Operating since 2008, DPI Benefits is an independent benefits broker and consultant offering qualified retirement plans
and group benefits to hospitals and other businesses throughout the state of Kansas.
However, trustee-to-trustee transfers and direct transfers to and from qualified retirement plans
are excluded from the one-year rule.
My comment that, beginning in 1992, CPAs were not taught to view qualified retirement plans
as resources for tax planning, refers to a shift in focus from actuarial design based on employee demographic understanding, job classification, compensation limits, non-highly compensated status, new comparability, and cross testing to the new, commoditized style of financial industry-sponsored, payroll-sponsored, product- and market-driven retirement planning, a one-size-fits-all approach.
Premature distributions from qualified retirement plans
are exempt from the 10 percent penalty tax if the distribution is used to make a payment to an alternate payee (defined to include a spouse, former spouse, or child of the taxpayer) pursuant to a QDRO.
A qualified retirement plan
, also referred to as a "qualified plan," is a tax-favored retirement arrangement established by an employer that is designed to satisfy the requirements of Section 401 of the Internal Revenue Code.
According to the Investment Company Institute in Washington, that's how much money Americans have stashed in qualified retirement plans
as of the end of 2006.
The survey includes information on retirement age and inter-industry comparisons, mandatory retirement policies, the increase in the use of qualified retirement plans
, current firm financial plans and funding for buyouts of capital interests and for support of retirement obligations.
Qualified retirement plans
appeal to both employers and employees.
Prior to the Tax Reform Act of 1996, certain individuals taking lump sum distributions from their qualified retirement plans
could choose to pay the income tax on the distribution using either a five-year averaging or ten-year averaging method.
Various changes in tax law have had a positive impact on how much Americans can save in qualified retirement plans
. By reviewing the different types of plan designs before the end of 2006, CPAs and their clients may be better able to capitalize on some of these changes.
According to the IRS, there generally are three common mistakes, or "qualification failures," in qualified retirement plans
: plan document failure (the plan document does not satisfy the tax code); operational failure (the plan document is not followed properly); and demographic failure (the plan violates nondiscrimination rules in the tax code).
Description: This program is for financial professionals who specialize in retirement plans, helping them gain knowledge and experience in the investment side of qualified retirement plans