirement plans.
Prior to joining Burke Group, he obtained his bachelor’s degree in management science from the State University of New York at Geneseo. He has also obtained the Qualified 401(k) Administrator (QKA) designation through the American Society of Pension Professionals and Actuaries (ASPPA).