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

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CFA
  • EA
  • HRCI
  • ORTP
  • CPA/PFS
  • SHRM
  • TEP
  • ChFC
  • CSA
  • Maryland Tax Prep.
  • ERPA
  • CPFA
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • CIPM
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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 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:

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

Key topics covered in this online CPE/CE Tax webinar:

  • What is the basis for fiduciary litigation?
  • What are the procedures necessary to identify breaches in fiduciary responsibility?
  • How do 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, 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 (CPA)
  • 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
  • Senior Accountant
  • Tax Attorney
  • Tax Firm
  • Tax Professionals
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 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 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0567)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00593-21-O)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00593-21-O)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper
  • 2 PDC Credit for SHRM Professionals (Approval No. 22-SAYT2)
  • 2 RCH Credit of HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 595458)
  • 2 PL Credit for Chartered Financial Analyst (CFA)
  • 2 CPE Credit for Chartered Financial Consultant (ChFC)
  • 2 CPE Credit for Financial Services Certified Professional (FSCP)
  • 2 CPE Credit for Chartered Advisor in Senior Living (CASL)
  • 2 CPE Credit for Chartered Special Needs Consultant (ChSNC)
  • 2 CPE Credit for Retirement Income Certified Professional (RICP)
  • 2 PL Credit for Certificate In Investment Performance Measurement (CIPM)
  • 2 CE Credit for Certified Senior Advisor (CSA)
  • 2 CPD Credit for Trust and Estate Practitioners (TEP)
  • 2 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)
  • 2 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-01202-22-O)
  • 2 CE Credit for Certified Plan Fiduciary Advisor (CPFA)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

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.

NASBA APPROVED

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.

CTEC APPROVED

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.

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

245 Ratings

Excellent

131

Very Good

76

Average

36

Poor

2

Terrible

0

MB

Marcia Butastas, EA

Jan 1st, 2022

fantastic!

EA

Elizabeth Angle, CPA (US)

Jan 1st, 2022

Great

KP

Karen Peters, CPA (US)

Jan 3rd, 2022

I was very thankful that someone was giving an online webinar on 12/31/21.

DM

Dion Mcdonald, CGAP, CIA, CPA (US), EA

Jan 3rd, 2022

I thoroughly enjoyed the training experience derived while using the e My CPE platform.

DB

David Blaska, EA, ORTP

Jan 1st, 2022

OK

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

$10

2 Credits

Subject Area

Taxes

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