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
- Upon completion of this course, you'll be able to:
- Identify various types of qualified retirement plans and understand recent updates from the CARES and SECURE Acts, including contribution limits and plan design strategies.
- Evaluate plan structures such as 401(k), profit-sharing, and cash balance plans to optimize owner contributions and reduce staff-related costs, including integration with the Section 199A QBI deduction.
- Understand key compliance considerations such as timing for contribution deposits, nondiscrimination testing, and the strategic benefits of advanced plan designs like split and accumulation plans.
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
