Good articles on defined benefit plans :
Defined benefit maximum contribution and minimum compensation table :
Simple calculator showing DB vs. DC contributions in various cases.
Simple DB calculator from Oppenheimer showing max DB contribution. Seems to be too low. For example, only $40K contribution on $200K income for age 46.
You can participate in plans from two employers.
Be careful if you have ownership interests in a common group. You need to cover all employees.
DB Contributions must be made by your business's tax filing deadline for the tax year plus any extensions, but no later than September 15th.
You can terminate the plan at any age, however, your Solo-DB plan is expected to be maintained at least five years and the earliest retirement date is age 55.
If you want to work beyond the retirement date, you may be able to amend your individual defined benefit plan to change the retirement date.
Good "real world" example of a DB plan with Schwab along with one recommended actuary :
I see four main benefits for my $12,500 in expenses:
1) I get the gains on the $305,000 in deferred taxes until I withdrawal it from the account. If I do not touch the IRA until I am 65, and I get a 3% real return, that is $137,000.
But elective plan discontinuation (that is, discontinued for other than business reasons) does carry its own penalty....I just can't remember how to calculate it.
DB plans that include more than owner/spouse must secure a fidelity bond. The administrator is the employer. The plan trustee must maintain records of receipts and disbursements, and furnish a written annual report to the employer.
Describes termination process.
For a calendar year Plan, the latest date a contribution can be made is September 15. Any plan amendment to modify the plan provisions must be executed by the employer no later than 2½ months after the end of the Plan Year. In the year of Plan Termination the Plan may have a contribution obligation.
This implies a DC profit sharing contribution may not be made if you have a DB.
This firm is located in Sacramento.