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Webinar Series Presented By Thompson Dunavant And Barnes Retirement Plan Specialists
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November 20, 2009
Tips For Year End PreparationWith Your 401(k) Plan
2
Your Presenters
Linda Lauer – Thompson Dunavant Employee Benefit Plan Services
Jeff Barnes – Barnes Retirement Plan Specialists, Inc.
John Crews – Burleigh Consulting Group
3
You May Be A Fiduciary If You…
Have implementation authority to adopt, amend, merge, freeze, or terminate a plan
Have decision-making authority in the selection and retention of plan fiduciaries
Give investment advice with respect to plan assets for compensation
Make discretionary decisions under the plan such as whether a hardship withdrawal may be made, etc.
Select plan providers – Investment platforms, record-keepers, TPAs, brokers, etc.
4
Today’s Focus
December 31st deadlines for Plan Document changes Maximizing deferrals for the highly compensated
Employee notifications and disclosure deadlines
What to expect in 2010
More efficient enrollment processes
Annual Plan Reviews
Document Changes
Pension Protection Act of 2006
EGTRRA
Amendments (ie. Safe Harbor Plans)
New plan feature
Eliminating Safe Harbor
ADP/ACP Testing
Top Heavy Issues
Maximizing Deferrals
Traditional 401(k) Plans
Safe Harbor Plans
How to help the business owner (partnerships/sole proprietors)
Year End Employee Notices
Annual Automatic Contribution Notice
Safe Harbor Notice
QDIA Notice
Company Stock Diversification Notification
Required Minimum Distributions
What to expect in 2010
Plan Limits
Schedule C Changes
5500 changes – Electronic Filing- effective with 2009 Form 5500 due July 31, 2010 (October 15, 2010)
Plan Limits
Plan limits for 2010 – apply to 401(k) and 403(b) Plans
No changes – same as 2009
$16,500 for 401(k) deferrals
$5,500 for catch up contributions
Plan Doc governs limits. Check maximum percentage as allowed by your plan document.
Also, applies to all 401(k) Plans.
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Schedule C Changes
Direct and indirect compensation
Includes: fees or expense reimbursement payments charged to investment funds
Investment fund examples include:
Mutual funds
Common/collective trust funds
Pooled separate accounts
Separately managed investment accounts
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Schedule C Changes
Fund brokerage commissions (including 12b-1 fees)
Fees related to the administration of the plan such as record keeping fees
Fees not reportable include ordinary operating expenses such as attorneys fees, accountants fees, printing fees, etc.
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Enrollment Efficiency
Order new booklets now (if you haven’t already)
Consider ACA
Utilize tools available from service providers
On-line enrollments
Video/Webinars
Establish procedures for processing and filing of enrollment & beneficiary forms
Enrollment Efficiency
Consider independent enrollment providers
Consider surveys
Document
Pay attention to the process looking for ways to improve efficiency and education to employees
Annual Review
Meeting minutes reviewed
Benchmarks
Participation rates compared to previous plan year
Deferral rates compared to previous plan year
Overall plan performance to benchmarks
Investment Review
Plan design discussion
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Closing
If you are interested in receiving a copy of the presentation, please visit:
www.barnesretirement.com
Securities and investment advisory services offered through Financial Telesis, Inc.
Barnes Retirement Plan Specialists, Inc. and Financial Telesis, Inc. are not affiliated