Available Until., April 14, 2022
Speaker: Karen Smith, MSPA, President, Nova 401(k) Associates
Experience Level for Attendees: All
Target Audience: Actuaries, DB plan administrators, DC plan administrators
IRS Program Number: CZTXU-Q-01316-21-O
Description: Tucked away in the American Rescue Plan of 2021 are changes to IRS Section 430 rules for DB single employer minimum funding valuations. These changes include relief with respect to segment rates and changing the amortization period from 7 to 15 years for shortfall amortizations. The provisions have different default and optional effective dates. We’ll discuss these changes, including employer elections, with respect to the effective dates, interplay with the AFTAP rules under IRC Section 436 and other plan document issues.
- Apply the segment rate relief to Section 430 valuations.
- Calculate shortfall amortization bases and installments under the provisions of the American Rescue Act.
- Assist clients with effective date elections.
CE Credit: 1 ASPPA, 1 NAPA Relevant Topics, 1 NTSA, 1 JBEA Core,
Karen Smith is the president of Nova 401(k) Associates. She has over 25 years of industry experience. Her practice includes both defined benefit and defined contribution plans. Over the years, she has been active in ASPPA, ACOPA and the Academy of Actuaries. She is former president of ACOPA and former ASPPA Leadership Council members. At the American Academy of Actuaries she served on the Board of Directors and Committee on Qualifications. She currently serves on ASPPA’s Legislative Relations Committee. Karen is credentialed as both an actuary and attorney.
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