C-corporation owners can use IRC Section 79 group life insurance to fund tax-free retirement benefits through corporate-owned policies. Premiums are tax-deductible to the company, benefits are tax-free to the owner, and you skip the compliance burden of a 401(k) without extending benefits to employees.
How can you use tax-deductible earnings from your business or professional practice to fund personal retirement benefits without including all your other employees like you do with a 401(k) pension or profit-sharing plan? Well, if your business is a C corporation or a limited liability company taxed as a C corporation, or if you can set up a subsidiary C corporation, you can take advantage of Internal Revenue Code Section 79. Code Section 79 sets the rules for employee group insurance benefits, and when combined with Code Sections 72(e) and 7702, Section 79 can enable corporate business owners to legally use tax-deductible corporate dollars to fund tax-free retirement benefits without any investment risk and without funding retirement benefits for all other employees. Here's how it works. Under Section 79, the corporation establishes a non-discriminatory
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