Topics covered will include: - Types of qualified retirement plans - CARES Act, SECURE Act and regulatory updates - 2022 Contribution limits: - What is the maximum amount that can be contributed on an owner’s behalf? - Limiting staff costs - Coordinating 401(k) plans and profit-sharing plans as a strategy to reduce staff costs - Timing for 401(k) contribution deposits -Average Deferral Percentage Test - Pros and cons of Roth 401(k)s - Cash balance plans - State-of-the-art defined benefit plans which will enable owners to substantially increase their contributions. Ideal for multiple owner and multiple employee situations - Traditional defined benefit plans - Prior service design - Accumulation design - Split plan design - Coordinating plan design with the Section 199A QBI deduction
Learning Objectives
The coronavirus pandemic is presenting new and unique challenges that many of us have never faced. Qualified retirement plans are no exception. This presentation showcases the ways business owners can ameliorate the challenges presented by the current environment.
Major Topics
- Topics covered will include:
- Types of qualified retirement plans
- CARES Act, SECURE Act and regulatory updates
- 2022 Contribution limits:
- What is the maximum amount that can be contributed on an owner’s behalf?
- Limiting staff costs
- Coordinating 401(k) plans and profit-sharing plans as a strategy to reduce staff costs
- Timing for 401(k) contribution deposits -Average Deferral Percentage Test
- Pros and cons of Roth 401(k)s
- Cash balance plans
- State-of-the-art defined benefit plans which will enable owners to substantially increase their contributions. Ideal for multiple owner and multiple employee situations
- Traditional defined benefit plans
- Prior service design
- Accumulation design
- Split plan design
- Coordinating plan design with the Section 199A QBI deduction
