Expand Your Retirement Sales in 2003 With The Transamerica Retirement Services Producer’s Toolbox Thursday, January 30, 2003.

Slides:



Advertisements
Similar presentations
The Ritz-Carlton, South Beach, Miami June 6 - 8, 2005 TPA Forum TAKING ADVANTAGE OF YOUR RESOURCES Presented by: Pamela Mayer, CEBS TPA Specialist – Western.
Advertisements

New 403(b) Regulations Pete Gautreau, CPA Partner Danielle Witten, CPA Senior Manager.
11 IRAs Common Mistakes and Risks Judith A. Dorian.
1 Mergers & Acquisitions: Issues Raised by Health Benefit Plans Jasmine Villaflor Hernandez Anna Rubinstein FIN434 – Employee Benefits December 4, 2007.
1 Health Benefits Under COBRA Consolidated Omnibus Budget Reconciliation Act of 1985 U.S. Department of Labor Employee Benefits Security Administration.
COLLECTIVE INVESTMENT FUNDS AND ERISA Marcia S. Wagner, Esq.
DEFINED CONTRIBUTION PLANS Presented by: Mary Read, CPC, QPA National Director of Qualified Plan Marketing For Financial Professional Use Only. Not For.
The UBS Small Business Pension Program Year-End Training Event, November 1, 2005 Presented By: EMJAY Retirement Plan Services.
Brought to you by the Nationwide ® Advanced Consulting Group Best Practices When Working With Your 401(k) Clients.
The Transaction of a Lifetime Strategies for Planning Your Sale or Transfer.
Fiduciary Responsibility Frye Financial Center Creating, Protecting and Preserving Wealth
Fee Disclosure Requirements Not FDIC insured. May lose value. No bank guarantee. FOR PLAN SPONSORS How they affect you and your participants.
OLA 1069 T 1008 Planning Solutions for Small to Midsized Businesses.
Presentation Title © 2010 Fox Rothschild How Much Does Your Retirement Plan Really Cost? Presented by Harvey M. Katz, Esq. Fox Rothschild LLP 100 Park.
Overview Marketing Package Sales Tools Product Positioning
F IDUCIARY R ESPONSIBILITIES R. S COTT G ARDNER, CIMA S ENIOR I NVESTMENT A DVISOR P ACIFIC P ORTFOLIO C ONSULTING, LLC.
Dave Zahller Regional Vice President Security Benefit Why a 457 Plan may be the Right Choice for Your District /03/25.
2005 INTERNATIONAL CONFERENCE Boston, Massachusetts ~ November 13-15, 2005 ESOP’S FABLES: From Happily Ever After to Sour Grapes November 15, 2005 Presented.
Implementing a Medicare Compliance Program. Implementation of Medicare Compliance Program Rules & procedures to reduce chance of wrongdoing High level.
Opportunities in the Tax-Exempt Marketplace For Financial Professional Use Only. Not For Public Distribution.
ESOPs: It’s More Than a Matter of Trust Presented by: Dan Reser President; Fiduciary Services, Inc
1 Great to meet you! Friday, June We are Jerry Zeiler Scott Coopersmith Tom Cerniglia Linda Campbell Sales New York, NY
Regulation R Overview FIRMA Orlando, FL April 6-10, 2008 Sally Miller
Qualified Plan Investments Chapter 11 Employee Benefit & Retirement Planning Copyright 2009, The National Underwriter Company1 Fiduciary Requirements of.
Multiple Employer 401(k) Plan
[insert your name] [insert your title and company] [insert presentation date] A focus on ERISA §408(b)(2) Regulatory developments affecting covered plans,
Re-writing the rules on retirement plan investing.
Presenter Name Title MFS Investment Management ® Age-Based Milestones ©2010 MFS Investment Management ®. MFS ® investment products are offered.
Are you prepared for an IRS or DOL audit?.. Agenda 2014 IRS/DOL audit activity Areas of audit focus Received an audit letter? Now what? Working with an.
Phoenix FamilyShield Annuity SM A Single Premium Immediate Annuity designed for Medicaid planning For Producer training purposes only. Not for use with.
403(b) Plan Compliance: It’s 2009: Now what? Richard A. Turner Vice President and Deputy General Counsel The Variable Annuity Life Insurance Company (VALIC)
So You Think You Know the Fiduciary Rule? July 12, :00 - 1:00 p.m. (EDT) Guest Speaker: Marcia S. Wagner Principal The Wagner Law Group Hosted by:
DOL Fiduciary Rule: Answering Advisors' Top Questions Jason Berkowitz Vice President and Counsel, Regulatory Affairs September 7, 2016.
Overview of DOL Fiduciary Rule
Regulation and Supervision of Pension Plans in the USA
Retirement Protection Plus Program
Employee versus Independent Contractor
Sales Process & Sales Roles Peter Sullivan - RVP East Region
Transamerica Retirement Services
DOL Employee Benefit Plan Audits & How to Prepare
Wellness Plan Regulations June 2015.
Department of Labor – June 2017
Call Center Operations Augie Spagnola Department Manager
Changing Scheme Benefits Hilary Salt June 2006
TPA TOOLS – Use them or Lose out
TRS Web site and Downloads
Michael P. Kreps Thomas Roberts
THE RETIREMENT PLAN EXCHANGE®
Proposal Process & Plan Maximizer
Retirement Plans What are Your Options
11-3.
DOL Fiduciary Duty and the Important Business Implications
4th Quarter Producer Web Conference October 2, 2002
Great story. Big benefits.
Roth 401(k) and Roth 403(b) Web Conference
Multiple Employer Welfare Arrangement (MEWA)
403(b) Plan Checklist of Best Practices for Plan Sponsors
3rd Quarter Producer Web Conference
[Region name] Region Conference 2016
Roth 401(k) Web Conference for Corporate Clients
Re-writing the rules on retirement plan investing
U.S. Department of Labor Dallas Regional Office
DOL’s Final Rule Defining the Term Fiduciary
Compensation and benefits tax: benefits tax
Roth 401(k) Web Conference for Advisors
Multiple Employer 401(k) Plan
TPA Learning Series 2003 February 12, 2003
Retirement Protection Plus Program
Fiduciary Responsibilities: Handling Employee Contributions
Understanding 3(16) Fiduciary Services
Presentation transcript:

