Pension plans are just about extinct in the Fortune 500 world, but according to a recent Research Report, pension plans such as cash balance plans are seeing double-digit growth in the small business market. There are a lot of great benefits of having a pension plan with our top 5 described here – and I’m sure that peaks a lot of curiosity to business owners, with tax savings being very appealing! Saving for retirement, and paying less in taxes? Who wouldn’t want to do that?
But how do pension plans actually work?