NAPA Academy’s Plan Financial Consulting-1 (PFC-1) webcast series is designed to provide the framework for a candidate to achieve core competency on the administrative and consulting issues commonly encountered by financial consultants who service the retirement plan market. The PFC-1 webcast series aids in examining the broad basics of retirement plans ranging from plan type and structure to general rules and regulations, including a final emphasis on the ethical responsibilities of a financial consultant.
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Series Speaker: Daniel Streiff, National Sales Manager, Reliance Trust Company
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Classroom Registration for Webcast Series Package (All 10 Webcasts)
| Member Rate | Non-member Rate | |
|---|---|---|
| Single location (1 login) | $2,500 | $2,500 |
| Unlimited location* (multiple logins) | $3,500 | $3,500 |
Click HERE to purchase the PFC-1 Webcast Series package.
*Please email [email protected] for information on how to register for unlimited location classroom offerings.
Classroom Registration for Single Webcast
| Member Rate | Non-member Rate | |
|---|---|---|
| Single location (1 login) | $500 per webcast | $500 per webcast |
| Unlimited locations* (multiple logins) | $1,000 per webcast | $1,000 per webcast |
Click HERE to purchase a single webcast.
*Please email [email protected] for information on how to register for unlimited location classroom offerings.
Registration
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| Email your scanned registration form and credit card information to [email protected]. | |
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Access and Earning CE Credit
Access
Users who purchase either an individual webcast or the webcast series package will have access to the product through their My Learning Activities for up to one year from the time of purchase.
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Earning CE Credit
NOTE: In order to earn CE Credit for each webcast, you must watch the webcast in its entirety.
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Cancellation Policy
All webcasts are non-refundable.
Disclaimer
The statements and materials presented on ASPPA Academy webcasts are solely the opinions of the speakers and do not represent the opinion or the position of ASPPA Academy. ASPPA Academy assumes no responsibility for the content and materials presented by speakers during the webcast.
Webcast Details
PFC-1 Webcast Series
Receive access to all 10 PFC-1 Webcasts in one easy, affordable purchase.
1. Understanding the Retirement Plan, Employer Types and Structures
Attendee Takeaways:
- Describe what qualified and nonqualified plans are and the reasons a company would want to adopt them.
- Describe the different funding vehicles that may be used for nonqualified plans, and the tax implications of them.
- Identify compensation used by each entity type for qualified plan purposes.
- Explain the differences between an independent contractor, a common law employee and a leased employee and describe their impact on qualified plans.
- Explain when to use defined benefit or defined contribution plans relative to the employer's demographics, objectives and competitive concerns.
- Determine the types of qualified plans available to specific employers (e.g., for profit, government and tax-exempt).
- Explain the differences between and identify the distinguishing characteristics of 403(b) and 457 plans.
- Identify the potential affect on qualified plans maintained by a member of a controlled group or an affiliated service group (ASG).
- Identify and distinguish between the different types of controlled groups and ASGs.
- Identify the potential impact of the attribution rules under IRC §§1563 and 318.
- Identify the differences between multiemployer and multiple employer plans.
- Explain a professional employer organization (PEO) and the impact it has on qualified plans.
2. Introduction to 401(k) Plan Design & Defined Benefit Plans
Attendee Takeaways:
- Differentiate between and identify the distinguishing characteristics of different types of defined contribution plans.
- List the reasons an employer might want or not want to establish an ESOP or a leveraged ESOP.
- Explain the diversification rules that pertain to ESOPs.
- Differentiate between and identify the distinguishing characteristics of SIMPLE IRAs and SEP-IRAs.
- Determine when a safe harbor 401(k), SIMPLE IRA or traditional 401(k) is an appropriate plan choice for an employer.
- Describe the various types of benefit formulas used in defined benefit plans.
- Describe the maximum benefit limitations under IRC §415 and recognize when adjustments are needed for distributions.
