Chapter 17 3/31/2011. Agenda. Fundamentals of Private Retirement Plans. Employee Benefits: Retirement Plans
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1 Chapter 17 Employee Benefits: Retirement Plans Agenda 2 Defined Contribution Plans Defined Benefit Plans Section 401(k) () Plans Section 403(b) Plans Profit-sharing Plans Retirement Plans for the Self-Employed Simplified Employee Pension Simple Retirement Plans Funding Agency and Funding Instruments 3 Private retirement plans have an enormous social and economic impact The Employee Retirement Income Security Act of 1974 (ERISA) The Pension Protection Act of 2006 also has had a significant impact qualified plans 1
2 4 A qualified plan must benefit workers in general and not only highly compensated employees, so certain minimum coverage requirements must be satisfied Under the percentage test, Ud Under the ratio test, Under the average benefits test: 5 Most plans have a minimum age and service requirement that must be met Normal retirement age An early retirement age The deferred retirement age The Benefits of Starting Early in a Tax-Deferred Retirement Plan 6 2
3 7 A benefit formula is used to determine contributions or benefits In a defined-contribution formula, In a defined-benefit plan, 8 Defined-benefit plans: 9 Vesting 3
4 10 Faster vesting is required for qualified defined-contribution plans 11 Contributions to defined benefit plans are limited: For 2009 and 2010: The Pension Benefit Guaranty Corporation (PBGC) 12 Funds withdrawn from a qualified plan before age 59½ Pension contributions cannot remain in the plan indefinitely Qualified plans use advance funding to finance the benefits 4
5 13 Many qualified private pension plans A top-heavy plan Defined-Contribution Plans 14 Recall: in a defined contribution plan, Defined-Contribution Plans 15 Disadvantages include: 5
6 Defined-Benefit Plans 16 Recall: in a defined benefit plan, Defined-Benefit Plans 17 A cash-balance How Conversion to a Cash-Balance Plan Potentially Lowers Annuity Benefits 18 6
7 Section 401(k) Plans 19 A Section 401(k) plan Section 401(k) Plans 20 A Section 401(k) plan is a qualified cash or deferred arrangement (CODA) 21 Permissible Actual Deferral Percentages (ADPs) for Highly Compensated Employees (HCE) 7
8 Section 401(k) Plans 22 If funds are withdrawn before age 59½, The plan may permit the withdrawal of funds for a hardship The 10% tax penalty applies, In the new Roth 401(k) plan, you make contributions with after-tax dollars, and qualified distributions at retirement are received incometax free Section 403(b) plans 23 Section 403(b) 24 Financial Meltdown and Declining 401(k) Balances The recent financial crisis has greatly affected employees retirements accounts Financial planners advise employees to: 8
9 Deferred Contribution Plans 25 The Pension Protection Act of 2006 contains provisions that affect 401(k) plans: Profit-Sharing Plans 26 A profit-sharing plan Retirement Plans for the Self-Employed 27 Retirement plans for the owners of unincorporated business firms are commonly called Keogh plans 9
10 Retirement Plans for the Self-Employed 28 Some requirements for Keogh plans include: Retirement Plans for the Self-Employed 29 A self-employed 401(k) plan Simplified Employee Pension 30 A simplified employee pension (SEP) 10
11 31 SIMPLE Retirement Plans Smaller employers are eligible to establish a Savings Incentive Match Plan for Employees, or SIMPLE plan 32 SIMPLE Retirement Plans Employers can contribute in one of two ways: Funding Agency and Funding Instruments 33 A funding agency A funding instrument 11
12 Funding Agency and Funding Instruments 34 Under a trust-fund plan, A separate investment account Funding Agency and Funding Instruments 35 A guaranteed investment contract (GIC) An investment guarantee contract 12
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