Webinar Slides: Important Considerations in Retirement Plan Design and Administration

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CBIZ & MHM Executive Education Series

Important Considerations in Retirement Plan Design and Administration Jim Lemon and Robert Auster August 4 and 18, 2016

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About Us

Together, CBIZ & MHM are a Top Ten accounting provider Offices in most major markets Tax, audit and attest* and advisory services Over 2,900 professionals nationwide

A member of Kreston International A global network of independent accounting firms

*MHM is an independent CPA firm providing audit, review and attest services, and works closely with CBIZ, a business consulting, tax and financial services provider.

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Before We Get Started

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CPE Credit

This webinar is eligible for CPE credit. To receive credit, you will need to answer periodic participation markers throughout the webinar. External participants will receive their CPE certificate via email immediately following the webinar.

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Disclaimer

The information in this Executive Education Series course is a brief summary and may not include all

the details relevant to your situation.

Please contact your service provider to further discuss the impact on your business.

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Jim Lemon is an enrolled actuary with 19 years of experience in the

retirement benefits field. He has experience with all types of qualified

plans but specializes in sophisticated custom plan designs that work to

maximize key employees benefits while minimizing the overall employer

costs.

602.308.6628 [email protected]

JIM LEMON, EA, MSPA Enrolled Actuary

Presenters

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Robert Auster is the Executive Vice President of CBIZ Retirement Plan

Services, Director of Administration West. He is responsible for multiple

offices in California, Phoenix, Denver, Houston and Virginia.

408.794.3536 [email protected]

ROBERT AUSTER, J.D. President, Actuarial

Presenters

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Todays Presentation Agenda

02

01

03

04

05

Rules Applicable to These Plans

Plan Design Case Studies

Types of Qualified Retirement Plans

Plan Investment Diversification

Plan Investment Expenses

06

07

08

09

Record Keeping Expense

Investment Advisory/Consultation

Retirement Plan Services

Retirement Plan Administration

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IMPORTANT CONSIDERATIONS IN RETIREMENT PLAN DESIGN AND ADMINISTRATION

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Qualified Retirement Plans

Qualified Plans for Whom? Answer: Companies sponsor qualified plans Sole Proprietors Partnerships S-Corporations C-Corporations Limited Liability Companies Non-Profit Organizations

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Why would a company sponsor a qualified plan? Answer: Tax-deductible contributions Tax-deferred growth Accumulate retirement savings Attract and retain key employees Retirement benefits for staff

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Defined Contribution (DC) Plans Profit Sharing 401(k) Money Purchase (nearly obsolete) Target Benefit (even more obsolete) Defined Benefit (DB) Plans Traditional Cash Balance

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Profit Sharing Plans Employer profit sharing contributions only 401(k) Plans Employee 401(k) deferrals (pre-tax or Roth (post-tax)) Matching contributions Employer contributions (profit sharing, safe harbor,

QNEC) Defined Benefit (DB) Plans Employer contributions only (generally)

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Annual Contribution Limits Defined Contribution Plans $53,000 (indexed) 100% of compensation (if less) 401(k) deferrals and employer contributions count

against the limit 50 or over catch-up 401(k) deferrals do not count

against the limit. Defined Benefit Plans Actuarially determined based on age, salary history

and plan experience

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The Watch Dogs The IRS and the Department of Labor Employee Retirement Income Security Act of 1974

(ERISA) Internal Revenue Code (IRC) Regulations, Revenue Rulings, Revenue Procedures,

Notices, Announcements, etc.

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Rule navigators = third party administrators (TPAs) and actuaries

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Profit Sharing 401(k) Plans

No annual contribution requirement (unless money purchase or target benefit plan)

Top-heavy benefits may apply (minimum benefits for employees)

Maximum employer deduction is 25% of gross compensation (compensation capped at $265k (indexed) for any one person)

Accounts can be pooled, individually directed or a combination of both

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Nondiscrimination Testing

Qualified retirement plans must not discriminate in favor of highly compensated employees with respect to contributions, benefits, or other rights and features of the plan.

So who are the highly compensated employees?

