The Governing Board of
Post-Year-end Plan Adoption; Funding update after the American Rescue Plan
Thursday, January 27, 2022
1:00 PM to 2:40 PM PST
The session will cover two issues that we first dealt with in 2021. First, effective for tax years beginning after December 31, 2019, the SECURE Act allows employers to adopt plans after their tax year-end. So 2021 was the first year we could look back at the prior year (i.e. 2020) and determine if a plan made sense after the year was over. Secondly, the American Rescue Plan Act (ARPA) significantly changed the funding rules by modifying the interest rate smoothing rules first introduced in MAP 21 and by increasing the amortization period of the shortfall from 7 to 15 years. Notice 2021-48 provided detailed information on reporting such changes including related elections.
Kevin Donovan, CPA, EA, FSEA, FCA
Managing Member, Founder
Pinnacle Plan Design
Kevin J. Donovan is the managing member and founder of Pinnacle Plan Design 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. Kevin, along with fellow actuaries at Pinnacle have authored the 2016-Present Editions of the Defined Benefit Answer Book, published by Wolters Kluwer. Click here to learn more about Kevin.
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