webinar slides: important considerations in retirement plan design and administration
TRANSCRIPT
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#cbizmhmwebinar 1
CBIZ & MHM Executive Education Series
Important Considerations in Retirement Plan Design and Administration Jim Lemon and Robert Auster August 4 and 18, 2016
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About Us
Together, CBIZ & MHM are a Top Ten accounting provider Offices in most major markets Tax, audit and attest* and advisory services Over 2,900 professionals nationwide
A member of Kreston International A global network of independent accounting firms
*MHM is an independent CPA firm providing audit, review and attest services, and works closely with CBIZ, a business consulting, tax and financial services provider.
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Before We Get Started
To view this webinar in full screen mode, click on view options in the upper right hand corner.
Click the Support tab for technical assistance.
If you have a question during the presentation, please use the Q&A feature at the bottom of your screen.
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CPE Credit
This webinar is eligible for CPE credit. To receive credit, you will need to answer periodic participation markers throughout the webinar. External participants will receive their CPE certificate via email immediately following the webinar.
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Disclaimer
The information in this Executive Education Series course is a brief summary and may not include all
the details relevant to your situation.
Please contact your service provider to further discuss the impact on your business.
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Jim Lemon is an enrolled actuary with 19 years of experience in the
retirement benefits field. He has experience with all types of qualified
plans but specializes in sophisticated custom plan designs that work to
maximize key employees benefits while minimizing the overall employer
costs.
602.308.6628 [email protected]
JIM LEMON, EA, MSPA Enrolled Actuary
Presenters
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Robert Auster is the Executive Vice President of CBIZ Retirement Plan
Services, Director of Administration West. He is responsible for multiple
offices in California, Phoenix, Denver, Houston and Virginia.
408.794.3536 [email protected]
ROBERT AUSTER, J.D. President, Actuarial
Presenters
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Todays Presentation Agenda
02
01
03
04
05
Rules Applicable to These Plans
Plan Design Case Studies
Types of Qualified Retirement Plans
Plan Investment Diversification
Plan Investment Expenses
06
07
08
09
Record Keeping Expense
Investment Advisory/Consultation
Retirement Plan Services
Retirement Plan Administration
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IMPORTANT CONSIDERATIONS IN RETIREMENT PLAN DESIGN AND ADMINISTRATION
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Qualified Retirement Plans
Qualified Plans for Whom? Answer: Companies sponsor qualified plans Sole Proprietors Partnerships S-Corporations C-Corporations Limited Liability Companies Non-Profit Organizations
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Qualified Retirement Plans
Why would a company sponsor a qualified plan? Answer: Tax-deductible contributions Tax-deferred growth Accumulate retirement savings Attract and retain key employees Retirement benefits for staff
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Types of Qualified Retirement Plans
Defined Contribution (DC) Plans Profit Sharing 401(k) Money Purchase (nearly obsolete) Target Benefit (even more obsolete) Defined Benefit (DB) Plans Traditional Cash Balance
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Types of Qualified Retirement Plans
Profit Sharing Plans Employer profit sharing contributions only 401(k) Plans Employee 401(k) deferrals (pre-tax or Roth (post-tax)) Matching contributions Employer contributions (profit sharing, safe harbor,
QNEC) Defined Benefit (DB) Plans Employer contributions only (generally)
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Types of Qualified Retirement Plans
Annual Contribution Limits Defined Contribution Plans $53,000 (indexed) 100% of compensation (if less) 401(k) deferrals and employer contributions count
against the limit 50 or over catch-up 401(k) deferrals do not count
against the limit. Defined Benefit Plans Actuarially determined based on age, salary history
and plan experience
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Qualified Retirement Plans
The Watch Dogs The IRS and the Department of Labor Employee Retirement Income Security Act of 1974
(ERISA) Internal Revenue Code (IRC) Regulations, Revenue Rulings, Revenue Procedures,
Notices, Announcements, etc.
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Qualified Retirement Plans
Rule navigators = third party administrators (TPAs) and actuaries
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Profit Sharing 401(k) Plans
No annual contribution requirement (unless money purchase or target benefit plan)
Top-heavy benefits may apply (minimum benefits for employees)
Maximum employer deduction is 25% of gross compensation (compensation capped at $265k (indexed) for any one person)
Accounts can be pooled, individually directed or a combination of both
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Nondiscrimination Testing
Qualified retirement plans must not discriminate in favor of highly compensated employees with respect to contributions, benefits, or other rights and features of the plan.