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Nondiscrimination Testing

Highly Compensated Employees (HCEs) 1) Own more than 5% of the plan sponsor at any point

in the current or prior year (attribution rules apply), or

2) Earned more than $120,000 (indexed) in the prior year (top-paid group election could limit the number of HCEs based on salary alone)

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Simple to Complex

Plain Vanilla Ice Cream Sundae With Sprinkles

Qualified Plan Designs

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Qualified Plan Designs Case Study

Plain Vanilla 401(k) Plan Pro Rata Contribution Name Age Salary 401(k) Deferrals Safe Harbor Profit Sharing Allocation

SH + PS % of Pay

Total

Mel 65 $265,000.00 $24,000.00 $7,950.00 $27,050.00 13.21% $59,000.00

Alice 42 $45,000.00 $5,000.00 $1,350.00 $4,593.40 13.21% $10,943.40

Flo 56 $50,000.00 $0.00 $1,500.00 $5,103.77 13.21% $6,603.77

Vera 37 $35,000.00 $0.00 $1,050.00 $3,572.64 13.21% $4,622.64

Total $395,000.00 $29,000.00 $11,850.00 $40,319.81 $81,169.81

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Qualified Plan Designs With Sprinkles

Integration with Social Security (Permitted Disparity) This is a term that permits the employer to consider the

Social Security contribution (FICA) it makes on behalf of the employees

Once the taxable wage base has been earned, Social Security benefits are no longer deducted. Therefore, allowing an additional contribution percentage equal to the old age benefit on compensation in excess of the TWB offsets the employer contribution made on behalf of the employees with an additional benefit

The old age portion of the FICA Tax is 5.7% 2016 taxable wage base is $118,500

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With Sprinkles 401(k) Plan Integrated Contribution Name Age Salary 401(k) Deferrals Safe Harbor Profit Sharing Allocation

SH + PS % of Pay Total

Mel 65 $265,000.00 $24,000.00 $7,950.00 $27,050.00 13.21% $59,000.00

Alice 42 $45,000.00 $5,000.00 $1,350.00 $3,033.78 9.74% $9,383.78

Flo 56 $50,000.00 $0.00 $1,500.00 $3,370.87 9.74% $4,870.87

Vera 37 $35,000.00 $0.00 $1,050.00 $2,359.61 9.74% $3,409.61

Total $395,000.00 $29,000.00 $11,850.00 $35,814.26 $76,664.26

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Qualified Plan Designs Ice Cream Sundae

Age-Based Testing Allows greater percentage of pay allocations for older

participants Advanced plan design applies age-based testing to control

cost of staff benefits (usually much younger than key employees)

What is age-based testing? o Age-based testing calculates a projected benefit at normal

retirement age from the contribution and tests projected benefits

o Age-based testing will direct a greater portion of overall contributions to older, higher-paid individuals than a safe harbor design

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Qualified Plan Designs Ice Cream Sundae

Age-Based Testing Example

Retirement Age: 65

Owner Employee

Age: 61 Age: 44

Compensation: $205,000 Compensation: $50,000

Contribution: $41,000 Contribution: $2,500

Allocation percentage: 20% Allocation percentage: 5%

$41,000 * (1.085) ^ (65-61) = $56,820 $2,500 * (1.085) ^ (65-44) = $13,866

$56,820/$205,000 = 27.72% $13,866/$50,000 = 27.73%

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Ice Cream Sundae 401(k) Plan Age-based Testing Name Age Salary

401(k) Deferrals Safe Harbor

Profit Sharing Allocation

SH + PS % of Pay Total

Mel 65 $265,000.00 $24,000.00 $7,950.00 $27,050.00 13.21% $59,000.00

Alice 42 $45,000.00 $5,000.00 $1,350.00 $631.13 4.40% $6,981.13

Flo 56 $50,000.00 $0.00 $1,500.00 $701.26 4.40% $2,201.26

Vera 37 $35,000.00 $0.00 $1,050.00 $490.88 4.40% $1,540.88

Total $395,000.00 $29,000.00 $11,850.00 $28,873.27 $69,723.27

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Traditional and Cash Balance This presentation is focused on tax-motivated

defined benefit plans Much larger tax-deductible contributions compared

to defined contribution (DC) plans Requires an enrolled actuary to certify to the

contribution calculation and PBGC premium

Defined Benefit Plans

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Compensation needs to be sufficient for each respective age or the amounts will decrease.

