CHICAGO & LOS ANGELES--(BUSINESS WIRE)--Kravitz, a leading national provider of Cash Balance Retirement Plans, today announced the opening of a Chicago office to meet the fast-growing demand for Cash Balance retirement plans throughout the Midwest region.
“Kravitz already serves a large client base across the Midwest, and Illinois is second only to New York and California for Cash Balance market growth,” noted company president Dan Kravitz. “Ohio, Minnesota and Michigan also rank in the Top 10 states for Cash Balance plans, so expanding to Chicago was an obvious next step in our national growth plan.” The number of new Cash Balance plans has been increasing more than 20% annually while the traditional 401(k) market remains flat.
Kravitz tapped Chicago native and Cash Balance expert Steve Stone to lead the new office. “I’m honored to join the national Cash Balance leader and expand Kravitz services in the Midwest,” said Stone. “I’m coming full circle, since Dan Kravitz introduced me to the power of Cash Balance plans and the promising market opportunity back in 2006 when I worked at John Hancock. I’ve been passionate about Cash Balance plans ever since.”
Steve Stone brings more than 15 years of retirement industry experience to Kravitz, including a stellar record of success at John Hancock and JP Morgan. Most recently, he tripled the Cash Balance business at a large regional TPA firm. In the coming weeks, Stone will be connecting with the Kravitz network of financial advisors, CPAs and partner TPA firms in the Midwest, including more than 200 retirement professionals who have completed the Kravitz Cash Balance Coach™ Certification program.
Also known as “hybrid” plans, Cash Balance plans combine the high contribution limits of traditional defined benefit plans with the flexibility and portability of a 401(k). Business owners enjoy greater tax deferral while enhancing employee contributions, helping attract and retain top talent. “Many employers can double or triple their own pre-tax retirement savings while affordably enhancing benefits for their employees,” noted Steve Stone.
The Kravitz Chicago office is located at 30 South Wacker Drive, Suite 2200, and Regional Sales Director Steve Stone can be reached via email at SStone@Kravitzinc.com, 818-379-6173 or 630-696-6200.
Since 1977, Kravitz has designed, managed and administered innovative corporate retirement plans. Today the company administers more than 1,200 plans with $4.5 billion in assets, helping over 150,000 Americans retire successfully. Kravitz designed its first Cash Balance Plan in 1989 and is recognized as the national leader in Cash Balance Plans. Visit www.CashBalanceDesign.com.