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Understanding Forfeiture Allocation Options [2019]
Presentor: David Schultz Recorded Date: 3/27/2019 Duration: 60 Min.

Description
This program was recorded during a live presentation given on March 27, 2019 at 12:00PM EST.
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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

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