Expand Your Retirement Sales in 2003 With The Transamerica Retirement Services Producer’s Toolbox Thursday, January 30, 2003

Transamerica Retirement Services Producer’s Toolbox Plan Design and Compliance Expertise New 2003 Comp Plus Package Preferred Producer Program Producer Support

MEP Non-Control Groups Plan Design and Compliance Expertise Bottom-Up QNECs Sarbanes-Oxley Act MEP Non-Control Groups A Guide To Evaluating Your Company’s Retirement Program Fiduciary Guide Deemed IRAs

Bottom-Up QNECs Plan Design and Compliance Expertise Many plan sponsors are subjected to year- end testing Plans fail discrimination testing Plan sponsor obtain refunds from the discrimination test Visit last quarter’s web conference in the producer site Streaming Media Center on www.TA-Retirement.com

Three pension provisions Blackout Notice Requirement Plan Design and Compliance Expertise Sarbanes-Oxley Act Three pension provisions Blackout Notice Requirement Prohibition on Insider Trading of Employer Securities During Defined Contribution Plan Blackout Periods Increased ERISA Criminal Penalties

Sarbanes-Oxley Act Plan Design and Compliance Expertise DOL1 interim final rules with respect to the blackout period The notice must be furnished at least 30 days, but not more than 60 days before the last date participants and beneficiaries could exercise their affected rights before the blackout period begins. 1Department of Labor

Sarbanes-Oxley Act (cont.) Plan Design and Compliance Expertise Sarbanes-Oxley Act (cont.) If notice is not timely, a written explanation as to why the plan was unable to furnish the notice within the 30-day limit must be included.

