I want to make larger plan contributions. What can I do?

Annual funding amounts are determined based on a variety of criteria including age, compensation (or business income) and investment returns. If you are looking to make higher contributions, you should consider the following:

1. Increase your wage. You should consider increasing your W2 up to IRS maximum amount.
2. Consider adding a spouse. If your spouse works for your business then you should consider including them on payroll and/or increasing their compensation. This can also allow them to get a defined benefit plan contribution and make a 401(k) contribution as well.
3. Review your investment mix. Remember that these plans use an implied interest rate of 4-5%. If your assets earn more than this, it will tend to push your contributions lower. Make sure that aggressive and volatile investments are held in your 401(k) plans and IRAs.

Remember that these plans are just one part of your tax and retirement strategy. Make sure you review the items noted above with your CPA and financial advisor.

Here is an article on the topic: https://www.emparion.com/how-to-increase-or-decrease-your-defined-benefit-plan-funding-range/