Chapter 17_RF - A section on tax implications is followed...

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Chapter 17 P ROFIT S HARING P LAN LEARNING OBJECTIVES: A. Have a basic understanding of profit sharing plans B. Identify key tax-related factors for profit sharing plans REVIEW: This chapter covers the basics of profit sharing plans. Specific types of plans are discussed in other chapters, so the focus here is on describing profit sharing plans in general. The chapter begins by defining profit sharing plans and describing when they might be used. Advantages and disadvantages are discussed next. A fairly comprehensive section on design features is next. This section focuses on employer contribution arrangements, allocation to participant accounts, vesting, and distributions.
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Unformatted text preview: A section on tax implications is followed by a discussion of alternatives. As has been the practice in previous chapters, there is a reference for learning more, and instruction to check Chapter 10 for plan installation information. The chapter ends with a question and answer section. CFP® CERTIFICATION EXAMINATION TOPIC: Topic 61: Types of retirement plans B. Types and basic provisions of qualified plans 1. Defined contribution c. Profit sharing KEY WORDS: profit sharing plan, discretionary provision, formula provision...
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