Course Name: New Dynamics in Qualified Plans Post-Pension Protection Act of 2006
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1 Course Name: New Dynamics in Qualified Plans Post-Pension Protection Act of 2006 Speakers: Zak Kenne, Fox Lalonde & Kenne John Lalonde, Fox Lalonde & Kenne Course Description: This session gives interested professionals an overview of the Pension Protection Act of 2006 (PPA) with respect to qualified plans. It examines the impact PPA has on qualified plan designs both at the employer and participant level (i.e. the elimination of the IRC 404(a)(7) contribution restrictions). The session covers the impact on tax deductibility for calendar year plans and plan years that overlap tax years; IRC 404(a)(6). Discussion will also cover both IRC 415(b)(1)(a) and IRC 415(c)(1)(a) benefits and allowable contributions from the perspective of both PBGC plans and non-pbgc plans under the new law, with emphasis on incidental benefits and highlighting the utility of IRC 401(h), a post-retirement individual medical/dental reimbursement plan. Learning Objectives: Participants will learn what happened and the impact on retirement/tax planning under Pension Protection Act of 2006: The changes in tax law applicable to PPA (lecture); IRC 404(a)(7); How to apply the changes in the tax law to the individual client situation/goals; How to customize the qualified plan design to fit the client objectives; default designs maximizing owner/key contributions IRC 415 and 404(a)(6), and minimizing the required employee contribution; The new IRC 415 limits and how to pre-fund future colas; About 401(h) plans, a tax trifecta: a. tax deductible plan contributions, b. tax exempt earnings, and c. tax free payout under IRC Category: Prerequisites: Technical None
2 COMPANY NAME: 1 ST PLAN YEAR: PROBUSINESS 2016 Plan Yr Begin thru Pla PLAN TYPE DEFINED BENEFI Cash Balance, Tra SET UP FEE PARTICIPA $4,500 for Combo CB Plans; $3,750 T Plan Document & Restatements $3,500 CB $2,500 Traditional Plus each participant 1 to 50 $25.00/ part. IRS Submission Forms Preparation Fee (if any) $2,500 Prep optional 401h Option Documentation $2,500 Stand Alone Plan; $500 as an a IRS Filing Fees, User Fees (if any) Cost Waived <100 partic Sub-total Legal Fees Quoted Life Insurance benefit, add $1,000 ($250 if part of Agg Actuarial Design Fee (min $1,500) Flat Fee (Quoted for Max D Other Pd SUB-TOTAL SET UP FEE PER PLAN TOTAL SET UP FEE ALL PLANS BASIC ANNUAL ADMINISTRATION $4,250 CB Combo ; $3,250 Traditiona Preparation of 5500 and Paticipant Records $3,000 CB $2,000 Traditional Plus each participant 1 to 100 $100.00/part Plus each participant Unallocated Accounts $40/participant 401h Recordkeeping (Pensions only) $25.00/part (min. $500) PBGC Filing Fee (min.$500 if applicable) $225/hr. ADP/ACP Testing (safe harbor- no charge) $175/hr Life Insurance benefit, add $25.00/part Actuarial Certification/Valuation, if required (min $500) $225.00/hr Other (Multi plan > 3+ Plans = Discount $500) Multi-plan Discount SUB-TOTAL ANNUAL ADMINISTRATIVE FEE PER PLAN TOTALANNUAL ADMINISTRATIVE FEE ALL PLANS Administrative Fee Paid by Company Administrative Fee Paid by Plan
3 S, LLC an Year end T Cash Balance w 401h DEFINED CONTRIBUTION ditional, Other Profit Sharing, 401k, 401k PS, Other ANTS # 2 PARTICIPANTS # raditional $0 for combo (incl in $4,500) DB $ 3,500 $2,500; $2,000 Prototype; $ Participant Fee 50 $1,750 SOLO Participant Fee Plus, IRS Fee Optional IRS Submission Forms Prep (if any) addendum 500 cipants Optional 4,050 Sub-total Legal Fees g Benefits) 250 Life Insurance benefit, add esigns) 1,500 Other Pd $ 5,800 $ $ 8,000 Less: $1,500 Tax Credit; $3,500 Tax Subsidies = $5,000 $3,000 After-tax Set-up Fee; 1st Yr. Tax Savings up to $1.48 M l Combo 5 $0 for Combo; $1,500 SOLO $ 3,000 $1,750 PS 401k; $2,250 Carve Out PS $ 500 $75/part to 50; 51 & $50/part $40/participant Life Insurance benefit, add 500 $ 5,175 $ $ $8,000 to $8,800 Divide by 4 for Q $2,000 to $2,200/Q Less: $4,000 to $4,400 Tax Subsidies $4,000 to $4,400/yr. After-tax Actuarial & Admin Fees; Tax Savings up Tax and Platform Subsidies are the responsibility of the Plan Spons Financial Advisors, not Fox Lalonde & Kenne; tax credit info available
