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Chapter 7_RF - rules Next the chapter discusses limitations...

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Chapter 7 Q UALIFIED P LANS : G ENERAL RULES OF Q UALIFICATION LEARNING OBJECTIVES: A. Have a basic understanding of qualified plan requirements B. Identify key qualification rules for qualified plans REVIEW: This chapter gives an overview of IRC and regulatory requirements to be a qualified plan. It begins with a discussion of eligibility and coverage, including the definition of highly-compensated for employee benefit purposes. Next, the chapter discusses nondiscrimination in benefits and contributions. In this section, integration with Social Security: defined benefit plans and defined contribution plans are discussed. Vesting is the next topic discussed. The section on funding requirements includes actuarial cost methods, actuarial assumptions, deduction limits, timing of contributions and fiduciary
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Unformatted text preview: rules. Next, the chapter discusses limitations on benefits and contributions, and includes information on defined benefit limits, defined contribution limits, and the compensation limit. Finally, top-heavy requirements are briefly covered. FEATURED TOPICS: Qualified Plan Rules CFP® CERTIFICATION EXAMINATION TOPIC: Topic 62: Qualified plan rules and options A. Nondiscrimination and eligibility requirements B. Integration with Social Security/disparity limits D. Top-heavy plans KEY WORDS: ratio percentage test, average benefit test, highly compensated employee, nondiscrimination, Social Security integration, covered compensation, vesting, funding requirements, actuarial cost method, fiduciary rules, top-heavy plan...
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