So who are the highly compensated employees?
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Nondiscrimination Testing
Highly Compensated Employees (HCEs) 1) Own more than 5% of the plan sponsor at any point
in the current or prior year (attribution rules apply), or
2) Earned more than $120,000 (indexed) in the prior year (top-paid group election could limit the number of HCEs based on salary alone)
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Simple to Complex
Plain Vanilla Ice Cream Sundae With Sprinkles
Qualified Plan Designs
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Qualified Plan Designs Case Study
Plain Vanilla 401(k) Plan Pro Rata Contribution Name Age Salary 401(k) Deferrals Safe Harbor Profit Sharing Allocation
SH + PS % of Pay
Total
Mel 65 $265,000.00 $24,000.00 $7,950.00 $27,050.00 13.21% $59,000.00
Alice 42 $45,000.00 $5,000.00 $1,350.00 $4,593.40 13.21% $10,943.40
Flo 56 $50,000.00 $0.00 $1,500.00 $5,103.77 13.21% $6,603.77
Vera 37 $35,000.00 $0.00 $1,050.00 $3,572.64 13.21% $4,622.64
Total $395,000.00 $29,000.00 $11,850.00 $40,319.81 $81,169.81
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Qualified Plan Designs With Sprinkles
Integration with Social Security (Permitted Disparity) This is a term that permits the employer to consider the
Social Security contribution (FICA) it makes on behalf of the employees
Once the taxable wage base has been earned, Social Security benefits are no longer deducted. Therefore, allowing an additional contribution percentage equal to the old age benefit on compensation in excess of the TWB offsets the employer contribution made on behalf of the employees with an additional benefit
The old age portion of the FICA Tax is 5.7% 2016 taxable wage base is $118,500
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Qualified Plan Designs Case Study
With Sprinkles 401(k) Plan Integrated Contribution Name Age Salary 401(k) Deferrals Safe Harbor Profit Sharing Allocation
SH + PS % of Pay Total
Mel 65 $265,000.00 $24,000.00 $7,950.00 $27,050.00 13.21% $59,000.00
Alice 42 $45,000.00 $5,000.00 $1,350.00 $3,033.78 9.74% $9,383.78
Flo 56 $50,000.00 $0.00 $1,500.00 $3,370.87 9.74% $4,870.87
Vera 37 $35,000.00 $0.00 $1,050.00 $2,359.61 9.74% $3,409.61
Total $395,000.00 $29,000.00 $11,850.00 $35,814.26 $76,664.26
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Qualified Plan Designs Ice Cream Sundae
Age-Based Testing Allows greater percentage of pay allocations for older
participants Advanced plan design applies age-based testing to control
cost of staff benefits (usually much younger than key employees)
What is age-based testing? o Age-based testing calculates a projected benefit at normal
retirement age from the contribution and tests projected benefits
o Age-based testing will direct a greater portion of overall contributions to older, higher-paid individuals than a safe harbor design
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Qualified Plan Designs Ice Cream Sundae
Age-Based Testing Example
Retirement Age: 65
Owner Employee
Age: 61 Age: 44
Compensation: $205,000 Compensation: $50,000
Contribution: $41,000 Contribution: $2,500
Allocation percentage: 20% Allocation percentage: 5%
$41,000 * (1.085) ^ (65-61) = $56,820 $2,500 * (1.085) ^ (65-44) = $13,866
$56,820/$205,000 = 27.72% $13,866/$50,000 = 27.73%
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Qualified Plan Designs Case Study
Ice Cream Sundae 401(k) Plan Age-based Testing Name Age Salary
401(k) Deferrals Safe Harbor
Profit Sharing Allocation
SH + PS % of Pay Total
Mel 65 $265,000.00 $24,000.00 $7,950.00 $27,050.00 13.21% $59,000.00
Alice 42 $45,000.00 $5,000.00 $1,350.00 $631.13 4.40% $6,981.13
Flo 56 $50,000.00 $0.00 $1,500.00 $701.26 4.40% $2,201.26
Vera 37 $35,000.00 $0.00 $1,050.00 $490.88 4.40% $1,540.88
Total $395,000.00 $29,000.00 $11,850.00 $28,873.27 $69,723.27
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Traditional and Cash Balance This presentation is focused on tax-motivated
defined benefit plans Much larger tax-deductible contributions compared
to defined contribution (DC) plans Requires an enrolled actuary to certify to the
contribution calculation and PBGC premium
Defined Benefit Plans
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Compensation needs to be sufficient for each respective age or the amounts will decrease.
