How to pump up retirement savings – Cash balance plans may be the answer for your law firm

Description

Abstract: Cash balance plans provide a vehicle for high earners who regularly contribute to their employers’ 401(k) plans at or near the limits to put more money away for retirement on a tax-deferred basis. In conjunction with 401(k) plans or on their own, this article examines why cash balance plans are well suited for law firms. A brief sidebar covers how the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act eases cash balance plan administration.