Designing Best Retirement Plan for Closely Held Companies 2 Credits
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In this course, we will discuss the different retirement plan design options that are suitable for small to mid-sized companies, with a focus on plans that provide benefits to owners and key employees.
Generally, in this scenario, the age and compensation of the owners and key employees have a significant impact on the choice of appropriate plans and plan design. As you will see in the various plan types and examples each plan type has a variety of options that would make that particular plan work for a specific plan sponsor.
There are multiple owners, each with different goals, in some cases, the owner is around the same age as the rank-and-file employees which would result in a different plan type and design. All of the available approaches have both advantages and disadvantages, all of which will be addressed. With many of the plan designs, there are mandatory non-discrimination rules that apply. The various tests required to illustrate the lack of discrimination by IRS and DOL rules will also be addressed with illustrations.
This CPE Finance webinar will conclude with a step-by-step approach to determine which plan type is best suited for a specific plan sponsor and identify the plans that best suit those sponsors. Keeping in mind there are no absolutes, i.e., some plan sponsors do not necessarily have one specific goal but possibly a combination of "let's benefit the owners and key employees but also the rank and file employees." I have been my experience after over 40 years of helping business owners set up a retirement plan that works for them and usually, there is more than one solution.
Key Topics Covered:
In this comprehensive webinar, we will delve into the key strategies and techniques that financial advisors can use to approach the function of creating customized financial plans for their clients, enabling them to achieve their financial goals and build long-term wealth.
| License details | Credits | Status |
|---|---|---|
| Finance for Certified Public Accountants (CPA-US) | 2 CPE | Approved |
| Personal Financial Planning for Personal Financial Specialist (PFS) | 2 CPD | Eligible |
| Retirement Planning for Chartered Financial Analyst (CFA) | 2 PL | Eligible |
| Finance for Delaware Licensed Public Accountant (DE-LPA) | 2 CPE | Eligible |
| Retirement Planning for Chartered Financial Consultant (ChFC) | 2 CE | Eligible |
| Financial Planning for Certified Wealth Strategist (CWS) | 2 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 2 CPD | Eligible |
| Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS) | 2 CE | Eligible |
| Retirement Planning for Retirement Income Certified Professional (RICP) | 2 CE | Eligible |
| Retirement Planning for Wealth Management Certified Professional (WMCP) | 2 CE | Eligible |
| Retirement Planning for Financial Services Certified Professional (FSCP) | 2 CE | Eligible |
| Finance for Iowa Licensed Public Accountant (IA-LPA) | 2 CPE | Eligible |
| Finance for Maine Licensed Public Accountant (ME-LPA) | 2 CPE | Eligible |
| Retirement Planning for Chartered Special Needs Consultant (ChSNC) | 2 CE | Eligible |
| Retirement Planning for Chartered Life Underwriter (CLU) | 2 CE | Eligible |
| Retirement Planning for Chartered Advisor in Senior Living (CASL) | 2 CE | Eligible |
| Retirement Planning for CIPM | 2 PL | Eligible |
| License details | Credits | Status |
|---|---|---|
| Finance for Certified Public Accountants (CPA-US) | 2 CPE | Approved |
| Retirement and Financial Independence Planning for Personal Financial Specialist (PFS) | 2 CPD | Eligible |
| Retirement Planning for Chartered Financial Analyst (CFA) | 2 PL | Eligible |
| Finance for Delaware Licensed Public Accountant (DE-LPA) | 2 CPE | Eligible |
| Retirement Planning for Chartered Financial Consultant (ChFC) | 2 CE | Eligible |
| Financial Planning for Certified Wealth Strategist (CWS) | 2 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 2 CPD | Eligible |
| Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS) | 2 CE | Eligible |
| Retirement Planning for Retirement Income Certified Professional (RICP) | 2 CE | Eligible |
| Retirement Planning for Wealth Management Certified Professional (WMCP) | 2 CE | Eligible |
| Retirement Planning for Financial Services Certified Professional (FSCP) | 2 CE | Eligible |
| Finance for Iowa Licensed Public Accountant (IA-LPA) | 2 CPE | Eligible |
| Finance for Maine Licensed Public Accountant (ME-LPA) | 2 CPE | Eligible |
| Retirement Planning for Chartered Special Needs Consultant (ChSNC) | 2 CE | Eligible |
| Retirement Planning for Chartered Life Underwriter (CLU) | 2 CE | Eligible |
| Retirement Planning for Chartered Advisor in Senior Living (CASL) | 2 CE | Eligible |
| Retirement Planning for CIPM | 2 PL | Eligible |
Credits
Course Level
Instructional Method
Pre-requisites
Advance Preparation
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Stephen Abramson is the President and founding partner of APS Pension & Financial Services established in 1977, a mid-size consulting and actuarial firm employing twenty-two professional and support staff specializing in pension and pension-related services. For over 40 years, APS has been providing closely held businesses with financial services including pension design and administration, business succession planning, and wealth preservation planning. In 2015 APS Investment Management was established to provide fiduciary services to 401(k) and 403(b) plans and in 2018 APS Wealth Management, a Registered Investment Advisor (RIA), was established to provide investment management services to individual clients and retirement plans replacing his previous relationship with a Broker/Dealer. Steve has taught professional level education programs for the American Society of Pension Actuaries; lectured to various professional groups, including the National Conference of CPA Practitioners, The NYS Society of CPAs, Nassau Bar Association, the C.W. Post Tax Institute, and the National Institute of Pension Administrators; and conducted continuing education seminars for Certified Public Accountants for the past 35 years. He is co-author of Plan Smart, Retire Rich published by McGraw Hill in 1998; author of Advisor’s Guide to Qualified Plans originally published by Aspen Publishing in March, 2002 and recently in the process of being updated with the 8th edition, and Retirement Financial Management for Clients Approaching Retirement published by Aspen Publishing in August, 2002. A less technical version of Advisor’s Guide to Qualified Plans entitled Guide to Qualified Retirement Plans: A Plain Language Primer was published by the International Association of Employee Benefits in March 2005. The second edition of this book was released in 2008.
Steve graduated from Cornell University in 1964, earned the designation of Chartered Life Underwriter in 1967 from the American College, Certified Pension Consultant in 1970 from the American Society of Pension Professionals and Actuaries and Chartered Financial Consultant from the American College in 1972.
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Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
Mr. Abramson methodically reviews options in plan design for businesses. I found his checklist near the end of the presentation to be most helpful. His capacity to make the presentation interesting in a two hour no break presentation. I would recommend his presentation as great background knowledge for a practicing CPA in public practice.
RH
Question 7 on the final quiz should read which is "NOT TRUE" not which is "TRUE".
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