This includes sessions from the conference: Employee Benefit Plans Conference 2018
Explore the fundamentals of a society that is grossly under-saving for retirement, the primary forces that are contributing, and the fundamental shift needed to get us back on track. Author, Stig Nybo, will share lessons learned from the writing of “Transform Tomorrow: Awakening the Super Saver in Pursuit of Retirement Readiness,” an award winning book on how to change saving behavior.
America is facing a monumental “retirement readiness” challenge that can only be overcome by changing the way America thinks about saving for retirement. We will begin by investigating why so many Americans are at risk of outliving their savings and the three critical forces impacting Americans’ preparedness: Longevity; Consumerism; and Leverage. Then move to the solutions that can help bring about the changes needed for individuals to reach a secure retirement: New system‐wide contextual drivers; baseline financial literacy: and renewed beliefs around saving vs. spending.
Throughout the presentation, Stig incorporates stories to illustrate key points and uses captivating examples from history to bring the message to life. He borrows from the wisdom of Gandhi, Walt Disney, Mark Twain, Margaret Mead, and even Robin Williams in the Dead Poets Society to make his point. Come enjoy a sobering, yet enjoyable session that will change the way you think about planning for retirement.
Objectives:
- Identify the primary forces that are contributing to under-saving
- Select resources to prepare yourself or clients for retirement
This session will be a general introduction to plan documents and highlight certain key elements for plan auditors. It will also introduce the plan document provisions of the defined contribution case study and serve as the basis of the entire fundamental track case study.
Attendees will:
• Distinguish between the different types of plan document designs being used by plan sponsor and highlight the IRS determination letter program.
• Identify key plan provisions in order to develop audit procedures
• Recall differences in plan design
• Indicate common plan amendments
• Recall how to use the AICPA EBPAQC's Plan Document Tool
This session will:
- Distinguish what an ESOP is and why companies use them.
- Recognize differences in ESOPs compared to other qualified retirement plans and from other ownership transition options from a high level.
The session will not cover detailed accounting for ESOPs.
This session is part 1 of 2 of working through the planning and risk assessment process for the fundamental track case study, and will continue in Session #18. Participants will be able to:
- Recognize a variety of planning documents and procedures that are necessary to properly plan an employee benefit plan, through provided example.
- Recall why these elements are important.
- Indicate when limited-scope audits are appropriate and what documents must be obtained when performing a limited-scope audit.
Discover the various basic retirement plans appropriate for the small business employer. Help your clients and plan sponsors realize the value of adding a plan or the value of their existing plan.
Objectives:
- Identify retirement plan options available to small business employers.
- Estimate the costs benefit of the plan selected.
Presentation will focus on participants that are familiar with auditing multiemployer plans. The session will emphasize the unique accounting and auditing issues for multiemployer plans including an overview of these plans, payroll audits and the new multiemployer chapter for the AICPA Employee Benefit Plans - Audit and Accounting Guide. Hot topics include:
• SSAE 18 on payroll audits
• Consulting vs AUP engagements
• FinREC accounting recommendations for the audit guide
Participants will be able to:
• determine the differences between a multiemployer plan and other common types of benefit plans
• determine the impact of SSAE 18 for payroll audits
• Identify what will be included in the new multiemployer chapter.
This session is a continuation of Session #11. Participants will see an example evaluation of a SOC report and how these reports are used in conjunction with the evaluation of a plan’s internal control environment, as well as cover other internal control considerations. This session will demonstrate examples of completed documentation for risk evaluation by audit area and at the assertion level.
Participants will be able to:
- Recognize a variety of planning documents and procedures that are necessary to properly plan an employee benefit plan, through provided example.
- Recall why these elements are important.
- Indicate when limited-scope audits are appropriate and what documents must be obtained when performing a limited-scope audit.
Plan compensation errors always seem to make a "Top 10 List" of mistakes. This session will help you:
• Identify where to find definitions of compensation in a plan document
• Analyze the most common definitions used in plans
• Distinguish when a definition of compensation must be tested under nondiscrimination testing
• Differentiate the difference between regular compensation and post severance compensation
• Analyze various strategies in "scrubbing" census data
• Calculate compensation (earned income) when working with pass through entities
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