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401(k) Training & Certification Program - Table Of Contents

401(k) Training & Certification Program

Introduction To Qualified 401(k) Plans

  • Overview
  • Basic Qualification Requirements
  • Failure To Meet Qualification Requirements
  • Governance
  • Benefits / Advantages Of 401(k) Plans
  • Types Of Plans
  • What Is A 401(k) Plan?
  • Types Of 401(k) Plans
  • Benefits To Employees: Federal & State Income Tax Savings
  • Benefits To Employees: Special Tax Treatment On Plan Distributions
  • Benefits To Employees: Investment Flexibility
  • Benefits To Employees: Plan Loans And Hardship Withdrawals
  • Legal Requirements

Eligibility & Coverage Requirements

  • Overview
  • Age & Service Requirements
  • Exclusions
  • Drafting Eligibility Requirements
  • Entry Dates
  • Rehired Employees & Other Special Eligibility Rules
  • Controlled Groups
  • Affiliated Service Groups
  • Employee Classification
  • Directors, Partners, & Subchapter S Owners
  • Service Crediting For Eligibility
  • Coverage Testing
  • Determining The Employer
  • Leased Employees
  • Hour Of Service
  • Common Law Employees
  • Other Employee Exclusions

Plan Design & Documentation

  • Record Retention
  • Administrative Roles & Responsibilities
  • Plan Design Considerations
  • 401(k) Plan Feasibility
  • Plan Feasibility: Employee Expectations & Demographics
  • Plan Feasibility: Cost Considerations
  • Plan Feasibility: Administrative Requirements
  • Plan Document Options: Prototype Plan
  • Plan Document Options: Custom Designed Plan
  • Plan Document Options: Volume Submitter Plan
  • Plan Documentation: Summary Plan Descriptions
  • Plan Documentation: Determination Letter
  • Plan Documentation: Other Plan Documentation
  • Bonding
  • Roles & Responsibilities: Plan Sponsor
  • Roles & Responsibilities: Plan Administrator
  • Roles & Responsibilities: Plan Trustee or Custodian
  • Roles & Responsibilities: Investment Manager
  • Roles & Responsibilities: Other Outside Professionals
  • Plan Documentation: Plan Documents
  • Investment Options
  • Investment Options: Closed Menu
  • Investment Options: Open Menu
  • Investment Options: Managed Portfolio
  • Investment Options: Unrestricted Platform
  • Investment Policy Statement
  • Administrative Options For Outsourcing

Plan Investments

  • Investment Options: Stocks (Equities)
  • Investment Options: Mutual Funds
  • Investment Options: Guaranteed Investment Contracts
  • Other Investments
  • Buying Funds Through An Insurance Company
  • Valuation Of Plan Assets
  • Investment Options: Bonds (Fixed Income)
  • Mutual Fund Types
  • Investment Options: Cash Equivalents
  • Investment Options: Employer Stock
  • Asset Allocation
  • Investment Policy Statement
  • Monitoring Investments
  • Valuation Of Plan Assets: Balance Forward Valuation
  • Valuation Of Plan Assets: Daily Valuation
  • ERISA 404(c)
  • Re-Balancing Investments
  • Participant Direction Operation & Administration
  • Blackout Period
  • Overview
  • Choosing Investment Options
  • Investment Decisions: Participant Directed
  • Participant Direction Through Technology
  • Investment Decisions: Brokerage Accounts
  • Investment Decisions: Trustee Directed
  • Investment Decisions: Limited Investment Direction

Communication & Enrollment

  • Setting Communication Objectives
  • Stages Of Communication
  • Sources Of Communication Materials
  • Mandated Communications
  • Non-English Speaking Employees
  • Beneficiary Designation & Pre-Retirement Survivor Annuity Forms
  • Automatic Enrollment
  • Overview
  • The Successful Communication Program
  • A Word On Communications And Legal Liability
  • Ongoing Communication Efforts
  • Employee Meetings
  • The Meeting Agenda
  • Enrollment & Administrative Forms
  • Enrollment Form/Salary Reduction Agreement
  • Investment Direction Form
  • Election Of Benefit Form
  • Election Of Direct Rollover For A Qualifying Distribution
  • Special Tax Notice Regarding Plan Payments
  • Other Forms
  • Electronic Disclosure
  • Measuring Results