Age

Estimated Maximum

Age

Estimated Maximum

Age

Estimated Maximum

Age

Estimated Maximum

Age

Estimated Maximum

Deductible Deductible Deductible Deductible Deductible

Nearest Contribution Nearest Contribution Nearest Contribution Nearest Contribution Nearest Contribution

21 $34,311 33 $62,034 45 $112,433 57 $204,308 69 $278,507

22 $36,044 34 $65,179 46 $118,160 58 $214,754 70 $270,425

23 $37,865 35 $68,484 47 $124,181 59 $225,738 71 $262,133

24 $39,778 36 $71,959 48 $130,510 60 $237,286 72 $253,648

25 $41,789 37 $75,611 49 $137,165 61 $249,427 73 $245,039

26 $43,902 38 $79,451 50 $144,162 62 $262,192 74 $236,269

27 $46,122 39 $83,486 51 $151,518 63 $256,575 75 $227,396

28 $48,456 40 $87,729 52 $159,252 64 $250,872 76 $218,432

29 $50,908 41 $92,188 53 $167,383 65 $245,045 77 $209,366

30 $53,485 42 $96,876 54 $175,933 66 $257,595 78 $200,352

31 $56,194 43 $101,805 55 $184,921 67 $270,790 79 $191,349

32 $59,041 44 $106,986 56 $194,372 68 $284,663 80 $182,386

Defined Benefit Plans Estimated First Year Max Contribution

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Traditional Defined Benefit Plans

Much larger tax-deductible contributions compared to defined contribution (DC) plans

Benefit expressed in the form of an annuity (single life, joint & survivor, etc.)

Can pay lump sums Lump sums are subject to 417(e) interest rates

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FANCY PANTS, INC.

DEFINED BENEFIT PENSION PLAN

EMPLOYEE BENEFIT STATEMENT

AS OF DECEMBER 31, 2015

NAME: Ludwig Fancy

Age Date of Postponed Annual Nearest Employment Retirement Age Compensation

71

04/28/2003

71

$50,000

Based on your annual compensation, the census information shown above and the assumption that you always work more than 1,000 hours per year, the following estimates have been made: You can retire at your Postponed Retirement Age with a monthly retirement income from the plan of: $439 The pension shown above is payable for your lifetime. Estimated Monthly Accrued Benefit as of December 31, 2015 Your accrued future monthly benefit is: $439

Your vested monthly accrued benefit of 100% is: $439 Estimated Present Value of Accrued Benefit as of December 31, 2015 Your accrued lump sum benefit is: $51,953

Your vested lump sum benefit of 100% is: $51,953 NOTE: The benefits shown on this statement are based on employee data used for the actuarial valuation of the plan and do not factor in the minimum lump sum requirements of 417(e). However, the benefits actually payable under any circumstance shall be based on the governing provisions of the plan and on complete and accurate information obtained at the time of determination of the benefit.


FANCY PANTS, INC.

DEFINED BENEFIT PENSION PLAN


AS OF

DECEMBER 31, 2015

NAME: Ludwig Fancy

Age

Date of

Postponed

Annual

Nearest

Employment

Retirement Age

Compensation

71

04/28/2003

71

$50,000

Based on your annual compensation, the census information shown above and the assumption that you always work more than 1,000 hours per year, the following estimates have been made:

You can retire at your Postponed Retirement Age

with a monthly retirement income from the plan of:

$439

The pension shown above is payable for your lifetime.

Estimated Monthly Accrued Benefit as of December 31, 2015

Your accrued future monthly benefit is:

$439

Your vested monthly accrued benefit of 100% is:

$439

Estimated Present Value of Accrued Benefit as of December 31, 2015

Your accrued lump sum benefit is:

$51,953

Your vested lump sum benefit of 100% is:

$51,953

NOTE: The benefits shown on this statement are based on employee data used for the actuarial valuation of the plan and do not factor in the minimum lump sum requirements of 417(e). However, the benefits actually payable under any circumstance shall be based on the governing provisions of the plan and on complete and accurate information obtained at the time of determination of the benefit.

