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Chapter 1_RF - identification of qualified versus...

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Chapter 1 D ESIGNING THE R IGHT R ETIREMENT P LAN LEARNING OBJECTIVES: A. Have a basic understanding of factors relating to retirement plan design B. Understand key advantages of retirement plans for employers C. Identify major types of qualified retirement plans D. Identify key factors affecting plan selection REVIEW: This chapter provides an overview of designing retirement plans. Three general steps are discussed: gather the relevant facts, identify employer goals and objectives, and choose plan features that promote the employer objectives. Employer advantages are discussed, such as helping employees with retirement saving, tax deferral for owners and highly compensated employees, helping to recruit, reward, retain, and retire employees, encourage productivity, and discourage collective bargaining. After a brief
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Unformatted text preview: identification of qualified versus nonqualified plans, the chapter focuses on qualified plans by discussing their tax advantages. Following this, broad categories of defined contribution and defined benefit plans are introduced. There is a brief discussion of using qualified plans rather than cash compensation. This section is followed by a moderately in-depth discussion of factors affecting plan selection. CFP® CERTIFICATION EXAMINATION TOPIC: Topic 61: Types of retirement plans A. Characteristics B. Types of qualified plans Topic 65: Plan selection for businesses (key factors affecting selection) A. Owner’s personal objectives B. Business objectives KEY WORDS: qualified plan, nonqualified plan, defined contribution plan, defined benefit plan, age weighted plan...
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