The Real Estate Board of New York (REBNY) has announced the launch of a new Independent 401(k) Plan offered by UBS Financial Services, the first of its kind for REBNY members.
The plan provides Independent Contractors who are REBNY members with a way to save for retirement.
“REBNY acknowledges that as an Independent Contractor, it’s challenging to find a cost efficient and effective way to fund retirement,” said Steven Spinola, REBNY president. “With the help of UBS Financial Services, we have created a way for members to set up their own retirement plan with flexibility and support from the program.”
“Traditional 401(k) plans offered to corporate employees have become the cornerstone in retirement planning,” said Christopher L. Michelsen, Financial Advisor, UBS Financial Services Inc. “Now, an Independent Contractor, who is a member of the Real Estate Board of New York can establish an Independent 401(k) Plan, which may allow them to contribute more than they could to a SEP-IRA or profit sharing plan.”
Any Independent Contractor without employees (other than a spouse) who is a REBNY member can take advantage of the plan. This includes those that have established Sole Proprietorships, S Corporations, or C Corporations.
Independent 401(k) Plan participants can save up to $51,000 pre-tax annually (given 2013 IRS limits), as compared to $17,500 allowed by traditional corporate 401(k) plans. In addition, those age 50 and above may make an additional $5,500 catch-up salary deferral.
The retirement savings solution also provides benefits such as a waiver of enrollment costs through June 30, 2014 and access to a team of UBS Financial Professionals for guidance.
Other advantages of the Independent 401(k) Plan include: Reduction of taxable income; Savings for retirement with pre-tax earnings, providing a source of financial security; Total flexibility to decide whether to contribute to the retirement plan and by how much on an annual basis.
To learn more contact: Christopher L. Michelsen, Financial Advisor, 212-626-8515, firstname.lastname@example.org.