IRAs and SEPs
What is the limit on contributions to an IRA for 2008 and 2009?
The following chart depicts the combined contribution limits for traditional and Roth
IRAs. In addition, individuals who have attained the age of
Describe the distribution options for pension plans.
When the participant attains the normal retirement age, typically the pension plan distributes his retirement benefits through
List the major factors affecting retirement planning.
The major factors affecting retirement are:
remaining work life expectancy (RWLE),
retirement life expectancy (RLE),
Describe the historical change from pension plans to profit sharing plans.
Historically, a retirement plan would pay a benefit to a retired employee until his death,
and often after his death unt
Explain the mandatory funding requirement and its impact on defined contribution
plans and defined benefit plans.
Prior to the Pension Protection Act of 2006, the mandatory funding requirement se
and Termination of Qualified
Describe the business and personal issues that should be considered when making a
qualified plan selection.
Selecting a qualified plan begins with con
List and describe the six major categories of benefits administered by the Social Security
There are six major categories of benefits administered by the Social Security Administration:
Profit Sharing Plans
Describe the key elements of a profit sharing plan as discussed in Treasury Regulation
Key elements include:
A plan established and maintained by an employer.
Provides for the participati
Deferred Compensation and
Why are deferred compensation arrangements established?
Employers establish deferred compensation arrangements to provide benefits to a select
group of employees without the
Stock Bonus Plans and
Employee Stock Ownership
List the required characteristics of a stock bonus plan.
A stock bonus plan must satisfy the following requirements:
Participants must have pass-through voting rights on
and 457 Plans
Describe SIMPLE plans.
Savings Incentive Match Plans for Employees, referred to as SIMPLEs, are retirement
plans for small employers. SIMPLEs provide an incentive to small employers to adopt
Discuss the tax implications of employer-provided group medical plans.
The employer can generally exclude the value of accident or health benefits provided to
an employee from the emplo
Define the term employee fringe benefits and identify common types of fringe benefits.
A fringe benefit is a form of compensation where a benefit other than customary taxable wages (in