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Member Information Form Defined Benefit Plans  Copera

Member Information Form Defined Benefit Plans Copera

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Instructions and help about member information form

- [Toby] Alright, I am interested in learning about a DB plan to maximize the retirement contribution. How did we get so fast? It seems like we just skated right on through these today. I'm interested in learning about DB plans basically. So, I'm a one owner or employee of a C Corporation medical practice. Fantastic question. Alright, so here's how a, by the way, what is a DB plan? - [Man] Defined benefit. - [Toby] Yeah, so here's how it works. Conception. In a defined contribution, I'm going to call that a DC, we define the amount that you get to put in. So for example, I should step closer to the mic, so let's say that we're putting money into a 401K and I'm deferring it. I know I can defer, if I'm under 50, 18,500. So that's a defined contribution, I'm defining the contribution. In a defined benefit, we define what comes out of the plan. And you're allowed to max that out at about $220,00

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