Resource of the Month: Traditional Defined Benefit Plans

Robin Weingast Defined Benefit PlanDid you know that with a Traditional Defined Benefits Plan (DBP) you can accrue substantial benefits, even within a short period of time or if you retire early, and that your benefits are not dependent upon asset returns?

These are just a few of the many positive features of a DBP. Before you decide if a plan is right for you, your company, your employees, and your long-term business goals, we think it’s important that you have all the facts. That’s why our July Resource of the Month will give you a comprehensive overview of traditional Defined Benefit Plans, how they work, and their advantages.

As our Resource explains, the most basic explanation of a Defined Benefit Plan is that an “employer contributes an actuarially determined amount sufficient to pay each participant a fixed or defined benefit at his or her retirement.”

In truth, there’s much more to Defined Benefit Plans. Our July Resource of the Month will walk you through how they work, how benefits are defined, additional considerations, maximum benefits, and the advantages of DBP for both you and your employees.

Download the full guide today.

A Defined Benefit Plan may be a great fit for your business and may also help you meet your financial goals. Download our resource today and when you’re ready to talk more about a plan that’s right for you, contact the Robin S. Weingast & Associates, Inc. team. We’re happy to put our combined experience and expertise to work….for you.

Need to Know: A Change to the Affordable Care Act Can Mean Big Things for Your Small Business

Robin Weingast on how changes to the Affordable Care Act impact your small business.In early June, President Obama signed into law the “Protecting Access to Medicare Act.” A portion of this new law essentially repeals a provision of the Affordable Care Act that was particularly burdensome for small businesses (those with less than 50 employees). This provision held that small groups were prohibited from offering health plans with deductibles higher than $2,000 for single coverage and $4,000 for family coverage.

This comes as very welcome news to small businesses, which often need the most flexibility and options in order to offer employees health insurance that is both comprehensive and affordable. Small companies will typically use higher deductibles and other cost-sharing strategies.

It’s also a positive change for any employers who want to offer their insurance plans in conjunction with health reimbursement arrangements (HRAs). Previously, federal agencies rejected HRAs as an allowable way to ease the $2,000/$4,000 provision.

The new law was effective immediately upon being signed and is just one example of the many ever-changing rules and regulations that impact your employee benefit plan.

Why not leave the planning to the capable Robin S. Weingast & Associates team, who stay on top of what these legislative changes mean for your business? Contact us today and we can discuss a custom, comprehensive plan that leverages these new small business allowances, incorporates HRAs, keeps your employees satisfied, and makes sense for your bottom line. We’ll even conduct a free evaluation of your current plan to ensure that your benefits are working for you. Reach out today.