Products September 10, 2002

New Small Business DB Program Unveiled

October 9, 2002 (PLANSPONSOR.com) - Small business owners may want to consider a new defined benefit pension plan product from the Metavente Corporation.
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Metavente announced it was now offering OnePersonPlus for business owners and self-employed professionals.

OnePersonPlus, designed specifically for high-income, self-employed individuals and owners of one-to-five person businesses. An  interactive “self-diagnosis” tool   lets business owners; investment advisors or CPAs calculate potential savings under the new law.

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Until now, business owners could only set aside a maximum of up to $40,000 a year in a tax-deferred retirement plan. OnePersonPlus’ limits, made possible by recent tax law changes, enable qualified investors to contribute up to $100,000 or more in 2002, and allows the funds to grow tax free until withdrawal at retirement.

According to the company, the typical OnePersonPlus customer will:

  • be 45 years of age or older
  • earn at least $75,000 through a business with five or fewer permanent employees including the owner, is self-employed, or has a second occupation in which the client works for himself or herself
  • is considered an independent contractor rather than an employee
  • expects to continue in this occupation or business for at least three more years
  • has sufficient income from all sources combined to afford a contribution of a substantial proportion of the earned income to a OnePersonPlus Defined Benefit Plan each year until retirement
  • is a member of a dual-income household where a second income provides discretionary funds for investment.

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