4 Carve-out PS Employee Only 401K ,500 $ 300 Included Optional Optional Optional Optional 2, ,200 8,000 $ 0 8,000 MM (actual participant out of 50) 2,250 $ , ,825 8,000 $ 800 8,800 p to $365K/yr. or and the e on request
5 Participant Information Name Age Salary Advanced Plan Design - PROBUSINESS, LLC Equalizer 401(k) Deferrals 2016 Retirement Analysis Profit Sharing Allocation Cash Balance Allocation Aggregated Benefit Total ER Allocations Optional/Allowed Life Insurance Face Amount PJ PL $265,000 $55,000 $12,500 $4,195 $146,250 $308,305 $43,750 $100,000 $202,500 $412,500 $1,750,000 $1,750,000 Owner Totals: $320,000 $16,695 $454,555 $143,750 $615,000 $3,500,000 WR 41 $245,000 $0 to $18,000 $0 to $35,000 $0 $0 $0 to $35,000 $0 BA 49 $39,081 Up to $18,000 $0 $0 $0 $0 $0 NM 34 $38,283 " $2,871 $0 $1,000 $3,871 $70,000 BI 42 $27,583 " $0 $0 $0 $0 $0 CA 41 $33,000 " $0 $0 $0 $0 $0 CD 48 $25,765 " $0 $0 $0 $0 $0 FT 42 $50,701 " $3,803 $0 $1,000 $4,803 $55,000 GM 44 $45,205 " $0 $0 $0 $0 $0 RJ 41 $30,074 " $0 $0 $0 $0 $0 SF 57 $37,777 Up to $24,000 $0 $0 $0 $0 $0 TB 30 $27,975 Up to $18,000 $2,098 $0 $1,000 $3,098 $65,000 GW 28 $25,000 " $1,875 $0 $1,000 $2,875 $65,000 MD 37 $25,000 " $0 $0 $0 $0 $0 SE 32 $25,000 " $1,875 $0 $1,000 $2,875 $50,000 KB 37 $25,000 " $0 $0 $0 $0 $0 Staff Totals: $700,443 $0 $12,522 $0 $5,000 $17,522 $305, Tax Totals: $1,020,443 $0 $29,217 $454,555 $148,750 $632,522 * $3,805,000 Percent to Owners 97.23% * Each Owner has a total of $462,500 in base "compensation" w different financial circumstances; HCE qualified plan contributions are a) optional and b) subject to testing **2016 annual addition limit $53,000 Advanced Plan Design - PROBUSINESS, LLC Double-up 2016 Retirement Analysis Proposed Allocations Owner PYE Totals $320,000 $16,695 $454,555 $143,750 $615,000 $3,500,000 Owner PYB Totals $16,695 $633,055 $203,250 $853,000
6 Owner Tax Totals $320,000 $33,390 $1,087,610 $347,000 $1,468,000 $3,500,000 Staff Totals $700,443 $0 $12,522 $0 $5,000 $17,522 $305, Double-up Tax Totals: $1,020,443 $0 $45,912 $1,087,610 $352,000 $1,485,522 $3,805,000 Percent to Owners 98.82%
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8
9 Participant Information Advanced Plan Design - PROBUSINESS, LLC 2017 Retirement Analysis Proposed Allocations Name Age Salary 401(k) Profit Sharing Cash Balance Aggregated Total ER Optional Life Deferrals Allocation Allocation** Benefit Allocations Insurance* PJ PL $270,000 $55,000 $24,000 $24,000 $7,000 $7,000 $164,000 $374,000 $50,000 $50,000 $245,000 $455,000 $1,750,000 $1,750,000 Owner Totals: $325,000 $48,000 $14,000 $538,000 $100,000 $700,000 $3,500,000 WR 40 $250,000 $0 $12,500 $0 $0 $12,500 $0 BA 48 $39,081 $0 $0 $0 $0 $0 $0 NM 33 $38,283 $0 $2,500 $0 $1,000 $3,500 $65,000 BI 41 $27,583 $0 $0 $0 $0 $0 $0 CA 40 $33,000 $0 $0 $0 $0 $0 $0 CD 47 $25,765 $0 $0 $0 $0 $0 $0 FT 41 $50,701 $0 $0 $0 $0 $0 $0 GM 43 $45,205 $0 $0 $0 $0 $0 $0 RJ 40 $30,074 $0 $0 $0 $0 $0 $0 SF 56 $37,777 $0 $0 $0 $0 $0 $0 TB 29 $27,975 $0 $2,500 $0 $1,000 $3,500 $60,000 GW 27 $25,000 $0 $2,500 $0 $1,000 $3,500 $60,000 MD 36 $25,000 $0 $2,500 $0 $1,000 $3,500 $50,000 SE 31 $25,000 $0 $2,500 $0 $1,000 $3,500 $50,000 KB 36 $25,000 $0 $0 $0 $0 $0 $0 Intern 21 $1,000 $0 $500 $0 $1,000 $1,500 $0 Staff Totals: $706,443 $0 $25,500 $0 $6,000 $31,500 $285,000 Grand Totals: $1,026,443 $48,000 $39,500 $538,000 $106,000 $731,500 $3,785,000 Percent to Owners 95.70% * Aggregated Benefits (A/Bs) cannot exceed 33% of cumulative pension contributions annually; 401h benefits and life insurance cash premiums are both part of the incidental test. The FL&K A/B account is cash = equivalent in value. The individual participant will determine the allocation to either benefit subject to Plan Policies & Procedures. FL&K will certify a max death benefit of 100X PMB subject to annual limitations; 2014 max PMB = $17,500; max death benefit $1,750,000; minimum death benefit $0.
10 Max Owner Totals: $320,000 $48,000 $70,000 $750,000 $244,000 $1,112,000 $3,500,000
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