- Define the term accrued benefit, present value of accrued benefits and projected benefits.
- Describe the minimum funding timing requirements.
- Explain why it is important for the actuary to be consulted in the design of a defined benefit plan.
- Identify the forms of benefit payment in a defined benefit plan.
3. Introduction to 401(k) Plan Design
Attendee Takeaways:
- Identify characteristics of 401(k) plans (traditional 401(k), Roth 401(k) and safe harbor 401(k).
- Identify the contribution and vesting requirements of a safe harbor 401(k) plan.
- List the advantages and disadvantages of a safe harbor match vs. a safe harbor non-elective contribution.
- State the timing requirements of a safe harbor notice.
- Describe the rules for converting a traditional 401(k) plan to or from a safe harbor 401(k) plan.
- Identify the requirements and advantages of using automatic enrollment including eligible automatic contribution arrangements (EACAs) and qualified automatic contribution arrangements (QACAs), in a 401(k) plan.
4. Introduction to Hybrid Plan Designs & Eligibility and Vesting
Attendee Takeaways:
- List the advantages and disadvantages of a cash balance plan.
- Identify the benefits of defined benefit/defined contribution combo plans.
- Define the deduction limits when an employer sponsors both a defined benefit and a defined contribution plan.
- Identify the statutory eligibility requirements for qualified plans.
- Differentiate between an eligibility date and plan entry date.
- Define a year of service for eligibility and vesting purposes.
- List types of communication provided to employees upon eligibility, including those automatically enrolled.
- Define how vesting is calculated and determine the vesting schedules that apply to different contribution sources.
- Explain the circumstances under which a participant would become 100 percent vested.
5. Introduction to Asset and Benefit Rules & Defined Contribution Plans: Allocation and Deductions
Attendee Takeaways:
- Describe the implications for including or excluding participant directed investments, loans and/or hardship withdrawals in a plan.
- Explain the general requirements of participant loans including the written program, enforceable agreement, loan limits, repayment requirements and refinancing issues.
- Explain the consequences of failing to repay a loan on schedule and permissible suspensions of loan repayments.
- Describe the safe harbor hardship withdrawal provisions.
- List the advantages and disadvantages of including life insurance in a plan.
- Identify benefits that are protected by the anti-cutback rules.
- Describe a design-based and a non-design based safe harbor formula.
- Differentiate between PRO RATA, permitted disparity, age-weighted and new comparability allocations.
- Explain the formula for determining a participant’s annual additions limit and the types of allocations counted as annual additions.
- Explain the concept of forfeitures and describe ways forfeitures may be used.
- Define the maximum deduction limits for all types of defined contribution plans.
- Identify the contribution deduction deadlines applicable to different types of employer entities.
6. Introduction to 401(k) Plans: Deferrals, Catch-ups and Roth Accounts & Highly Compensated and Key Employees
Attendee Takeaways:
- Identify differences in catch-up contributions (in 403(b), 401(k), and SIMPLE plans) and situations that will result in catch-up contributions.
- Define excess deferrals and the correction methods.
- Identify characteristics of designated Roth contributions.
- Identify the differences between Roth IRA and Roth 401(k) accounts.
- Identify and differentiate highly compensated employees (HCEs) and key employees.
- Describe the impact of being top-heavy on a plan.
- Identify when a plan will be exempt from top-heavy testing.
7. Introduction to Coverage Testing & 401(k) Nondiscrimination Testing (ADP/ACP)
Attendee Takeaways:
- Identify who is considered benefiting under IRC §410(b) coverage testing.
- Identify the impact that excluding certain employees has on coverage testing.
- Identify and differentiate the two tests (ratio percentage test and average benefit test) that are used to demonstrate that a plan satisfies coverage requirements.
- Describe the situations in which the ratio percentage test and average benefit test are deemed to be satisfied.
- Identify the types of contributions included in the ADP and/or ACP tests.