Age
Estimated Maximum
Age
Estimated Maximum
Age
Estimated Maximum
Age
Estimated Maximum
Age
Estimated Maximum
Deductible Deductible Deductible Deductible Deductible
Nearest Contribution Nearest Contribution Nearest Contribution Nearest Contribution Nearest Contribution
21 $34,311 33 $62,034 45 $112,433 57 $204,308 69 $278,507
22 $36,044 34 $65,179 46 $118,160 58 $214,754 70 $270,425
23 $37,865 35 $68,484 47 $124,181 59 $225,738 71 $262,133
24 $39,778 36 $71,959 48 $130,510 60 $237,286 72 $253,648
25 $41,789 37 $75,611 49 $137,165 61 $249,427 73 $245,039
26 $43,902 38 $79,451 50 $144,162 62 $262,192 74 $236,269
27 $46,122 39 $83,486 51 $151,518 63 $256,575 75 $227,396
28 $48,456 40 $87,729 52 $159,252 64 $250,872 76 $218,432
29 $50,908 41 $92,188 53 $167,383 65 $245,045 77 $209,366
30 $53,485 42 $96,876 54 $175,933 66 $257,595 78 $200,352
31 $56,194 43 $101,805 55 $184,921 67 $270,790 79 $191,349
32 $59,041 44 $106,986 56 $194,372 68 $284,663 80 $182,386
Defined Benefit Plans Estimated First Year Max Contribution
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Traditional Defined Benefit Plans
Much larger tax-deductible contributions compared to defined contribution (DC) plans
Benefit expressed in the form of an annuity (single life, joint & survivor, etc.)
Can pay lump sums Lump sums are subject to 417(e) interest rates
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FANCY PANTS, INC.
DEFINED BENEFIT PENSION PLAN
EMPLOYEE BENEFIT STATEMENT
AS OF DECEMBER 31, 2015
NAME: Ludwig Fancy
Age Date of Postponed Annual Nearest Employment Retirement Age Compensation
71
04/28/2003
71
$50,000
Based on your annual compensation, the census information shown above and the assumption that you always work more than 1,000 hours per year, the following estimates have been made: You can retire at your Postponed Retirement Age with a monthly retirement income from the plan of: $439 The pension shown above is payable for your lifetime. Estimated Monthly Accrued Benefit as of December 31, 2015 Your accrued future monthly benefit is: $439
Your vested monthly accrued benefit of 100% is: $439 Estimated Present Value of Accrued Benefit as of December 31, 2015 Your accrued lump sum benefit is: $51,953
Your vested lump sum benefit of 100% is: $51,953 NOTE: The benefits shown on this statement are based on employee data used for the actuarial valuation of the plan and do not factor in the minimum lump sum requirements of 417(e). However, the benefits actually payable under any circumstance shall be based on the governing provisions of the plan and on complete and accurate information obtained at the time of determination of the benefit.
Traditional Defined Benefit Plans
FANCY PANTS, INC.
DEFINED BENEFIT PENSION PLAN
EMPLOYEE BENEFIT STATEMENT
AS OF
DECEMBER 31, 2015
NAME: Ludwig Fancy
Age
Date of
Postponed
Annual
Nearest
Employment
Retirement Age
Compensation
71
04/28/2003
71
$50,000
Based on your annual compensation, the census information shown above and the assumption that you always work more than 1,000 hours per year, the following estimates have been made:
You can retire at your Postponed Retirement Age
with a monthly retirement income from the plan of:
$439
The pension shown above is payable for your lifetime.
