Overview
This program will cover traditional IRAs, Roth IRAs and related plans including SIMPLE IRAs and Simplified Employee Pensions (SEPs). Rules guiding eligibility, withdrawals, contribution limits, among others including taxation of distributions will be reviewed for all plan types. Participants will become familiar with the varied rules that will assist the advisor in determining the best plan design choice for their client taking all issues into consideration including the profile of the company’s employees, budget for funding the plan and providing, to the extent possible, appropriate funding for key employees.
Why you should Attend
Financial advisors must be totally familiar with the varied plan design options to properly advise their clients based on the purpose of the plan, i.e., is it to be a true employee benefit plan where all participants receive comparable benefits or are there a specific group of employees/owners that are to receive higher benefits. In addition, related tax issues must be taken into consideration including maximum deductions and distributions and related compliance guidelines. As is the case for most retirement plans IRS and DOL tend to change and/or add new compliance rules from time to time that must be satisfied to avoid adverse tax consequences.
Areas Covered in the Session
- Traditional IRAs
- Roth IRAs
- SIMPLE IRAs
- SEPs
- Withdrawing assets
- Taxation of distributions
- Penalties
- Roth Qualified distributions
- Transfers between plans
- Life expectancy tables
Who Will Benefit
- Small Company Owners
- Financial Advisors
- Wealth Management Advisors and CPAs
Speaker Profile
Stephen Abramson is the President and founding partner of APS Pension Services, LLC established in 1977, a mid-size consulting and actuarial firm employing twenty-two professional and support staff specializing in pension and pension-related services. For over 40 years, APS has been providing closely held businesses with financial services including pension design and administration, business succession planning, and wealth preservation planning. In 2015 APS Investment Management was established to provide fiduciary services to 401(k) and 403(b) plans and in 2018 APS Wealth Management, a Registered Investment Advisor (RIA), was established to provide investment management services to individual clients and retirement plans replacing a previous relationship with a Broker/Dealer.
Steve graduated from Cornell University in 1964, earned the designation of Chartered Life Underwriter in 1967 from the American College, Certified Pension Consultant in 1970 from the American Society of Pension Professionals and Actuaries and Chartered Financial Consultant from the American College in 1972.
Steve has taught professional level education programs for the American Society of Pension Actuaries; lectured to various professional groups, including the National Conference of CPA Practitioners, The NYS Society of CPAs, Nassau Bar Association, the C.W. Post Tax Institute, and the National Institute of Pension Administrators; and conducted continuing education seminars for Certified Public Accountants for the past 35 years.
He is co-author of Plan Smart, Retire Rich published by McGraw Hill in 1998; author of Advisor’s Guide to Qualified Plans originally published by Aspen Publishing in March 2002 and recently updated with the 2021 eighth edition, and Retirement Financial Management for Clients Approaching Retirement published by Aspen Publishing in August 2002. A less technical version of Advisor’s Guide to Qualified Plans entitled Guide to Qualified Retirement Plans: A Plain Language Primer was published by the International Association of Employee Benefits in March 2005. The second edition of this book was released in 2008
Instructor
Stephen Abramson