- Identify the two primary methods and timeframes of correcting failed ADP and/or ACP tests.
- Explain the differences in the ADP/ACP rules of traditional 401(k) plans and those that have automatic enrollment.
- Describe actions that may improve ADP and/or ACP test results.
8. Introduction to Plan Document Basics & Effects of Plan Changes
Attendee Takeaways:
- Identify the key documents that must be prepared when implementing a new plan.
- Describe the implications for including or excluding participant directed investments, loans and/or hardship withdrawals in a plan.
- Explain the general requirements of participant loans including the written program, enforceable agreement, loan limits, repayment requirements and refinancing issues.
- Explain the consequences of failing to repay a loan on schedule and permissible suspensions of loan repayments.
- Describe the safe harbor hardship withdrawal provisions.
- List the advantages and disadvantages of including life insurance in a plan.
- Identify benefits that are protected by the anti-cutback rules.
- Describe a design-based and a non-design based safe harbor formula.
- Differentiate between PRO RATA, permitted disparity, age-weighted and new comparability allocations.
- Explain the formula for determining a participant’s annual additions limit and the types of allocations counted as annual additions.
- Explain the concept of forfeitures and describe ways forfeitures may be used.
- Define the maximum deduction limits for all types of defined contribution plans.
- Identify the contribution deduction deadlines applicable to different types of employer entities.
9. Introduction to Distributions and Taxation
Attendee Takeaways:
- Identify distributable events including special restrictions on different contribution types and types of distributions available to those still employed by the plan sponsor.
- Identify and explain each type of in-service withdrawal a plan may permit.
- Describe the taxation of distributions including premature distributions.
- Describe a participant's taxation and distribution options in a designated Roth contribution account.
- Describe the conditions necessary to allow rollovers.
- Identify the circumstances in which involuntary distributions may occur.
- State the RMD requirements and the penalty for not complying.
- Determine the required beginning date for RMDs.
- Describe a valid QDRO.
- Identify the requirements of the QJSA rules.
- Identify the requirements of a QPSA.
- Explain the spousal consent rules for loans, hardships and distributions.
- Describe the steps a plan sponsor must take to find missing participants and the plan’s distribution options.
10. Introduction to Form 5500: A Plan’s Annual Return & Ethics and Professionalism
Attendee Takeaways:
- Identify the timing and regulatory requirements of Form 5500.
- Identify the schedules that need filed with Form 5500.
- List the conditions that must be satisfied for a small plan (under100 participants) to avoid the independent audit requirement.
- List the timing and regulatory requirements for plan asset valuation.
- Describe the requirements of an SAR including when it needs to be provided to participants.
- Identify whether actions violate the ASPPA Code of Professional Conduct.
About the Speaker
Daniel Streiff, National Sales Manager, Reliance Trust Company
Danny Streiff runs National Account Sales for Reliance Trust Company, the largest independent trust company in the United States with over 100 billion dollars in assets under management and administration. Danny is the founder and former President of Matrix Communications Technologies, now part of Broadridge Financial Solutions, a leader in the business communications industry helping retirement and health plan participants achieve the knowledge and security they need to achieve financial security. Danny has a Bachelor of Arts in Economics from the University of North Carolina – Charlotte. Danny is also an active member and volunteer of the American Society of Pension Professionals & Actuaries. He is a Financial Planning Teacher and an adjunct instructor at Central Piedmont Community College (CPCC). CPCC has more than 70,000 full and part time students and is part of the North Carolina Community College System, the second largest community college system in the country. Danny Serves on the Board of Trustees for the Charlotte Chapter of the Speedway Children’s Charities. Danny serves on the North Carolina Community College Systems Finance and Insurance Advisory Committee. He has also been featured and quoted in numerous investing and finance articles in local, regional and national publications. Danny spent over 12 years working as a Financial Advisor at Wachovia Securities and Scott & Stringfellow.