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Planning for Retirement Needs. Plan Installation and Administration, Chapter 13. Setting up a plan Administering a plan Keogh plans Software. Overview. Corporate resolutions Plan and trust documents Explain plan to employees Enrollment meetings Advance-determination letters

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planning for retirement needs

Planning for Retirement Needs

Plan Installation and Administration,

Chapter 13

overview
Setting up a plan

Administering a plan

Keogh plans

Software

Overview
setting up a plan
Corporate resolutions

Plan and trust documents

Explain plan to employees

Enrollment meetings

Advance-determination letters

Notice to interested parties

SPD (next slide)

Setting Up a Plan
slide4
Clear and simple description

Complete description of plan terms

120 days after adoption date

See text for more details

SPD
forms 5500
No filing required

Form 5500EZ

Form 5500

Schedules

A, insurance —B, actuarial

H & I, financial information

P, trustee

Timing: 7 months after plan year end,

2-1/2 month extension

Forms 5500
other requirements
PBGC—Form 1 file 7 months after plan year

SAR—Summary of Form 5500

SMM—Notice of changes to SPD

Benefit statements

Distributions

Other Requirements
periodic administrative issues
QDRO

Plan pays out benefits upon divorce

Decree must satisfy qualification requirement

Compliance problems

EPCRS

Voluntary Fiduciary Compliance

Delinquent Filers

Periodic Administrative Issues
true false questions
The first step in adopting a qualified plan is to communicate the plan to employees.

Contributions for the first year must be made by the last day of the first plan year.

With a corporation, the board of directors adopts both the plan and trust agreements.

It is important to include a disclaimer in the SPD stating that the terms of the plan prevail if there is a discrepancy between the plan and the SPD.

True/False Questions
true false questions1
The notice to interested parties is a summary of relevant plan provisions that is given to participants.

The SPD must be distributed within 120 days after the plan is adopted.

Form 5500EZ is the annual return/report form to be filed by any plan that has fewer than 100 participants.

True/False Questions
true false questions2
A summary of material modification notifies participant of basic financial information about the plan.

A qualified plan is never allowed to pay benefits to anyone other than the participant or death beneficiary under the anti-alienation rules.

True/False Questions
true false questions new
Every qualified plan must file a Schedule B along with Form 5500 each year.

A plan that only covers a consultant who is self-employed that has $25,000 of plan assets does not have to file Form 5500 or Form 5500 EZ.

If a plan changes the eligibility provision participants must be given a summary of material modification or an updated SPD.

True/False Questions (new)