Plan Efficiency Webinar With Crews Nov 09

8/14/2019 Plan Efficiency Webinar With Crews Nov 09

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November 20, 2009

Tips For Year End PreparationWith Your 401(k) Plan


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Your Presenters

Linda Lauer ThompsonDunavant EmployeeBenefit Plan Services

Jeff Barnes BarnesRetirement PlanSpecialists, Inc.

John Crews BurleighConsulting Group
http://www.burleighconsulting.com/index.html


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You May Be A Fiduciary If You

Have implementation authority to adopt,amend, merge, freeze, or terminate a plan

Have decision-making authority in theselection and retention of plan fiduciaries

Give investment advice with respect to planassets for compensation

Make discretionary decisions under the plansuch as whether a hardship withdrawal may be

made, etc. Select plan providers Investment platforms,

record-keepers, TPAs, brokers, etc.


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Todays Focus

December 31st deadlines for Plan Documentchanges

Maximizing deferrals for the highlycompensated

Employee notifications and disclosuredeadlines

What to expect in 2010

More efficient enrollment processes

Annual Plan Reviews


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Document Changes

Pension Protection Act of 2006

EGTRRA

Amendments (ie. Safe Harbor Plans)

New plan feature

Eliminating Safe Harbor

ADP/ACP Testing

Top Heavy Issues


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Maximizing Deferrals

Traditional 401(k) Plans

Safe Harbor Plans

How to help the business owner(partnerships/sole proprietors)


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Year End Employee Notices

Annual Automatic Contribution Notice

Safe Harbor Notice

QDIA Notice

Company Stock Diversification Notification

Required Minimum Distributions


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What to expect in 2010

Plan Limits

Schedule C Changes

5500 changes Electronic Filing-effective with 2009 Form 5500due July 31, 2010 (October 15,

2010)


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Plan Limits

Plan limits for 2010 apply to 401(k) and403(b) Plans

No changes same as 2009

$16,500 for 401(k) deferrals

$5,500 for catch up contributions

Plan Doc governs limits. Check maximumpercentage as allowed by your plandocument.

Also, applies to all 401(k) Plans.

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Schedule C Changes

Direct and indirect compensation

Includes: fees or expense reimbursementpayments charged to investment funds

Investment fund examples include:

Mutual funds

Common/collective trust funds

Pooled separate accounts

Separately managed investment accounts

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Schedule C Changes

Fund brokerage commissions (including12b-1 fees)

Fees related to the administration of the

plan such as record keeping fees Fees not reportable include ordinary

operating expenses such as attorneys fees,accountants fees, printing fees, etc.

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Enrollment Efficiency

Order new booklets now (if you havent already)

Consider ACA

Utilize tools available from service providers

On-line enrollments

Video/Webinars

Establish procedures for processing and filing of

enrollment & beneficiary forms


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Enrollment Efficiency

Consider independent enrollment providers

Consider surveys

Document

Pay attention to the process looking forways to improve efficiency and educationto employees


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Annual Review

Meeting minutes reviewed

Benchmarks

Participation rates compared to previous plan

year Deferral rates compared to previous plan year

Overall plan performance to benchmarks

Investment Review

Plan design discussion


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Closing

If you are interested in receiving a copy of

the presentation, please visit:

www.barnesretirement.com

Securities and investment advisory services offered through Financial Telesis,Inc.

Barnes Retirement Plan Specialists, Inc. and Financial Telesis, Inc. are notaffiliated
http://www.barnesretirement.com/http://www.barnesretirement.com/

Plan Efficiency Webinar With Crews Nov 09

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