Estimated Monthly Accrued Benefit as of December 31, 2015
Your accrued future monthly benefit is:
$439
Your vested monthly accrued benefit of 100% is:
$439
Estimated Present Value of Accrued Benefit as of December 31, 2015
Your accrued lump sum benefit is:
$51,953
Your vested lump sum benefit of 100% is:
$51,953
NOTE: The benefits shown on this statement are based on employee data used for the actuarial valuation of the plan and do not factor in the minimum lump sum requirements of 417(e). However, the benefits actually payable under any circumstance shall be based on the governing provisions of the plan and on complete and accurate information obtained at the time of determination of the benefit.
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Traditional Defined Benefit Plans
417(e) Effect Lump sum must be greater of the present value
using plan actuarial equivalents or 417(e) rates 417(e) rates change each year Rates only in effect in the year a participant
receives a distribution
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Traditional Defined Benefit Plans
417(e) Effect 40 year-old has a monthly life annuity of $5,000 12/31/2015 and 1/1/2016 Actuarial Equivalent
Lump Sum = $267,659 12/31/2015 417(e) Lump Sum = $285,282 12/31/15 Lump Sum (greater of two) = $285,282 1/1/2016 417(e) Lump Sum = $267,315 1/1/2016 Lump Sum (greater of two) = $267,659 Cost of waiting one day = $17,623
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Cash Balance Plans
Much larger tax-deductible contributions compared to defined contribution (DC) plans (Exactly the same limits as a traditional DB plan)
A defined benefit plan in the eyes of the Internal Revenue Service (IRS)
Benefit expressed in the form of a lump sum (easier to understand), but not subject to 417(e)
A cash balance plan defines the benefit in terms of annual credits (pay-based or dollar-based), which accumulate with a predetermined crediting rate that the cash balance plan (employer) guarantees
Able to equalize multiple people and account for costs
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FANCY SHIRTS, P.C. CASH BALANCE PENSION PLAN
EMPLOYEE BENEFIT STATEMENT
AS OF
DECEMBER 31, 2015
NAME: Steve Shirt
Age Date of Normal Annual Nearest Employment Retirement Date Compensation
53
8/1/2011
4/25/2025
$265,000.00
We are pleased to present to you the following summary of your benefit in the plan: BALANCE, BEGINNING OF THE YEAR, 01/01/2015: $88,577.50 Interest $4,428.88 Employer Contributions $46,000.00 BALANCE, END OF THE YEAR, 12/31/2015: $139,006.38 The Plan's purpose is to provide for your financial needs in the event of your retirement, disability or death. If you terminate your employment prior to normal retirement, your vested interest in the above balance will be determined in accordance with the vesting schedule contained in the plan documents. You have a vested interest of 100% of your account balance.
Cash Balance Plans
FANCY SHIRTS, P.C.
CASH BALANCE PENSION PLAN
EMPLOYEE BENEFIT STATEMENT
AS OF
DECEMBER 31, 2015
NAME: Steve Shirt
Age
Date of
Normal
Annual
Nearest
Employment
Retirement Date
Compensation
53
8/1/2011
4/25/2025
$265,000.00
We are pleased to present to you the following summary of your benefit in the plan:
BALANCE, BEGINNING OF THE YEAR, 01/01/2015:
$88,577.50
Interest
$4,428.88
Employer Contributions
$46,000.00
BALANCE, END OF THE YEAR, 12/31/2015:
$139,006.38
The Plan's purpose is to provide for your financial needs in the event of your retirement, disability or death. If you terminate your employment prior to normal retirement, your vested interest in the above balance will be determined in accordance with the vesting schedule contained in the plan documents.
You have a vested interest of 100% of your account balance.
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Defined Benefit Plans
Annual minimum funding requirements Defined benefit plan must exist for 3 years minimum (5 years is
better) Top-heavy benefits may apply (minimum benefits for employees) Pension Benefit Guaranty Corporation (PBGC) coverage (unless
professional service employer less than 26 participants) Minimum participation (lesser of 40% or 50 employees) Joint-and-survivor annuity options Generally Accepted Accounting Principles (GAAP)/Accounting
Standards Codification (ASC) reporting in some cases Maximum contribution depends on age and salary history Maximum deductible contribution is actuarially determined Maximum deduction when a DC plan is sponsored too is 31% of
pay between both plans, unless employer contribution to DC plan is no more than 6% of pay. Not applicable if DB plan is PBGC covered.