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417(e) Effect Lump sum must be greater of the present value

using plan actuarial equivalents or 417(e) rates 417(e) rates change each year Rates only in effect in the year a participant

receives a distribution

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417(e) Effect 40 year-old has a monthly life annuity of $5,000 12/31/2015 and 1/1/2016 Actuarial Equivalent

Lump Sum = $267,659 12/31/2015 417(e) Lump Sum = $285,282 12/31/15 Lump Sum (greater of two) = $285,282 1/1/2016 417(e) Lump Sum = $267,315 1/1/2016 Lump Sum (greater of two) = $267,659 Cost of waiting one day = $17,623

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Cash Balance Plans

Much larger tax-deductible contributions compared to defined contribution (DC) plans (Exactly the same limits as a traditional DB plan)

A defined benefit plan in the eyes of the Internal Revenue Service (IRS)

Benefit expressed in the form of a lump sum (easier to understand), but not subject to 417(e)

A cash balance plan defines the benefit in terms of annual credits (pay-based or dollar-based), which accumulate with a predetermined crediting rate that the cash balance plan (employer) guarantees

Able to equalize multiple people and account for costs

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FANCY SHIRTS, P.C. CASH BALANCE PENSION PLAN


AS OF

DECEMBER 31, 2015

NAME: Steve Shirt

Age Date of Normal Annual Nearest Employment Retirement Date Compensation

53

8/1/2011

4/25/2025

$265,000.00

We are pleased to present to you the following summary of your benefit in the plan: BALANCE, BEGINNING OF THE YEAR, 01/01/2015: $88,577.50 Interest $4,428.88 Employer Contributions $46,000.00 BALANCE, END OF THE YEAR, 12/31/2015: $139,006.38 The Plan's purpose is to provide for your financial needs in the event of your retirement, disability or death. If you terminate your employment prior to normal retirement, your vested interest in the above balance will be determined in accordance with the vesting schedule contained in the plan documents. You have a vested interest of 100% of your account balance.

Cash Balance Plans

FANCY SHIRTS, P.C.

CASH BALANCE PENSION PLAN


AS OF

DECEMBER 31, 2015

NAME: Steve Shirt

Age

Date of

Normal

Annual

Nearest

Employment

Retirement Date

Compensation

53

8/1/2011

4/25/2025

$265,000.00

We are pleased to present to you the following summary of your benefit in the plan:

BALANCE, BEGINNING OF THE YEAR, 01/01/2015:

$88,577.50

Interest

$4,428.88

Employer Contributions

$46,000.00

BALANCE, END OF THE YEAR, 12/31/2015:

$139,006.38

The Plan's purpose is to provide for your financial needs in the event of your retirement, disability or death. If you terminate your employment prior to normal retirement, your vested interest in the above balance will be determined in accordance with the vesting schedule contained in the plan documents.

You have a vested interest of 100% of your account balance.

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Annual minimum funding requirements Defined benefit plan must exist for 3 years minimum (5 years is

better) Top-heavy benefits may apply (minimum benefits for employees) Pension Benefit Guaranty Corporation (PBGC) coverage (unless

professional service employer less than 26 participants) Minimum participation (lesser of 40% or 50 employees) Joint-and-survivor annuity options Generally Accepted Accounting Principles (GAAP)/Accounting

Standards Codification (ASC) reporting in some cases Maximum contribution depends on age and salary history Maximum deductible contribution is actuarially determined Maximum deduction when a DC plan is sponsored too is 31% of

pay between both plans, unless employer contribution to DC plan is no more than 6% of pay. Not applicable if DB plan is PBGC covered.

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Plan Design Process

When is a defined benefit plan most often a good fit? Company has relatively stable profits and cash flow Willing to commit to funding each year No employees is ideal If there are employees, "Rule of 50s is the general rule of

thumb Targets are age 50 or older (age-based design) Targets earning $250,000 or more (compensation is a

factor) Targets are already receiving $50,000+ in the DC plan

(maxed) Company has 50 or fewer employees (benefit vs. cost)

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Plan Design Process

When is a traditional defined benefit plan most often a good fit?

