September 15 2006. Minimum Funding Deadline for calendar 2005 plan year Note: Sole proprietors and partners can be on extension until 10/15/06.

October 15, 2006. If an extension was filed (Form 5558) for 2005, the final due date for filing the IRS/DOL/EBSA Form 5500/schedules and if applicable, the PBGC reporting forms and premium payment.

December 31, 2006. Last date to open a defined benefit plan for calendar 2006 tax year.

The newly passed Pension Protection Act is a vote of confidence for defined benefit plans like OnePersonPlus, specifically for successful baby boomers who own 1-5 person companies.

Defined benefit plans have grown in popularity since the passage of EGTRRA in 2001 because small business owners who qualify can put as much as $150,000 or more into their plans each year, save $40,000 or more in taxes, and accumulate over $2MM in ten years.

The Pension Protection Act makes it even easier to sell a defined benefit plan and meet the needs of your clients with significant self-employment income:

	Clients whose earnings fluctuate from year to year can make a "safe" commitment to the DB and an additional contribution into the 401(k) to achieve a higher total deduction and maintain maximum flexibility year-to-year. Learn how this might work for your clients
	Sole Proprietors close to retirement with relatively low incomes ($100,000 or less) can contribute up to 100% of income by using previous years' average income to establish higher contributions — depending on current age, average income and retirement age. Learn more
	Clients who have already set up a 401(k) and are making matching and/or discretionary contributions up to 6% of compensation can maintain the 401(k) and establish a defined benefit plan. Learn more

• Successful real estate broker, consultant, or sales professional who has windfall years but is afraid the market is softening
• Professor or retiring executive with consulting income on the side
• Small business owner with two or three employees who already has a 401(k) plan, but still would like a DB

Dave, a 52 year old real estate broker.
Income: 2005, $500,000; current year, not sure.
Target retirement age: 62.
Dave's a veteran broker who's ridden successfully the recent boom in residential real estate. Representing sellers only, he's sold as many as 50 houses in a single year. Even with a 30% drop in sales this year he expects to earn at least $250,000 in 2006. Dave plans to retire in 10 years. Next year may be a bust -- who knows? -- but Dave is confident that he'll see more great years before he retires. Unsure about next year Dave hesitated — but than set up a DB plan confident that he hadn't overcommitted himself. Learn what Dave did.

Jill, a 55 year-old business professor.
Consulting income: $80,000 annual retainer.
Target retirement age: 60.
At the local university Jill's a professor in the business school who has a good salary; contributes to a 403(b) through the university; and receives a retainer from a consulting contract of $80,000 (net of expenses and after paying self-employment tax). Jill doesn't need the $80,000 to live on. If she could, she'd tax defer the entire $80,000 and save $32,000 in current year taxes (assuming a 40% combined federal and state tax bracket). Learn what Jill did.

Tom age 50, thriving public relations practice.
Business incorporated.
Tom's W-2 income $220,000.
Employees' incomes: Susan age 25, $26,000 and Brad age 34, $30,000.
A few years ago Tom set up a 401(k) and contributes 3% of earnings on behalf of his employees. His employees like it and Tom would prefer to keep the 401(k) plan even if he sets up a defined benefit plan. Learn what Tom did.