New Small Business DB Program Unveiled

October 9, 2002 ( - Small business owners may want to consider a new defined benefit pension plan product from the Metavente Corporation.

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.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

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.