Company owned by one person or jointly by spouses

*This wasnt always the case, but recent changes to the determination letter process have made cash balance plans less expensive to the administer.

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Plan Design Process

When is a cash balance plan most often a good fit? Companies with more than one owner

Why? Its important to equalize costs between multiple owners Benefit amounts are transparent Benefit amounts amongst employees can be equalized

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Case Study

Current Plan Design Option 1 Option 2

Name Age 401(k)

Profit Sharing Total

Profit Sharing

Cash Balance Total

Profit Sharing

Cash Balance Total

Nearest Salary Deferrals Allocation Allocation Allocation Allocation Allocation

Physician 1 51 $265,000 $24,000 $35,000 $59,000 $35,000 $47,150 $106,150 $15,900 $151,518 $191,418

Physician 2 50 265,000 24,000 35,000 59,000 35,000 47,150 106,150 15,900 144,162 184,062

Physician 3 48 265,000 18,000 35,000 53,000 35,000 47,150 100,150 15,900 130,510 164,410

Physician 4 51 265,000 24,000 35,000 59,000 35,000 47,150 106,150 15,900 151,518 191,418

Physician 5 50 265,000 24,000 35,000 59,000 35,000 47,150 106,150 15,900 144,162 184,062

Physician 6 52 265,000 24,000 35,000 59,000 35,000 47,150 106,150 15,900 159,252 199,152

Physician 7 63 265,000 24,000 35,000 59,000 35,000 47,150 106,150 15,900 256,575 296,475

$1,855,000 $162,000 $245,000 $407,000 $245,000 $330,050 $737,050 $111,300 $1,137,696 $1,410,996

Adding a Defined Benefit Plan

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Case Study

Adding a Defined Benefit Plan

Name Age Salary 401(k) Deferrals

Existing DC Plan DC and Cash Balance Plan

Profit Sharing

Allocation

PS %of Pay Total

Profit Sharing

Allocation

Cash Balance

Allocation

CB & PS % of Pay Total

Owner 1 55 $265,000 $24,000 $35,000 13.2% $59,000 $35,000 $140,000 66.0% $199,000

Owner 2 50 $265,000 $24,000 $35,000 13.2% $59,000 $35,000 $140,000 66.0% $199,000

10 Staff $500,000 $25,000 $22,013 4.4% $47,013 $32,500 $10,000 8.5% $67,500

$1,030,000 $73,000 $92,013 $165,013 $290,000 $465,500

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Case Study

Staff Costs Employer contributions can be subject to a vesting schedule

a) Traditional DB and DC 6-year graded vesting (20% after 2 years of service, 40% after 3 years of service, , 100% after 6 years of service); b) Cash balance 3-year cliff vesting (0% after 2 years of service, 100% after 3)

Those employees who appreciate retirement benefits can have contributions as part of their overall compensation package and lessen bonuses and raises (you hope)

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Case Study

Piggybacking on Existing Contribution

Name Age Salary 401(k) Deferrals

Profit Sharing

Allocation

PS % of Pay

Cash Balance

Allocation

CB % of Pay

Total

40 Owners 52 $265,000.00 $21,000.00 $35,000.00 13.2% $70,000.00 26.4% $126,000.00

150 Staff 38 $45,000.00 $2,200.00 $2,700.00 6.0% $60.00 0.1% $4,960.00

Total $310,000.00 $23,200.00 $37,700.00 $70,060.00 $130,960.00

The numbers shown are averages for each person. To meet minimum participation, 10 of the staff needed to receive cash balance benefits of 2% of pay each. The total cash balance staff cost was $9,000.

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Maximum Distributions by Age

Maximum Age Distribution 30 534,855 35 684,843 40 877,286 45 1,124,333 50 1,441,618 55 1,849,212 60 2,372,858 65 2,450,446 70 2,704,246 75 2,273,962

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Investments One pooled account(s) - Not a participant-directed type

plan No special investment rules for defined benefit plans Investments should be prudent and easily valued If assets perform worse than expected (typically 5% or

thereabout but depends on the plan), next years required contribution is higher and vice versa if return is greater.

