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Course Level :Basic
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Credits :2
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Instructional Method :Group Internet Based
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Pre-requisites :None
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Advance Preparation :None
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 similarly 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:
Key topics covered in this online CPE/CE Tax webinar:
This CE webinar is recommended for CPA, EA, AFSP, and Other Tax and Financial Planning Professional who wishes to advise their clients to protect against costly litigation and settlements.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
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.
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.
245 Ratings
MB
Jan 1st, 2022
fantastic!
EA
Jan 1st, 2022
Great
KP
Jan 3rd, 2022
I was very thankful that someone was giving an online webinar on 12/31/21.
DM
Jan 3rd, 2022
I thoroughly enjoyed the training experience derived while using the e My CPE platform.
DB
Jan 1st, 2022
OK
2 Credits
Subject Area
Jul 05, 2022 | 09:00 AM EDT
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