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Navigating Pension and Annuity Payments: General Rule and Taxation Guidelines

Learn how to identify the current rules for navigating distributions within retirement plans, along with gaining new tips and tricks for a more successful process. Employers and those involved in administering retirement plans often do not understand the rules for navigating distributions from such plan. For example, how do the rules for when an employee can take a distribution interrelate with the rules for when an employee is subject to tax penalties on a distribution? Can an employee take a distribution of nontaxable amounts from a plan without also taking amounts subject to tax? How is a distribution initiated by the employer to solve a discrimination issue taxed? Who is taxed, and in what amount, if a distribution is made pursuant to a domestic relations order? What are the tax consequences if a loan is not repaid when due? What is the difference between a rollover of a distribution and a plan-to-plan transfer? For an employee who has a hardship, is it better to take a hardship distribution or a plan loan? Under what circumstances is withholding required, and in what amount? How are distributions reported to an employee? How does the employee report a distribution on his or her income tax return? This topic helps those responsible for retirement plans master both withholding and income tax aspects of a wide variety of distribution situations. The material also discusses tax planning opportunities for those considering a distribution. Errors in handling plan distributions can not only cause harm to participants, but endanger the qualification of the pension plan itself. This information is critical for employers and those involved in administering plans, so that they can ensure that their reporting and withholding procedures, and the information they provide to participants, are correct.


Runtime: 108 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Fully vs. Partially Taxable Distributions

  • Lump Sums
  • Annuity Payments
  • Partial Distributions
  • Rollovers
  • Special Rules for Roth Accounts
  • Distributions Under Qualified Domestic Relations Orders

Reporting and Withholding by the Plan

  • Income Tax Withholding
  • Reporting Requirements
  • Direct Rollovers (Complete and Partial)
  • Distributions Followed by Participant Rollovers

Participant Reporting and Taxation

  • Early Distribution Taxes
  • Examples of Forms and Calculations

Special Rules

  • Interaction of Prohibitions on Distributions With Early Distribution Taxes
  • Coordinating Individual Retirement Accounts and Employer Plans
  • Requesting Rulings

Tips and Tricks

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on December 18, 2017.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • AK CLE 1.5
     
  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Carol V. Calhoun

Carol V. Calhoun

Venable LLP

  • Counsel in the Washington, D.C. office of Venable LLP
  • Practice emphasizes all aspects of ERISA and employee benefits law
  • Conducts regular seminars and workshops on various aspects of employee benefits law
  • Author of two books and numerous articles on employee benefits law
  • J.D. degree, Georgetown University Law Center
  • Can be contacted at 202-344-4715 or [email protected]
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Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 399794
Published 2017
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