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Plan Design Process
When is a defined benefit plan most often a good fit? Company has relatively stable profits and cash flow Willing to commit to funding each year No employees is ideal If there are employees, "Rule of 50s is the general rule of
thumb Targets are age 50 or older (age-based design) Targets earning $250,000 or more (compensation is a
factor) Targets are already receiving $50,000+ in the DC plan
(maxed) Company has 50 or fewer employees (benefit vs. cost)
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Plan Design Process
When is a traditional defined benefit plan most often a good fit?
Company owned by one person or jointly by spouses
*This wasnt always the case, but recent changes to the determination letter process have made cash balance plans less expensive to the administer.
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Plan Design Process
When is a cash balance plan most often a good fit? Companies with more than one owner
Why? Its important to equalize costs between multiple owners Benefit amounts are transparent Benefit amounts amongst employees can be equalized
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Case Study
Current Plan Design Option 1 Option 2
Name Age 401(k)
Profit Sharing Total
Profit Sharing
Cash Balance Total
Profit Sharing
Cash Balance Total
Nearest Salary Deferrals Allocation Allocation Allocation Allocation Allocation
Physician 1 51 $265,000 $24,000 $35,000 $59,000 $35,000 $47,150 $106,150 $15,900 $151,518 $191,418
Physician 2 50 265,000 24,000 35,000 59,000 35,000 47,150 106,150 15,900 144,162 184,062
Physician 3 48 265,000 18,000 35,000 53,000 35,000 47,150 100,150 15,900 130,510 164,410
Physician 4 51 265,000 24,000 35,000 59,000 35,000 47,150 106,150 15,900 151,518 191,418
Physician 5 50 265,000 24,000 35,000 59,000 35,000 47,150 106,150 15,900 144,162 184,062
Physician 6 52 265,000 24,000 35,000 59,000 35,000 47,150 106,150 15,900 159,252 199,152
Physician 7 63 265,000 24,000 35,000 59,000 35,000 47,150 106,150 15,900 256,575 296,475
$1,855,000 $162,000 $245,000 $407,000 $245,000 $330,050 $737,050 $111,300 $1,137,696 $1,410,996
Adding a Defined Benefit Plan
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Case Study
Adding a Defined Benefit Plan
Name Age Salary 401(k) Deferrals
Existing DC Plan DC and Cash Balance Plan
Profit Sharing
Allocation
PS %of Pay Total
Profit Sharing
Allocation
Cash Balance
Allocation
CB & PS % of Pay Total
Owner 1 55 $265,000 $24,000 $35,000 13.2% $59,000 $35,000 $140,000 66.0% $199,000
Owner 2 50 $265,000 $24,000 $35,000 13.2% $59,000 $35,000 $140,000 66.0% $199,000
10 Staff $500,000 $25,000 $22,013 4.4% $47,013 $32,500 $10,000 8.5% $67,500
$1,030,000 $73,000 $92,013 $165,013 $290,000 $465,500
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Case Study
Staff Costs Employer contributions can be subject to a vesting schedule
a) Traditional DB and DC 6-year graded vesting (20% after 2 years of service, 40% after 3 years of service, , 100% after 6 years of service); b) Cash balance 3-year cliff vesting (0% after 2 years of service, 100% after 3)
Those employees who appreciate retirement benefits can have contributions as part of their overall compensation package and lessen bonuses and raises (you hope)
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Case Study
Piggybacking on Existing Contribution
Name Age Salary 401(k) Deferrals
Profit Sharing
Allocation
PS % of Pay
Cash Balance
Allocation
CB % of Pay
Total
40 Owners 52 $265,000.00 $21,000.00 $35,000.00 13.2% $70,000.00 26.4% $126,000.00
150 Staff 38 $45,000.00 $2,200.00 $2,700.00 6.0% $60.00 0.1% $4,960.00
Total $310,000.00 $23,200.00 $37,700.00 $70,060.00 $130,960.00
The numbers shown are averages for each person. To meet minimum participation, 10 of the staff needed to receive cash balance benefits of 2% of pay each. The total cash balance staff cost was $9,000.
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Maximum Distributions by Age
Maximum Age Distribution 30 534,855 35 684,843 40 877,286 45 1,124,333 50 1,441,618 55 1,849,212 60 2,372,858 65 2,450,446 70 2,704,246 75 2,273,962
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Defined Benefit Plans
Investments One pooled account(s) - Not a participant-directed type
plan No special investment rules for defined benefit plans Investments should be prudent and easily valued If assets perform worse than expected (typically 5% or
thereabout but depends on the plan), next years required contribution is higher and vice versa if return is greater.
