Protect Your Client’s 401(k)/403(b) Plan from Fiduciary Litigation

Course Description
Course Qualification
Presenter
Faq

Course Description

Nestled within the chaos of 2020 there was a significant increase in 401(k) class action lawsuits. At the peak of the Great Recession (2009), there was a dramatic surge of 401(k) litigation and in the wake of COVID-19, we are seeing a similar troubling trend. Last year alone, the Employee Benefits Security Administration (EBSA) recovered over $3.1 billion in direct payments to plans, participants, and beneficiaries, illustrating a 310% increase from 2016 to 2020. Whether this is due to an abundance of “free” time, elevated financial stress or both, plan participants and sponsors are concerned about whether their investments and the expenses in their plans are appropriate. This unrest coupled with the maturing body of ERISA law and an emerging blueprint for filing and litigating cases is a likely cause for this most recent spike.

Fiduciary responsibilities should not be taken lightly. Employees who participate in the plan, as well as other plan fiduciaries, have the right to bring a lawsuit to correct fiduciary wrongdoing. The DOL also has the authority to enforce the rules through civil and criminal actions. Not only can the cost of governmental penalties associated with enforcement be high, but the costs associated with fixing the problem can also be significant. These normally involve legal, accounting, and other fees.

Under ERISA, fiduciaries are personally liable for plan losses caused by a breach of their fiduciary responsibilities and may be required to:

Restore plan losses (including interest), and
Pay the expenses relating to the correction of inappropriate actions.

Key topics covered in this online CPE/CE webinar:

What is the basis for fiduciary litigation?
What are the procedures necessary to identify breaches in fiduciary responsibility?
How to establish an effective program of due diligence?

Learning Objectives

To discuss the qualified default investment alternative (QDIA).
To discuss employee deferrals and loan repayments.
To discuss core issues on which litigation is based.
To discuss the process necessary to satisfy the requirement for fiduciaries
To discuss the purpose of an investment policy statement.

Recommended For

This CE webinar is recommended for CPA, EA, AFSP, PFS, CMA and Other Tax and Financial Planning Professional who wishes to advise their clients to protect against costly litigation and settlements.

Who Should Attend?

Accountant
Accounting and audit managers/practitioners
Accounts Director
Auditors
California Registered Tax Professional
Certified Public Accountant
Compliance Managers
Compliance Officers
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
Directors of Finance
Finance Director
Finance Pros
Financial Planner
Finanical Analyst
HR Professionals
Human Resources Manager
Maryland Tax Preparers
Oregon Tax Preparers
Personal Financial Specialist (PFS)
Senior Accountant
Tax Attorney
Tax Firm
Tax Professionals
Young CPA

Course Qualification

Webinar Qualifies For

2 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00593-21-O)
2 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 21-ZDTY2)
2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
2 CPD Credit of Fundamental Financial Planning Concepts for Personal Financial Specialist (PFS)
2 CPE Credit for Internal Audit Practitioner (IAP)
2 RCH Credit of Human Resources for HRCI Professional (Approval No. 583560)
2 CE Credit of Federal Tax Related Matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00593-21-O)
2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
2 CPE Credit for Certified Management Accountants (CMA)
2 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
2 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0567)
2 CE Credit of Taxes for Annual Filing Season Program (AFSP)

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

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