Episode 105 of "Financial Flossing" with host Ross Brannon and guest Esta Parks:

Summary:

In Episode 105, Ross Brannon and Esta Parks discuss qualified retirement plans, including 401(k)s, cash balance plans, and switching from a SIMPLE IRA to a 401(k

Esta Parks is a representative from Qualified Plan Administrators, a third-party administrator specializing in qualified retirement plans. www.qpa-inc.com [email protected]

Key Takeaways:

☑ Qualified plans, such as 401(k)s, offer tax advantages for employers and employees, providing retirement savings opportunities.

☑ Cash balance plans are a hybrid of 401(k)s and defined benefit plans, allowing for higher contributions and portability.

☑ Switching from a SIMPLE IRA to a 401(k) requires careful planning and communication with employees.

☑ Actuarial calculations and analysis of employee census and compensation are essential for implementing cash balance plans.

☑ Fees are associated with setting up and administering qualified plans, and costs have decreased in recent years.

☑ Working with a financial advisor is recommended for effective retirement plan management and investment guidance.

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