Vesting

  • Minimum Vesting For Non-Elective Contributions
  • Vesting Requirements
  • Calculating Vesting Service
  • Forfeitures
  • Minimum Vesting For Matching Contributions
  • Calculating Vesting Service: Vesting Computation Period - Plan Year Method
  • Calculating Vesting Service: Vesting Computation Period - Employment Year Method
  • Vesting Service & Termination Of Employment
  • Determining A Participant’s Vested Account Balance
  • Full Vesting And Other Special Vesting Rules
  • Overview

Compliance With The Nondiscrimination Rules

  • Who Is A Highly Compensated Employee? — A Recap
  • Test #1: The ADP Test
  • The ADP Safe Harbor
  • The Testing Process
  • ADP Testing Specifics
  • Overview
  • Prior Year Testing Method
  • Current Year Testing Method
  • ADP Safe Harbor Plan Administration
  • Safe Harbor 401(k) Plans
  • The ACP Safe Harbor
  • SIMPLE Plans
  • SIMPLE-IRAs
  • SIMPLE 401(k)
  • Re-characterizing Excess Contributions
  • Testing Period Options
  • Correcting Failed Tests
  • Refunding Or Forfeiting Excess Amounts
  • Classifying Excess Contribution As Catch-Up Contributions
  • Corrective Contributions
  • Discrimination Tests
  • Test #2: The ACP Test

Top-Heavy 401(k) Plans

  • Determining Key Employees
  • Top-Heavy Minimum Contributions
  • Overview
  • Top-Heavy Determination
  • Accelerated Vesting
  • Top-Heavy Testing

Distributions & Taxation

  • Hardship Distributions
  • The “Safe Harbor” Hardship Standard
  • Determining The Amount Available For A Hardship Distribution
  • Taxation Of Hardship Distributions
  • Qualified Domestic Relations Orders
  • Requesting A Distribution
  • Taxation
  • Required Notice
  • Income Tax Withholding
  • Reporting Distributions
  • Appeal Process
  • Payment Of 401(k) Benefits Upon Retirement
  • Required Minimum Distributions
  • Severance Of Employment: Vested Benefits
  • Overview
  • Death Benefits
  • Disability Benefits
  • In-Service Distributions
  • In-Service Withdrawals Of Salary Deferrals
  • The “General Standard” Hardship Standard
  • Rollover Distributions
  • Qualified Joint & Survivor Annuity
  • Qualified Pre-Retirement Survivor Annuity
  • Participant Loans
  • Participant Loans: Terms
  • Participant Loans: Loan Re-Payments
  • Tax Treatment Of Distributions: An Overview
  • Severance Of Employment: Non-Vested Benefits
  • Automatic Cash Outs
  • Form Of Benefits

Plan Expenses

  • Estimated Plan Costs
  • Enforcement
  • Overview of Plan Expenses
  • Types Of Expenses
  • Plan Administration Fees
  • Investment Fees
  • Service Fees & Expenses
  • Weigh Cost Versus Benefit
  • Fees & Fiduciary Responsibility

Reporting Requirements

  • Small Plan Or Large Plan Status
  • Overview
  • Supplemental Schedules
  • 5500 Report Requirements
  • EFAST Program
  • Due Date Exceptions
  • Audit Report
  • Summary Annual Report
  • 5500 Due Date
  • Penalties For Non-Compliance With Reporting

Fiduciary Responsibility

  • Named Fiduciary
  • Determining Who Is A Fiduciary
  • Avoiding Prohibited Transactions
  • Penalties For Prohibited Transactions
  • Prohibited Transaction Exemptions
  • Overview
  • Correcting Prohibited Transactions
  • Prohibited Transactions
  • Penalties For Breach Of Duty
  • Basic Fiduciary Responsibilities
  • Personal Liability
  • Identifying Plan Fiduciaries - In General

Amendments, Terminations, and Plan Mergers

  • Overview
  • Types of Amendments
  • Amendments To Change Plan Provisions
  • Amendments To Correct Plan Defects
  • Amendments Due To Law Changes
  • Protected Benefits
  • Nondiscrimination
  • The Process Of Amending A Plan
  • Plan Termination
  • Steps In Terminating A Plan
  • Partial Termination
  • Plan Mergers
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