Owner DB™ Proposal
Benetech’s Owner DB proposal service provides your client with a fee quote and illustration of estimated first-year contributions to an Owner DB Plan.
Owner DB contributions are extremely sensitive to such data as date of birth, date of hire, and compensation. Please do not use estimated data for the illustration, as the results will not be representative of your prospect’s actual Owner DB contributions.
You will need certain information to generate a contribution illustration, including the following (additional information may be needed to generate documents):
- Company Information — Company name, entity type (e.g., s-corp, sole proprietorship, etc), fiscal year end, etc.
- Census Information — Owner’s (and owner’s spouse, if an employee) date of birth, date of hire, estimated compensation for current year, and actual compensation for prior year (if available).
- Other Employee Questions— Does the company use leased or shared employees, or independent contractors that are under their primary direction and control?
- Other Ownership Question— Does the owner or company own any other businesses with employees (including owner-employees)? Does the owner’s spouse own a separate company? If so, please contact a Benetech consultant to review the facts to determine if this may impact the status of the company as “owner only.”
- Other Retirement Plans — Current or prior plans may require more information to be gathered before a contribution illustration may be generated.
If you do not have this information you can use the Benetech Questionnaire to help gather this information, or contact a Benetech Consultant for assistance.