Defined Benefits Plans for Small Business Owners, with Joe Nichols

Episode 34:

Joe has a broad range of experience in working with defined benefit plans in the areas of design, administration, compliance and funding. Joe has served as a consultant to many types of clients, including corporate and public. Joe is an enrolled actuary who is responsible for ensuring the technical accuracy of projects as well as the effective communication of the results to the executive staff, employee benefits committees, boards, legislative committees, and other interested parties.

Over his 30-year career, Joe has worked with regional and national actuarial firms. He also created his own pension actuarial and administration firm in 1997 and sold his interest in 2012. Joe has broad experience in providing actuarial and administrative services as the lead consultant to a variety of clients from owner-only plans to large corporate plans and statewide retirement systems. His work has included standard actuarial work including actuarial valuations, experience studies, projection modeling, cost studies and presentation. He also deals in special consulting projects related to data analysis, benefit calculation programs, mergers and acquisitions as well as support in liquidity analysis and bankruptcy proceedings.

What You Will Learn:

  • Joe Nichols’ story and his current role as Director of Actuarial Services at DWC
  • What is a defined benefits plan and how does it work
  • How to set up a defined benefits plan
  • The characteristics that make an effective defined-benefits-plan design
  • The advantages and disadvantages of a 401k vs. DB plan
  • Key questions that business owners should ask during the plan design process
  • Who is included in the DB plan

How to contact Joe Nichols

Request a FREE copy of The 12 Biggest Tax Mistakes That Cost Dentists Thousands Shipped To You For Free