A MANAGER S GUIDE TO STRATEGIC RETIREMENT PLAN MANAGEMENT in .NET framework

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A MANAGER S GUIDE TO STRATEGIC RETIREMENT PLAN MANAGEMENT
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portability is greatly appreciated by employees who can then decide exactly what they want to do with the money, for example roll it over to an individual retirement account (IRA). Most hybrid plans were not started up from scratch, but instead are just your typical DB plans that were amended to include the hybrid features. Most of these transitions took place during the 1980s and 1990s. Several high-profile hybrid transitions, for example, IBM s change from a traditional final average pay plan to a cash balance plan, have been challenged in court on age discrimination charges. The courts have provided conflicting judgments, and the federal government has yet to publish definitive regulations and standards. So, due to this uncertainty, employers have recently shied away from transitioning to hybrid designs.
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Timing of Payment
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In addition to the form of payment, participants can also typically elect to commence their benefits before age 65. The plan will spell out how much the benefit will be reduced since the participant will be receiving it earlier than expected. Some employers use these early retirement provisions to achieve other human resources goals like reducing head counts. By providing enhanced early retirement benefits, this may just be the right incentive that allows people in their fifties and sixties to elect to retire.
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IRS Limitations
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With DB plans, the two operative limits are those on pay and benefits:
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Pay. Pay in excess of $220,000 (2006) cannot be used in the calculation of benefits. Benefits. The plan cannot pay out more than $175,000 (2006) per year to any participants or beneficiaries.
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Defined Contribution Plan Basic Structure
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The focus of DC plans is on the contributions made into the retirement trust. These contributions are typically defined as a percentage of pay an annual contribution of X% of pay will be made into the trust. The plan document will include an operative sentence such as Each year the employer shall contribute to trust . . . Contributions are made to the plan on behalf of employees. Individual accounts are set up and assets are invested on behalf of employees.
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The Basics of Retirement Plans
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Funding
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As mentioned earlier, the key difference between DB and DC plans, beyond the difference of benefits paid versus contributions made, is who bears the investment risk. In the case of DC plans, the employee bears the investment risk. The employer s responsibility for funding stops after it makes the required contributions. The investment responsibility is now typically handed over to the participant; however, the employer is still responsible for selecting appropriate funds for the employees to chose from. There is a broader discussion later in the book. Since the participant s benefit is ultimately the account balance, a shortfall can never exist. If the assets have negative performance, then the participant s balance will go down. The employer does not have to make up this shortfall. On the other hand, if the assets perform well, the participant s balance will go up.
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PBGC Insurance
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Since the account balances are always 100% funded, there is no need for any PBGC insurance coverage.
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Sample Formulas
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DC plans define the contributions made to the plan and have a predetermined formula for allocating the dollars to participants. The employer contribution amount need not be based on any formula, such as X% of profits; however, the allocation method must be written down. Just like DB plans, there are a variety of DC plans to choose from. However, unlike DB plans, many DC plans contain more than one type and many times include an element of employee contributions. In a quirk of the U.S. tax code, employee contributions to DC plans can be made on a taxdeductible basis. Probably the most common is a 401(k) plan that includes employee salary deferral, company match, and a discretionary company profit sharing contribution.
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401(k) plan Description Employees can elect to contribute a percentage of the pay on a pretax basis. This is typically matched by the employer. Example Employees can elect to deduct up to 10% of pay. The employer will match the first 6% of employee pay.
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