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George Elliot, age 45, owns a successful company whose earnings fluctuate significantly from year to year. His salary is $125,000, and he wants to begin
George Elliot, age 45, owns a successful company whose earnings fluctuate significantly from year to year. His salary is $125,000, and he wants to begin saving for retirement using the qualified plan that is not overly expensive to operate with the least cost for participants and the maximum benefit for him. The annual payroll is $780,000, all employees earn less than $30,000 per year, and their average age is 27. Which plan should he install?
A. Defined benefit
B. Integrated cash balance plan
C. Age-weighted safe harbor 401(k)
D. Money purchase
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