This session has been approved for two hours of CFP and Arizona Insurance continuing education.
“The Right Retirement Plan” is a two hour session focusing on employer-sponsored retirement plans, including SIMPLE IRAs, Simplified Employee Pensions (SEPs), 401(k)/profit sharing plans, traditional defined benefit plans, and cash balance plans. The speakers are Kevin Donovan and T.J. Orr, partners at Pinnacle Plan Design, a local third-party administrator of employer sponsored retirement plans.
First, the presentation will cover the top nine considerations for plan design. Attendees will better understand the key variables that affect retirement plan design in order to gain efficiencies with the fact- finding and proposal process. Next, the presenters will explain the pros and cons associated with each type of plan. Attendees will learn how to identify which type of retirement plan is best-suited for various employers. To demonstrate the importance of proper plan design, a hypothetical employer’s 401(k)/profit sharing options will be examined. Five different plan designs yield five very different results for the plan sponsor.
When an employer is looking to put more money away than the defined contribution plan limits allow, a defined benefit plan may be a good fit. The presentation outlines the pros and cons of defined benefit plans and introduces cash balance plans, which can eliminate some of these cons. A cash balance plan case study will demonstrate the power of adding a plan like this on top of the employer’s existing 401(k) plan. Attendees will leave feeling confident about explaining all types of retirement plan options with their clients and an ability to identify new plan opportunities.
Kevin Donovan, CPA, EA, MSPA, ACA is the Managing Member and founder of Pinnacle Plan Design, LLC, where he specializes in designing retirement plans to maximize the benefits for business owners and principals. Kevin is a leading actuary in the pension field, specifically in the area of cash balance plan design and administration. His areas of specialty are: Cash Balance Defined Benefit Plans, Traditional Defined Benefit Plans and Combination Plans. Kevin’s designations include CPA and EA, and he’s a Member, Society of Pension Actuaries (MSPA) and Associate, Conference of Consulting Actuaries. He graduated with a Bachelor of Science in Accounting from Syracuse University. Kevin has published in various industry publications including: Journal of Pension Benefits, Journal of Taxation of Employee Benefits, The Benefit Law Journal, The ASPPA Journal and AICPA publication, “Adviser’s Guide to Retirement Plans for Small Businesses.” Kevin speaks at numerous venues each year.
T.J. Orr, ERPA, QPA, QKA has played a significant role in retirement plan design and administration. Her commitment to quality and streamlined 401(k) plan operations have equipped her with the skills and working knowledge that help assure clients receive the personalized service they value and deserve.T.J.’s areas of specialty are 401(k) Plans, Profit Sharing Plans and Money Purchase Plans. Her designations include: Enrolled Retirement Plan Agent (ERPA), Qualified Pension Administrator (QPA), and Qualified 401(k) Administrator (QKA). T.J. obtained her education at Loyola University of Chicago.