How the assets are invested depends on the plan sponsors tolerance for the effect of asset fluctuations
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IMPORTANT CONSIDERATIONS IN RETIREMENT PLAN DESIGN AND ADMINISTRATION
Fiduciary Risks Associated with Sponsoring a Qualified Retirement Plan
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Who is CBIZ Retirement Plan Services?
CBIZ Retirement Plan Services provides objective consulting advisory services to plan sponsors and participants throughout the United States of America.
Plan Sponsor Assistance Assist with plan governance and administration Select and monitor investment options in your plan Benchmark recordkeeping and investment fees
Participant Assistance Assistance with allocation of your retirement account and selection of
appropriate investments available in your plan for your individualized retirement strategy
Answer questions about your retirement plan and recommend a savings strategy
Provide quarterly newsletter, Retirement Matters, to provide you with relevant market information and retirement strategies
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Retirement Plan Cost Components
Plan Investment Expenses Investment Lineup Diversification Record Keeping Expense Investment Advisory / Consultation Administration
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Plan Investment Expenses
Investment Management Multiple Share Classes Additional Marketing Expenses Fee Levelization Revenue Sharing
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Investment Policy Statement Multiple Asset Categories What is Confusion Fiduciary Obligation / Ongoing Monitoring
Asset Selection Diversified Lineup
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Service Provider Fees Platform Features / Benefits Notice, Compliance, Governance
* Source: Social Security Administration, Office of Policy, Income of the Aged Chartbook 2012 (issued April 2014). Key sources of retirement income for households with income of $40,000 or more per year. This chart is for illustrative purposes only.
Record Keeping Expenses
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Ongoing Periodic Investment Review Periodic Plan Expense Benchmarking Fiduciary Support
ERISA 3(21) Co-Fiduciary ERISA 3(38) Co-Fiduciary
Investment Advisory/Consultation
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Retirement Plan Administration
Who will Bear the Expense What is an ERISA 3(16) Co-fiduciary Limited ERISA 3(16)
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Investments Fees & Expenses Compliance Mergers &
Acquisitions/Conversions Governance Participants
5500 Filling Plan Administration Plan Testing
Retirement Plan Services
Advisory Administration
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? QUESTIONS
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8/11: Private Company Business Combination and Valuation Overview 8/11 & 8/17: Implications of the New Partnership Audit Rules 8/25: Top Issues in the New Revenue Recognition Guidance Manufacturers Should
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#cbizmhmwebinar 57
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Slide Number 1About UsBefore We Get StartedCPE CreditDisclaimerPresentersSlide Number 7Todays Presentation AgendaImportant Considerations in Retirement Plan Design and AdministrationQualified Retirement PlansQualified Retirement PlansTypes of Qualified Retirement PlansTypes of Qualified Retirement PlansTypes of Qualified Retirement PlansSlide Number 15Slide Number 16Profit Sharing 401(k) PlansNondiscrimination TestingNondiscrimination TestingSimple to ComplexQualified Plan Designs Case StudyQualified Plan Designs With SprinklesQualified Plan Designs Case StudyQualified Plan Designs Ice Cream SundaeQualified Plan Designs Ice Cream SundaeQualified Plan Designs Case StudyDefined Benefit PlansDefined Benefit Plans Estimated First Year Max ContributionTraditional Defined Benefit PlansSlide Number 30Traditional Defined Benefit PlansTraditional Defined Benefit PlansCash Balance PlansSlide Number 34Defined Benefit PlansPlan Design ProcessPlan Design ProcessPlan Design ProcessCase StudyCase StudyCase StudyCase StudyMaximum Distributions by AgeDefined Benefit PlansImportant Considerations in Retirement Plan Design and AdministrationWho is CBIZ Retirement Plan Services?Retirement Plan Cost ComponentsPlan Investment ExpensesAsset Selection Diversified LineupRecord Keeping ExpensesInvestment Advisory/Consultation Retirement Plan AdministrationRetirement Plan ServicesSlide Number 54If You Enjoyed This WebcastConnect with UsSlide Number 57