How the assets are invested depends on the plan sponsors tolerance for the effect of asset fluctuations

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IMPORTANT CONSIDERATIONS IN RETIREMENT PLAN DESIGN AND ADMINISTRATION

Fiduciary Risks Associated with Sponsoring a Qualified Retirement Plan

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Who is CBIZ Retirement Plan Services?

CBIZ Retirement Plan Services provides objective consulting advisory services to plan sponsors and participants throughout the United States of America.

Plan Sponsor Assistance Assist with plan governance and administration Select and monitor investment options in your plan Benchmark recordkeeping and investment fees

Participant Assistance Assistance with allocation of your retirement account and selection of

appropriate investments available in your plan for your individualized retirement strategy

Answer questions about your retirement plan and recommend a savings strategy

Provide quarterly newsletter, Retirement Matters, to provide you with relevant market information and retirement strategies

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Retirement Plan Cost Components

Plan Investment Expenses Investment Lineup Diversification Record Keeping Expense Investment Advisory / Consultation Administration

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Plan Investment Expenses

Investment Management Multiple Share Classes Additional Marketing Expenses Fee Levelization Revenue Sharing

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Investment Policy Statement Multiple Asset Categories What is Confusion Fiduciary Obligation / Ongoing Monitoring

Asset Selection Diversified Lineup

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Service Provider Fees Platform Features / Benefits Notice, Compliance, Governance

* Source: Social Security Administration, Office of Policy, Income of the Aged Chartbook 2012 (issued April 2014). Key sources of retirement income for households with income of $40,000 or more per year. This chart is for illustrative purposes only.

Record Keeping Expenses

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Ongoing Periodic Investment Review Periodic Plan Expense Benchmarking Fiduciary Support

ERISA 3(21) Co-Fiduciary ERISA 3(38) Co-Fiduciary

Investment Advisory/Consultation

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Retirement Plan Administration

Who will Bear the Expense What is an ERISA 3(16) Co-fiduciary Limited ERISA 3(16)

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Investments Fees & Expenses Compliance Mergers &

Acquisitions/Conversions Governance Participants

5500 Filling Plan Administration Plan Testing

Retirement Plan Services

Advisory Administration

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? QUESTIONS

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Slide Number 1About UsBefore We Get StartedCPE CreditDisclaimerPresentersSlide Number 7Todays Presentation AgendaImportant Considerations in Retirement Plan Design and AdministrationQualified Retirement PlansQualified Retirement PlansTypes of Qualified Retirement PlansTypes of Qualified Retirement PlansTypes of Qualified Retirement PlansSlide Number 15Slide Number 16Profit Sharing 401(k) PlansNondiscrimination TestingNondiscrimination TestingSimple to ComplexQualified Plan Designs Case StudyQualified Plan Designs With SprinklesQualified Plan Designs Case StudyQualified Plan Designs Ice Cream SundaeQualified Plan Designs Ice Cream SundaeQualified Plan Designs Case StudyDefined Benefit PlansDefined Benefit Plans Estimated First Year Max ContributionTraditional Defined Benefit PlansSlide Number 30Traditional Defined Benefit PlansTraditional Defined Benefit PlansCash Balance PlansSlide Number 34Defined Benefit PlansPlan Design ProcessPlan Design ProcessPlan Design ProcessCase StudyCase StudyCase StudyCase StudyMaximum Distributions by AgeDefined Benefit PlansImportant Considerations in Retirement Plan Design and AdministrationWho is CBIZ Retirement Plan Services?Retirement Plan Cost ComponentsPlan Investment ExpensesAsset Selection Diversified LineupRecord Keeping ExpensesInvestment Advisory/Consultation Retirement Plan AdministrationRetirement Plan ServicesSlide Number 54If You Enjoyed This WebcastConnect with UsSlide Number 57

Webinar Slides: Important Considerations in Retirement Plan Design and Administration

Economy & Finance

Transcript of Webinar Slides: Important Considerations in Retirement Plan Design and Administration