July 29, 2021
Speaker: Richard Hochman, Director, Retirement Plan Consulting Services, Actuarial Systems Co
Experience Level for Attendees: All
Target Audience: Accountants, Attorneys, TPAs, Recordkeepers, Financial Advisors
Keywords: Pre-approved Plans, Cycle 3, Defined Contribution Plan Restatements, ESOPs
IRS Program Number: CZTXU-Q-01182-20-O
Description: Defined Contribution Plans are about to be restated, but under Cycle 3 the rules have changed dramatically. There are no more prototype or volume submitter plans, just pre-approved. One problem is these new plans do not reflect the most recent legislation and will require amendments to properly address. The IRS is limiting language that is in current documents that may impact both plan design and future operation. We have just finished restating defined benefit plans for PPA’06, but document vendors are about to redraft for Cycle 3 and will be reflecting both the SECURE and CARES Acts.
Learning Objectives:
- Learn how BBA 2018, SECURE and CARES Acts will be handled in restated documents.
- Understand how designs might change as the IRS restricts language.
- Learn how grandfathering of plan terms may impact when employers should restate onto the new documents and how that can impact your work plans.
Registration Deadlines:
Live: 07/29/2020
On-Demand: 07/29/2021
CE Credit: 1 ASPPA, 1 NAPA Relevant Topics, 1 NTSA, 1 ERPA, 1 JBEA Noncore
About the Speaker:
Richard A. Hochman, JD, APM
Actuarial Systems Corporation
Dover, NJ
A longtime member of the American Society of Pension Professionals and Actuaries (ASPPA) Rich was President in 2017. He was honored with ASPPA’s Educator of the Year Award in 2012 and received ASPPA’s highest honor the Harry Eidson Founder’s Award in 2019. He is among a select group of ASPPA visionaries who has received both Awards.
A frequent speaker at numerous pension industry forums, Rich has been active with ASPPA’s Government Affairs Committee. He spearheaded industry efforts to both make cash balance arrangements part of the pre-approve document program and including “Actual Rate of Return” Interest Credits in the PPA restatement cycle. He led an industry Taskforce which was instrumental in bringing about the streamlining and updating of the Pre-Approved Document Program as reflected in Revenue Procedure 2017-41.
A named principal of the McKay Hochman Co., Inc. for nearly three decades, Rich is currently the Director, Retirement Plan Consulting Services at Actuarial Systems Corporation (ASC). At ASC, he is a member of a team of acknowledged retirement industry experts providing best practice solutions on the wide range of administrative and operational issues that confront industry practitioners as they provide qualified retirement plan services.
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