Plan Efficiency Webinar With Crews Nov 09
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Transcript of Plan Efficiency Webinar With Crews Nov 09
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November 20, 2009
Tips For Year End PreparationWith Your 401(k) Plan
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Your Presenters
Linda Lauer ThompsonDunavant EmployeeBenefit Plan Services
Jeff Barnes BarnesRetirement PlanSpecialists, Inc.
John Crews BurleighConsulting Group
http://www.burleighconsulting.com/index.html -
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You May Be A Fiduciary If You
Have implementation authority to adopt,amend, merge, freeze, or terminate a plan
Have decision-making authority in theselection and retention of plan fiduciaries
Give investment advice with respect to planassets for compensation
Make discretionary decisions under the plansuch as whether a hardship withdrawal may be
made, etc. Select plan providers Investment platforms,
record-keepers, TPAs, brokers, etc.
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Todays Focus
December 31st deadlines for Plan Documentchanges
Maximizing deferrals for the highlycompensated
Employee notifications and disclosuredeadlines
What to expect in 2010
More efficient enrollment processes
Annual Plan Reviews
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Document Changes
Pension Protection Act of 2006
EGTRRA
Amendments (ie. Safe Harbor Plans)
New plan feature
Eliminating Safe Harbor
ADP/ACP Testing
Top Heavy Issues
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Maximizing Deferrals
Traditional 401(k) Plans
Safe Harbor Plans
How to help the business owner(partnerships/sole proprietors)
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Year End Employee Notices
Annual Automatic Contribution Notice
Safe Harbor Notice
QDIA Notice
Company Stock Diversification Notification
Required Minimum Distributions
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What to expect in 2010
Plan Limits
Schedule C Changes
5500 changes Electronic Filing-effective with 2009 Form 5500due July 31, 2010 (October 15,
2010)
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Plan Limits
Plan limits for 2010 apply to 401(k) and403(b) Plans
No changes same as 2009
$16,500 for 401(k) deferrals
$5,500 for catch up contributions
Plan Doc governs limits. Check maximumpercentage as allowed by your plandocument.
Also, applies to all 401(k) Plans.
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Schedule C Changes
Direct and indirect compensation
Includes: fees or expense reimbursementpayments charged to investment funds
Investment fund examples include:
Mutual funds
Common/collective trust funds
Pooled separate accounts
Separately managed investment accounts
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Schedule C Changes
Fund brokerage commissions (including12b-1 fees)
Fees related to the administration of the
plan such as record keeping fees Fees not reportable include ordinary
operating expenses such as attorneys fees,accountants fees, printing fees, etc.
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Enrollment Efficiency
Order new booklets now (if you havent already)
Consider ACA
Utilize tools available from service providers
On-line enrollments
Video/Webinars
Establish procedures for processing and filing of
enrollment & beneficiary forms
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Enrollment Efficiency
Consider independent enrollment providers
Consider surveys
Document
Pay attention to the process looking forways to improve efficiency and educationto employees
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Annual Review
Meeting minutes reviewed
Benchmarks
Participation rates compared to previous plan
year Deferral rates compared to previous plan year
Overall plan performance to benchmarks
Investment Review
Plan design discussion
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Closing
If you are interested in receiving a copy of
the presentation, please visit:
www.barnesretirement.com
Securities and investment advisory services offered through Financial Telesis,Inc.
Barnes Retirement Plan Specialists, Inc. and Financial Telesis, Inc. are notaffiliated
http://www.barnesretirement.com/http://www.barnesretirement.com/