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Fundamentals 14: Fiduciary Requirements [2017]
Date: 1/16/2018 Start Time: 12:00 PM (ET) Duration: 60 Min.

Description

Do you need to train someone new? Do you need to brush up on the basics, or to fill in gaps in your knowledge? SunGard’s Fundamentals Series may be just what you need. 16 convenient 1-hour web seminars provide the information a pension practitioner needs to function effective in the modern 401(k) world. Pick and choose the topics you need, or participate in the entire series: the choice is yours. Our standard pricing has been discounted to make attendance to all sessions in this series more cost effective. The series will cover the following:

  • Fundamentals Series 01: Eligibility
  • Fundamentals Series 02: Vesting
  • Fundamentals Series 03: Compensation and HCEs
  • Fundamentals Series 04: Coverage Test (Ratio Percentage Only)
  • Fundamentals Series 05: Elective Deferrals
  • Fundamentals Series 06: ADP/ACP Test
  • Fundamentals Series 07: Safe Harbor 401(k) Plans
  • Fundamentals Series 08: Nondiscrimination Testing and Allocations
  • Fundamentals Series 09: Allocation and Deduction Limits (415 and 404)
  • Fundamentals Series 10: Top-Heavy Testing
  • Fundamentals Series 11: Controlled Groups
  • Fundamentals Series 12: Participant Loans
  • Fundamentals Series 13: Distributions
  • Fundamentals Series 14: Fiduciary Requirements; Reporting and Disclosure

Fundamentals 14: Fiduciary Requirements; Reporting and Disclosure [2017]

ERISA has lots of commandments. It is full of "thou shalts" and "thou shalt nots." Many of those commandments are addressed to plan fiduciaries, who have very specific duties with regard to the plan and its participants. The thou shalts include many detailed reporting requirements (e.g., Form 5500) and disclosure requirements (e.g., summary plan descriptions).

Prohibited transaction are the "thou shalt nots" of retirement plans. It doesn't matter whether you think it's a good idea or not; when it comes to a prohibited transaction, unless there is some exemption, just say no.

There are tax penalties and a special tax return. There are labor law penalties. The transaction has to be "undone" the plan receives lost earnings. You just don't want to go there.

This program will introduce who is a fiduciary, what they must do, and what they cannot do. It will NOT cover the new rules on investment advisors. Topics include:

  • Who is a fiduciary
  • Fiduciary standards
  • Partial relief through participant direction
  • Reporting requirements to the government
  • Disclosure requirements to participant
  • Disqualified persons
  • Parties-in-interest
  • What is prohibited
  • Correcting the transaction
  • Penalties and tax returns
Prerequisites:

There are no prerequisites or other advanced preparation for this program. No prior experience needed.

Level: Beginning.

Instructional Delivery Method
Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: David Schultz, J.D.

Objectives: After attending the program you should be able to:

  1. Determine whether someone is a fiduciary, or some other disqualified person
  2. Identify common prohibited transactions
  3. Determine deemed distributions
  4. List the penalties associated with prohibited transactions
  5. Correctly report prohibited transactions

How to participate

You will need a phone (speakerphone, for multiple participants sharing the Primary registrant’s authorized connection) and a Windows-based PC with 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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