Planning for Retirement Needs
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- Mervin Webster
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1 Planning for Retirement Needs Plan Termination Chapter 14
2 Chapter 14: Plan Termination Deciding to terminate a plan Terminating defined-contribution plans Terminating DB plans Distributions Involuntary terminations
3 Why Terminate? Can t afford Not appreciated by employees Change to another type of plan
4 Alternatives Cease benefit accruals Benefits frozen at current accrued benefit Plan continues as ongoing plan Amend into another type DB to DB DC to DC DB to DC (DC to DB) requires plan termination
5 Limitations on Termination Temporary tax shelter Demonstrate business reason for termination Insufficient plan assets DB plans may not be allowed to terminate Plan problems Termination not a good way to duck problems Failing to get IRS determination letter can be audit trigger
6 Steps to DC termination Board Resolution terminating plan Termination date 15 days after notice Remaining required contributions (money purchase) Update plan for law changes Liquidate plan assets Benefit distribution paperwork Final form 5500 Decide to obtain IRS determination Form 5310
7 Steps to DB termination If Covered by PBGC Can it be terminated? Standard (assets equal present value of accrued benefits) Distress (filed for bankruptcy and facing liquidation) Termination date 60 to 90 days after notification
8 Steps in PBGC Plan Termination Notice of intent to terminate Form 500 to PBGC within 120 days of proposed termination date Distribute assets within 240 days from filing
9 Reversion of Plan Assets Only applies to DB plans Plan must allow for reversion Reversions subject to income tax Additional 50-percent excise tax unless 20 percent allocated to participants 25 percent transferred to qualified replacement plan Then the reversion tax is 20 percent
10 Distributions Purchase a SPAC Only relevant if plan has no lump sums Customized group annuity contract allowing for all forms of payment allowed in plan Distribution paperwork Benefit election form Qualified joint and survivor notices Notice of direct transfer Form 1099R for lump-sum distributions
11 Terminations by Operation of Law Partial terminations Event results in termination of 20% or more of employees Requires full vesting for terminated employees Profit-sharing plans Complete discontinuation of contributions Requires full vesting
12 Terminations by Operation of Law Involuntary terminations PBGC to limit liability Abandoned plan program Sponsor goes out of business Procedures for financial services firm to payout assets
13 Vocabulary standard termination distress termination single-premium annuity contract (SPAC) partial plan termination involuntary terminations
14 True/False Questions 1. A plan termination means the complete dissolution of the plan, meaning that all assets are paid out of the plan. 2. A defined-benefit plan can be effectively amended into a profit-sharing plan. 3. A defined-benefit plan covered by the PBGC can be terminated at any time without concern. 4. A defined-benefit plan with frozen benefit accruals does not have to file Form 5500s. 5. A single premium deferred annuity for a terminating defined-benefit plan is typically easy to price.
15 True/False Questions 6. To qualify for a standard termination, the plan must have sufficient assets to pay all promised benefits. 7. Excess assets that revert to the employer are taxed as ordinary income and are subject to a 50 percent excise tax, unless a portion of the excess is shared with participants. 8. If the employer fully vests all laid-off employees, then the partial termination rules will have no adverse affect on the plan. 9. If an employer stops making contributions to a profitsharing plan the IRS could require full vesting for those participants who terminate after contributions have ceased.
16 Chapter 14 Review Limits on termination Temporary tax shelter DB plan with insufficient plan assets Compliance problems Freezing plan (ceasing accruals) Continue 5500 filings DB PBGC Termination Standard termination Distress termination Reversion of excess Only DB Only if plan allows 50% tax Becomes 20% if share a portion with participants
17 Chapter 14 Review SPACs Terminating DB plans Only if annuities only Difficult to price must mirror plan provisions Termination by operation of law Partial termination Profit-sharing complete discontinuance of contributions PBGC involuntary termination
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