Defined benefit plans—commonly known as pension plans—provide a fixed, pre-established benefit for employees at retirement. Employers can contribute more to defined benefit plans than defined contribution plans each year, which in turn means they can deduct larger amounts from their taxable income.
Defined benefit plans are more complex and costly to establish and maintain than other retirement programs, which is why employers often rely on consulting firms like Balefire for help with regulatory compliance and risk management.
Balefire’s defined benefit planning services help employers overcome the complexities of pension plan management. Our team can assist with actuarial calculations, funding strategies, and ongoing reporting. Our goal is to ensure that your defined benefit plan is adequately funded, meets legal obligations, and provides reliable retirement benefits to your team.