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Understanding Forfeiture Allocation Options [2019]
Date: 3/27/2019 Start Time: 12:00 PM (ET) Duration: 60 Min.

Description

The IRS has continued its focus on forfeiture allocations. Despite IRS restrictions on “carrying” forfeiture balances, many plans continue to maintain forfeiture balances over multiple years. Forfeitures can improve plan economics by reducing contributions and paying plan fees. However, if the plan is not designed correctly or the employer does not properly apply plan provisions, the failures can potentially increase contribution requirements and result in costly corrections.

To properly apply the rules regarding forfeitures, practitioners must understand all of the rules and options regarding forfeitures. This web seminar focuses on those rules and options.

Topics include:
  • Allocations options
  • Improper forfeiture options
  • Carrying forfeiture accounts
  • Fee payments from forfeiture account
  • Forfeiture events
  • Timing of forfeitures
  • Nondiscrimination testing
  • Reporting
  • Plan provisions
  • Offsetting employer contributions
Prerequisites:

There are no prerequisites or advance preparation for this program. However, the instructor will assume attendees are familiar with the basics of 401(k) administration and have at least one year of experience.

Level: Intermediate
Instructional Delivery Method
Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: David Schultz, J.D.

Objectives: After attending this Web seminar, an attendee should be able to:

  1. Determine when a forfeiture arises
  2. Determine when a plan must allocate forfeitures
  3. Determine whether it is better to use forfeitures to increase or reduce contributions
  4. Determine when you can use forfeitures to correct plan failures
  5. Report fee payments from forfeiture accounts
  6. Determine the difference between a forfeiture account and a suspense account
  7. Determine the proper uses of forfeitures
  8. Correct a failure to allocate forfeitures timely
  9. Test forfeiture allocations for nondiscrimination
  10. Determine which allocations a forfeiture may offset

How to participate

You will need a phone (speakerphone, for multiple participants sharing the Primary registrant’s authorized connection) and Internet Access. The graphics presentation and illustrations will be viewed via the Primary registrant’s Web connection, while the speaker audio portion will be via the Primary registrant’s telephone. Important Note: The user registrant must be logged in via the internet for CE purposes. Select the "Fees" link on the right side menu of this page for more information about who is authorized to connect to the program, and for the cancellation/transfer policy.

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