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Startup a 2022 Cash Balance or Profit Sharing Plan in 2023

Retroactive Plans

Maximize ALL tax credits and lower your tax liability for the 2022 tax year, by adopting a 2022 retirement plan in 2023!

With the SECURE Act legislation, the Cash Balance and Profit-Sharing Start-Up Deadline for a 2022 tax deductible plan is September 15th, 2023 (with extension), lowering the amount of taxable income for 2022.

What does this mean?

You can now complete a preliminary tax return for 2022, determine your tax liability, and then design an appropriate Cash Balance or Profit-Sharing plan to receive additional tax deductions.

How does it work?

  1. Complete a preliminary tax return for 2022.
  2. Evaluate your tax liability to determine a contribution amount that is practical for you.
  3. Trinity’s in-house Actuarial team and Administrators will design a customized retirement plan.
  4. Enjoy additional tax credits, by lowering your tax liability for the 2022 tax year with your new Cash Balance or Profit-Sharing Plan.

Pro tip: If a Cash Balance contribution is too high for your retroactive plan, consider doing Profit-Sharing, which is less costly in both contributions and administration.

What’s next?

Interested in starting up a retroactive retirement plan?

Contact your Regional Vice President/Retirement Plans

About the author

Heather Craigg