Available Until, August 18, 2021
Speaker: Tom Finnegan, FSEA, President, Actuarial Division, CBIZ Retirement Plan Services
James E. Holland, Jr., FSEA, Chief Research Actuary, Cheiron
Experience Level for Attendees: Advanced
Target Audience: Actuaries
Keywords: Benefit limits, Lump sums, MASD
IRS Program Number: CZTXU-Q-01199-20-O
Description: Code Section 415 provides limitations on benefits from a defined benefit plan, but the application of this Section can be tricky. The actuary must consider how to deal with MASDs, the impact of interest crediting rates and other interesting dynamics related to age, benefit form and compensation. This session will provide strategies for actuaries during plan design to maximize benefits under 415, help the actuary avoid undesired results and to navigate some of the complexities around Section 415.
Learning Objectives
1. Avoid problems with section 415 limits
2. Review multiple annuity starting date (MASD) rules
3. Explore in-depth examples of section 415 limits
Registration Deadlines:
Live: 08/18/2020
On-Demand: 08/18/2021
CE Credit: 1.5 ASPPA, 1.5 NAPA Relevant Topics, 1.5 NTSA, 1 ERPA, 1.5 JBEA Core
About the Speaker:
James E. Holland, Jr., FSEA, chief research actuary for Cheiron, has over four decades of professional, managerial and public-service experience working on issues relating to retirement plans and welfare benefit plans. He was a long-time official at the IRS before joining Cheiron. At the IRS, Jim held a variety of positions, was the chief of the actuarial branch for many years and ended his career as the assistant director for the employee plans rulings and agreement area, where all aspects of the regulatory and legal guidance pertaining to pension plans is produced. In his roles, he often worked with officials from the Treasury Department, the Pension Benefit Guaranty Corporation, the Department of Labor and other government agencies. At Cheiron, Jim is providing his expertise to consultants and clients on a variety of pension related issues. Jim has been a frequent speaker at professional meetings where he made complicated regulations understandable to the pension community.
Tom Finnegan, FSEA is president of the actuarial division at CBIZ Retirement Plan Services. He provides actuarial, design and consulting services to a broad spectrum of plan sponsors, including public and private corporations, tax-exempt organizations, union-management groups and churches. Through CBIZ RPS, Tom oversees compliance for the actuarial group nationally. He has over 30 years of experience in the employee benefits field. Tom is a former President of ARA, ASPPA and ASEA and is the current chair of the ASEA Government Affairs Committee.
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