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Partnership - No Employees
4 Partners at Law Firm No Employees

Objective: Partners want Different Contributions Based on Compensation and Cash Flow

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Profile: Law Firm with Four Partners, No other Employees, Sell Practice in 5 Years

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Solution: Cash Balance Plan for 5 Years

Case Studies: Owners establish a Cash Balance plan and set a contribution amount they want to fund each year, within IRS limits, based on age, income, and years in business. Owners also open a Safe Harbor 401(k)/Profit Sharing plan for all eligible employees, including themselves, and make contributions of 5-7.5% on employees’ behalf. **Assumes estimated 31% federal and 6% state tax rates. Examples are based on specific assumptions and used for illustration only.

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