This highly informative, one-day program will enhance your knowledge and understanding of IRAs and other retirement planning vehicles. It will equip you with current and practical information you need to help your clients realize their financial objectives. Discussions will highlight the uses for each type of retirement plan, tax implications, and estate planning strategies in choosing the appropriate vehicle
- Setting up a minimum distribution strategy
- Common beneficiary mistakes
- Navigate the complex regulatory maze to determine the best type of plan for your situation
- Maximize benefits to business owners while minimizing staff costs
- Understand how recent legislation affects you and your clients
- The attendee will be able to discuss how to pick the right retirement plan for a small business.
- The attendee will be able to review regulatory changes and plan amendments.
- The attendee will be able to identify defined benefits vs. defined contributions.
8:30 a.m. - 9:05 a.m.
I. Picking The Right Retirement Plan For The Small
A. Why Choose A Retirement Plan For Your Small Business
1. Attract Quality Employees
2. Self-Employed Individuals Need To Save For Retirement
3. Tax Incentives
B. Options For The Small Business (Choosing The Right Plan Based On Your Business' Needs)
1. SIMPLES (Savings Incentive Match For Employees And Simple 401k)
i. Employees (What Kind Of Employees, How Many?)
b. Simple 401k
2. SEPS (Simplified Employee Pension Plan)
3. Qualified Plans
a. Defined Contribution Plan (Profit Sharing And Money Purchase Plans)
b. Defined Benefit Plan
c. 401k Plans (Elective Deferral)
C. Ethics: Reporting Requirements
1. How To Report Information About Your Plan To Your Employees
2. How To Report Information About Your Plan To The IRS
9:05 a.m. - 9:25 a.m.
II. General Concepts
A. Types Of Plans
1. Qualified vs. Non-Qualified
2. Defined Benefit vs. Defined Contribution
3. Balance-Forward vs. Daily Valuation
B. Tax Benefits
1. For The Employer
2. For The Employee
9:25 a.m. - 9:40 a.m.
III. Documentation Requirements
A. Plan Document
2. Volume Submitter
3. Individually Designed
B. Summary Plan Description
C. Participant Loan Program
D. Other Administrative Procedures
9:40 a.m. - 9:55 a.m.
A. Maximum Requirements
B. Dual Eligibility
C. Statutory Exclusions
9:55 a.m. - 10:05 a.m.
10:05 a.m. - 10:35 a.m.
A. By The Employee
1. Salary Deferrals
2. Catch-Up Contributions
3. Voluntary (After-Tax) Contributions
4. Participant Loan Payments
B. By The Employer
2. Non-Elective (Profit Sharing)
3. Qualified Non-Elective Contribution (QNEC)
4. Qualified Matching Contribution (QMAC)
C. Timing Of Deposits
10:35 a.m. - 10:45 a.m.
A. Employee Contributions
B. Employer Contributions
C. Top Heavy Plans
10:45 a.m. - 11:05 a.m.
A. Prior To Termination Of Employment
1. Hardship Distributions
3. Qualified Domestic Relations Order (QDRO)
B. Beneficiary Designations
11:05 a.m. - 12:15 p.m.
VIII. Annual Compliance Testing
A. Minimum Coverage
C. Maximum Deductible Contribution
D. Annual Additions
E. Actual Deferral Percentage (ADP)/Actual Contribution Percentage (ACP) Tests
G. Benefits, Rights And Features
12:15 p.m. - 1:15 p.m.
Lunch (On Your Own)
1:15 p.m. - 1:45 p.m.
IX. Reporting And Disclosure
A. Notice To Interested Parties
B. Summary Plan Description (SPD)
C. Summary Of Material Modification (SMM)
D. PWBA Form 5500
E. Summary Annual Report (SAR)
F. Joint And Survivor Annuity Notice
G. Electronic Disclosure
1:45 p.m. - 2:00 p.m.
X. Plan Design Case Studies
A. Safe-Harbor 401(k) Plan
B. Cross-Tested 401(k) Plan
C. 401(k)/Non-Qualified Combo
2:00 p.m. - 2:30 p.m.
XI. Miscellaneous Issues
A. Regulatory Changes And Plan Amendments
B. Small Plan Audit Requirements
C. Late Contribution Deposits
D. Payment Of Plan Expenses
E. Mergers And Acquisitions
F. Fidelity Bonding
G. Participant Directed Investments And 404(c)
2:30 p.m. - 2:40 p.m.
2:40 p.m. 3:55 p.m.
XII. Understanding Withdrawal Options And Minimum
A. Advantages And Disadvantages Of Leaving Your Retirement Assets In Your 401(K)
B. How To Take Money From Your Retirement Plan Without Penalty
C. Common Beneficiary Mistakes
D. Eligible Rollover Distributions Mistakes To Avoid
E. Distribution Rules When You Have Multiple Beneficiaries On One IRA
3:55 p.m. - 4:10 p.m.
XIII. Upcoming Regulatory/Legislative Issues
A. Blackout Notices
4:10 p.m. - 4:30 p.m.
XIV. Questions And Answers