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Alternate Designs for Defined Contribution and Defined Benefit Plans

  • Accountant
  • CPA (US)
  • CVA
  • CFA
  • CPA/PFS
  • TEP
  • ChFC
  • CSA
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CIPM
  • CBA/MCBA
  • CFIRS
  • CWS

Published: February, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Money purchase profit sharing combination
    14 mins
  • Class allocation profit sharing plan
    26 mins
  • Age weighted profit sharing
    39 mins
  • Floor offset plan
    59 mins
  • Where does a cash balance plan fit?
    75 mins

Course Description

A defined-contribution (DC) plan is a retirement plan that's typically tax-deferred, like a 401(k) or a 403(b), in which employees contribute a fixed amount or a percentage of their pay checks to an account that is intended to fund their retirements. The sponsor company will, at times, match a portion of employee contributions as an added benefit. These plans place restrictions that control when and how each employee can withdraw from these accounts without penalties.

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.

Defined benefit plans define the benefit ahead of time: a monthly payment in retirement, based on the employee’s tenure and salary for life. Their right is not to an account, but to a stream of payments and in defined-contribution plans, the benefit is not known, but the contribution is.

This online continuing education program will provide a summary and explanation with examples of non-traditional designs for defined contribution and defined benefit plans that suit specific business needs including two plan combinations and hybrid plan designs.

Key topics covered in this online CPE webinar:

  • What are the alternate contribution plan designs?
  • What are money purchase plans?
  • What are target benefit plans?
  • What is class allocation profit sharing plan?
  • What is age weighted profit-sharing plan?
  • What is cash balance plan?
  • What is floor offset plan?

Learning Objectives

  • To distinguish between defined benefit and defined contribution plans
  • To identify the way to evaluate plan assets
  • To recognize various measures of pension obligations
  • To identify the components of pension expense
  • To recognize the pension assets (overfunded plan) and pension liabilities (unfunded plan)
  • To select appropriate plan by taking compensation, age, service and its impact on the business’ success under consideration.

Recommended For

  • This finance CPE webinar is recommended for CPA, CMA, CSA, CFA, and Other Financial Planning Professional who wishes to suggest unique solutions for client’s needs for retirement plans that focus on specific employee groups and/or key employees.

Who Should Attend?

  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • Certified Senior Advisor
  • CFO/Controller
  • 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
  • Licensed Financial Advisor
  • Outsourced CFO
  • Senior Accountant
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit of Finance for Certified Public Accountants (CPA-US)
  • 2 PL Credit of Finance for Chartered Financial Analyst (CFA)
  • 2 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)
  • 2 CE Credit of Eldercare Planning for Certified Senior Advisor (CSA)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit of Finance for Accountant/Bookkeeper/Tax Professionals
  • 2 CPE Credit of Finance for Certified Valuation Analyst (CVA)
  • 2 CPE Credit of Finance for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CPE Credit of Pensions for Chartered Advisor in Senior Living (CASL)
  • 2 CPE Credit of Pensions for Chartered Financial Consultant (ChFC)
  • 2 CPE Credit of Pensions for Chartered Special Needs Consultant (ChSNC)
  • 2 CPE Credit of Pensions for Retirement Income Certified Professional (RICP)
  • 2 CPE Credit of Pensions for Wealth Management Certified Professional (WMCP)
  • 2 CPD Credit for Trust and Estate Practitioners (TEP)
  • 2 CPE Credit of Pensions for Financial Services Certified Professional (FSCP)
  • 2 PL Credit of Finance for Certificate In Investment Performance Measurement (CIPM)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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.

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

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Ratings and Review

4.3

76 Ratings

Excellent

29

Very Good

39

Average

7

Poor

1

Terrible

0

DH

Dianne Hart, Accountant, CPA (US)

Jul 21st, 2021

Great presentation giving real details. Much more in depth than expected. Thank you!

EH

Elvira Holguin

Jul 21st, 2021

Great presentation

JP

Joseph Pottackal, CPA (US)

Jun 27th, 2021

Great

AS

Ashley Sanders, CPA (US)

Jul 21st, 2021

Great, low cost relevant webinar

RV

Robert Vercellino, CPA (US)

Jul 21st, 2021

It was informative.

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