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Cash Balance Pension Plans

Become proficient in identifying candidates and implementing cash balance plans.

Many successful business owners desire larger tax deductions and accelerated retirement savings. Their existing 401(k)/profit sharing plan is not cutting it due to the restrictive contribution limits. Implementing a cash balance plan may be the best solution for such owners, as cash balance plans allow for significantly greater contributions on an annual basis. This topic is designed to help you understand how cash balance plans operate, as well as help you identify ideal cash balance plan candidates. With the cash balance plan market growing by double digits every year, it is important to become well-versed in these powerful retirement vehicles.

Runtime: 88 minutes
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Why Lorman?

Over 33 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

Defined Contribution Plans vs. Defined Benefit (DB) Plans

  • Definitions of Each
  • Who Takes on the Investment Risk?
  • Who Directs the Investments?
  • Comparison of Contribution Limits

Cash Balance DB Plans

  • Why a Cash Balance Plan Is Considered a Type of DB Plan
  • How They Operate
  • Why They Are Preferred to Traditional DB Plans
  • Non-Discrimination Testing and Tax Deduction Rules

Thorough Explanation of Interest Crediting Rates

  • Various Acceptable Rates
  • Implications of Investment Returns That Exceed or Fall Short of the Interest Crediting Rate
  • Hazards Associated With Using a Rate Tied to the Return on Plan Assets

Case Studies

  • Demonstrating How the Owners of a Closely-Held Professional Group Can Contribute Significantly More Money by Layering a Cash Balance Plan on Top of Their Existing 401(k) Plan
  • Impact of PBGC Coverage or Lack Thereof

How to Identify Ideal Cash Balance Plan Candidates

  • Cash Balance Plans Are Powerful Vehicles, but Only for Select Employers
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More Program Information

Why Lorman?

Over 33 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 Course

This course was last revised on October 18, 2017.

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

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

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Why Lorman?

Over 33 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

Kevin J. Donovan, CPA, EA, MSPA, FCA

Kevin J. Donovan, CPA, EA, MSPA, FCA

Pinnacle Plan Design, LLC

  • In 2001, he founded Pinnacle Plan Design, LLC, a third-party administrator for employer-sponsored qualified retirement plans
  • Pinnacle Plan Design, LLC specializes in designing and administering custom cash balance plans and 401(k)/profit sharing plans to help owners of small to medium sized businesses reduce their current income tax liability and achieve their retirement goals
  • An Enrolled Actuary and national speaker in the cash balance plan arena; he trains Enrolled Actuaries and other pension professionals from around the country on technical cash balance plan issues at annual industry conferences
  • 2015 recipient of the ASPPA Educator’s Award. ASPPA is the premier national organization for retirement plan professionals
  • Wrote the 2016 and 2017 Editions of the Defined Benefit Answer Book, published by Wolters Kluwer
  • Past member of the ASPPA Board of Directors and the ASPPA Government Affairs Committee (GAC)
  • Founding member of the ASPPA College of Pension Actuaries (ACOPA)
  • Former instructor for PPD/Corbel, the nation’s largest sponsor of continuing education courses for pension professionals
  • Can be contacted at [email protected]
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Why Lorman?

Over 33 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: 400964
Published 2017
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