top of page

Starting Your DB Plan

Here are the steps to establish your DB Plan:

  1. Contact us to discuss in general terms your situation and objectives.  We can let you know after a brief discussion whether you are a good candidate for a DB plan. 

  2. Fill out our Plan Setup Questionnaire.   We can walk you through the questions over the phone to make it an easy process.

  3. We will complete a study to illustrate the proposed plan and the contribution range for the first year.

  4. If you approve of the proposed plan, we will prepare a plan document that you will execute to formally adopt the plan.  Our plan documents are pre-approved by the IRS.  The plan document must be adopted by the end of the tax year (the tax year in which you intend to deduct the first contribution).

  5. We will complete the actuarial report for the 1st plan year.  This report will show the contribution range for the 1st plan year.  It will normally closely match the study provided in step 3 above.

  6. A trust account for the DB plan is established with a brokerage firm of your choice.  We recommend that you allow us to assist you with completing the account application forms correctly (this is normally done over the phone).   

  7. You fund the 1st year contribution by depositing cash into the DB plan trust account.  This must be done by the due date of your tax return, including valid extensions. 

Need more details? Contact us

We are here to assist. Contact us by phone, email or via fax.

bottom of page