Retirement Plan Basics

Day 1

Introduction

1. Overview of Social Security
1. History and philosophy
2. Eligibility for Social Security benefits
3. Calculating Social Security benefits
4. Retirement options by age
5. When to apply for benefits
6. Social Security benefits for family members
7. Disability and Medicare
2. Retirement Plans in Context of Total Rewards and Workforce Planning
3. Qualified Retirement Plans
   1. IRS requirements
   2. Advantages of a qualified plan
   3. Possible areas of discrimination
   4. Key laws
   5. Types of plan sponsors
   6. Types of regulations
   7. Types of retirement plans
4. Defined Benefit (DB) Plans
   1. What is a DB plan?
   2.  Different types of DB plans
   3. Principal design features
   4. Integration with Social Security
   5. Funding
   6. The actuarial process
5.  Defined Contribution (DC) Plans
   1. What is a DC plan?
   2. Different types of DC plans
   3. Principal design features
6. Comparing and Contrasting DB and DC Plans
7. Hybrid Plans
   1. What are hybrid plans?
   2. Different types of hybrid plans
   3. How hybrid plans compare with DB and DC plans
   4. Transition considerations
   5. Variable DB plans
8. Case Study

Day 2

9. Internal Revenue Code Requirements
   1. Eligibility requirements/entry dates
   2. Included and excluded employees
   3. Allocation conditions
   4. Vesting rules//forfeiture events
   5. Rehired employees
   6. Nondiscrimination testing (Coverage/ADP & ACP/Rate group)
   7. Top-heavy requirements
   8. Limits on contributions (415 limits/402(g) limits)
   9. Distributions
   10. Death benefits (before 2020)
   11. Death benefits (on or after 2020)
   12. Qualified domestic relations orders
   13. Taxation of distributions and rollovers
   14. Automatic enrollment
10. ERISA Requirements
    1. Form 5500
    2. Required disclosures to participants
    3. Fidelity bond
    4. Blackout notices
    5. Anti-alienation rule
    6. Timing of elective deferral deposits
11. ERISA Fiduciary Requirements
    1. Who is an ERISA fiduciary?
    2. Types of ERISA fiduciaries
    3. ERISA fiduciary duties
    4. Fiduciary liability
    5. Co-fiduciary liability
    6. Participant direction of investments
12. Employee Plans Compliance Resolution System (EPCRS)/Correcting Errors
    1. IRS's Employee Plans Compliance Resolution System
    2. Types of errors that can be corrected
    3. Correction programs available
    4. DOL's Voluntary Fiduciary Correction Program
    5. DOL's Delinquent Filer Voluntary Correction Program
13. Nonqualified Deferred Compensation Plans
14. The Future of Retirement
    1. Accounting changes
    2. Legal changes
    3. Economic changes
    4. Government fiscal challenges
    5. Demographic changes
    6. Generational changes
15. Case Study
    In the case study, attendees will be asked to prepare a retirement plan proposal for a fictitious company and present it to the "board of directors."