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Fundamentals of Defined Benefit Plans

  • CMA
  • CPA (US)
  • CVA
  • CFA
  • CPA/PFS
  • ChFC®
  • CSA
  • ERPA
  • FSCP®
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Course Description

This CPE course covers defined benefit plan options available to plan sponsors, including the different pay- and service-related benefit formulas, plan funding responsibilities, investment decisions and risks, distribution methods, and plan termination. This webinar will provide you with a basic understanding of how defined benefit plans work for high-income self-employed clients and family businesses.

The question is: what is a defined – benefit plan?

A defined-benefit plan is an employer-sponsored retirement plan where employee benefits are computed using a formula that considers several factors, such as length of employment and salary history. The company is responsible for managing the plan's investments and risk and will usually hire an outside investment manager to do this. Typically an employee cannot just withdraw funds as with a 401(k) plan. Rather they become eligible to take their benefit as a lifetime annuity or in some cases as a lump sum at an age defined by the plan's rules.

The comparison between fully insured vs traditional defined benefits will help you determine the key difference between them. The webinar will also walk you through the definition of Liability Driven Investing and how it works. You will also come across to new concept of Pension risk transfer. Basically, when a defined benefit pension provider offloads some or all of the plan’s risk retirement payment liabilities to former employee beneficiaries. The plan sponsor can do this by offering vested plan participants a lump-sum payment to voluntarily leave the plan, or by negotiating with an insurance company to take on the responsibility for paying benefits.

This CPE program summarizes and describes the core provisions of a Defined Benefit Plan, funding, and benefit concepts, with examples and a review of alternate forms of defined benefit plans.

Participants at the end of this CPE course will have a clear understanding of the operation of defined benefit plans allowing them to more effectively advise clients and make recommendations.

Major topics covered in this live CPE webinar:

  • Basics of defined benefit plan
  • Non-Traditional Defined Benefit Plans
  • Fully Insured vs. Traditional Defined Benefit
  • How are “pay credits” and “interest credits”
  • Determined?
  • Liability Driven Investing (LDI)
  • Pension Risk Transfer 

Learning Objectives

  • To summarize and describe the core provisions of a Defined Benefit Plan, funding and benefits concepts
  • To have a clear understanding of the operation of defined benefit plan
  • To learn examples and review of alternate forms of defined benefit plans for practical implementation
  • To advise clients and make recommendations to them regarding better operation of defined benefit plan

Recommended For

  • This CPE webinar is recommended for CPA, CMA, PFS, CFAs and Other Finance Professional who wants to provide expert advice to their clients about the most appropriate defined benefit plan.

Who Should Attend?

  • Accountant
  • Assistant Controllers
  • Business Owner
  • Certified Management Accountant
  • Certified Public Accountant
  • Certified Valuation Analysts
  • CFO/Controller
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Finance Director
  • Finance Pros
  • Financial Planner
  • Finanical Analyst
  • VP Finance
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 PL Credit for Chartered Financial Analyst (CFA)
  • 2 CE Credit for Chartered Advisor in Senior Living (CASL)
  • 2 CPE Credit for Certified Valuation Analyst (CVA)
  • 2 CE Credit for Certified Senior Advisor (CSA)
  • 2 CPE Credit of Finance for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Certified Management Accountants (CMA)
  • 2 CE Credit for Chartered Financial Consultant (ChFC®)
  • 2 CE Credit for Chartered Special Needs Consultant (ChSNC)
  • 2 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-00754-21-O)
  • 2 CE Credit for Financial Services Certified Professional (FSCP®)
  • 2 CPD Credit of Fundamental Financial Planning Concepts for Personal Financial Specialist (PFS)
  • 2 CPD Credit of Fundamental Financial Planning Concepts for Personal Financial Specialist (PFS)
  • 2 CE Credit for Retirement Income Certified Professional (RICP)
  • 2 CE Credit for Wealth Management Certified Professional (WMCP)

Presenter

About Presenter

Steve Abramson, CPC, CLU, ChFC

President APS Pension and Financial

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.


About Company

APS Pension and Financial

www.apspension.com

APS Pension & Financial Services Inc. (APS) is pleased to present our proposal to perform the annual administration for the Inck Consulting, Inc. Defined Benefit Plan and the Inck Consulting, Inc. Incentive Savings Plan.

APS was founded in 1977 exclusively as a Third Party Administrator (TPA). Today, APS Pension & Financial Services is a financial services consulting firm specializing in Retirement Plan Design, ERISA Fiduciary Services and Wealth Management.  We are a certified Center for Fiduciary Excellence (CEFEX®) firm and adhere to the global fiduciary standards of the American Society of Pension Professionals & Actuaries (ASPPA) and CEFEX. Our staff all have long tenure with the firm and extensive knowledge in the retirement plan space.  After 40+ years of working with businesses and individuals, we have likely seen most, if not all, issues as well as the solutions and strategies to improve outcomes.  

APS is a full service actuarial and benefit consulting firm for hundreds of defined benefit and defined contribution plans. With a staff of 17 employees, APS offers a wide range of services including plan design and installation, plan administration, participation in IRS audits, and plan terminations.


Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.4

116 Ratings

Excellent

62

Very Good

44

Average

8

Poor

2

Terrible

0

GH

Glen Helmbrecht, CPA (US)

Sep 21st, 2021

Nice refresher for db's.

HN

Hari Narayan, CPA (US)

Sep 21st, 2021

myCPE is great

EA

Elizabeth Angle, CPA (US)

Sep 20th, 2021

Great

JZ

Julie Zerr, CIA

Oct 28th, 2021

Good information.

JP

James Painter, ACCT/BK, CPA (US)

Sep 20th, 2021

Good.

retirement planning CPE Course

$20

2 Credits

Subject Area

Finance

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