Actuarial Business Solutions implemented both an owner-only defined benefit plan and a profit-sharing plan. The Secure Act now allows clients to implement a plan for the previous year, so long as they have not yet filed their tax returns. She was ready to pay her taxes, but by implementing a plan for the previous year, that tax bill was cut significantly. The plan design was able to maximize contributions during her fruitful years of income. By front-loading her contributions, she was able to put in more money while she had it. Given the current funding status of the plan, she is not required to make contributions now, which is helpful considering her income is now lower. She was grateful for the flexibility and control the plan design provided.