Sarbanes-Oxley Act Plan Design and Compliance Expertise Exceptions to the 30-day notice requirement. Delay in implementing a blackout would violate the exclusive purpose rule or prudent man rule under ERISA Unforeseeable events or circumstances beyond the control of the plan administrator Blackout period is in connection with a merger, acquisition, divestiture or similar transaction. Note: Notice must nevertheless be provided in these situations

Sarbanes-Oxley Act Plan Design and Compliance Expertise Exceptions to the 30-day notice requirement. (cont.) The Plan administrator must make a written determination (dated and signed) with respect to the circumstances precluding compliance with the 30-day notice requirement. These regulations include a model notice Note: Notice must nevertheless be provided in these situations

Sarbanes-Oxley Act (cont.) Plan Design and Compliance Expertise Sarbanes-Oxley Act (cont.) Civil Penalties for Non-Compliance $100/day penalty (assessed to plan administrator) for non-compliance with the notice requirements Penalty cannot be paid with plan assets Penalty applies to each participant or beneficiary for each failure

Sarbanes-Oxley Act (cont.) Plan Design and Compliance Expertise Sarbanes-Oxley Act (cont.) These interim final rules are effective 1/26/03. The notice requirements apply to blackout periods that begin on or after 1/26/03 For blackout periods that begin between 1/26/03 and 2/25/03, notice must be provided as soon as reasonably possible.

Plan Design and Compliance Expertise MEP Controlled and Non-Controlled Groups Controlled Group definition: A controlled group consists of a group of businesses that are at least 80% owned by another business (“parent-subsidiary” controlled group) or an individual (“brother-sister” controlled group). All member companies of a controlled group are treated as if they were one employer for a number of employee benefit plan purposes.

Plan Design and Compliance Expertise MEP Controlled and Non-Controlled Groups Non- or Near-Controlled Group definition: A non-controlled group is similar in structure to a controlled group (multiple businesses with common ownership), but does not meet the ownership requirements (80%) to make it a true controlled group. Note: Some non-controlled groups are Affiliated Services Groups (i.e. business which share common ownership and derive a significant portion of their revenues by selling services to each other); ASGs are treated exactly the same as Controlled Groups

MEP Controlled and Non-Controlled Groups Plan Design and Compliance Expertise MEP Controlled and Non-Controlled Groups Characteristics Most likely do not have centralized payroll amongst member companies May have a single plan trustee and administrator Likely to have low employer terminations

MEP Controlled and Non-Controlled Groups Plan Design and Compliance Expertise MEP Controlled and Non-Controlled Groups Characteristics (cont.) Segment is attractive due to typically high asset levels and close ownership structure Segment is not easy to proactively target, since it is difficult to identify and qualify prospects

A Guide To Evaluating Your Company’s Retirement Program Plan Design and Compliance Expertise A Guide To Evaluating Your Company’s Retirement Program Four Pillars of a Successful Retirement Plan Plan Design and Compliance Employee Communication Investment Expertise and Performance Comprehensive Plan Administration, Service and Support

Plan Design and Compliance Expertise

Fiduciary Guide Plan Design and Compliance Expertise TRS commitment to Plan Sponsors Understanding Fiduciary Responsibility Fiduciary Management for Investments Value-added tool to help you service and manage your clients’ fiduciary risk and responsibility

Plan Design and Compliance Expertise

How can the fiduciary guide help you? Plan Design and Compliance Expertise How can the fiduciary guide help you? Describe roles to help you distinguish yourself from other brokers Provide a value-added way to service your client after plan sale Tool to provide you with the information involved in fiduciary responsibility

Deemed IRAs Plan Design and Compliance Expertise IRS issued its first guidance on Deemed IRAs in Revenue Procedure 2003-13 EGTRRA added Deemed IRA provisions to the Code effective for plan years beginning after 12/31/02. 

Deemed IRAs Plan Design and Compliance Expertise Background Highlights Impact  

Preferred Producer Program Educational Opportunities Broker Support Comp Plus Preferred Producer Program Educational Opportunities Internal Sales Desk

Applies to Partner Series and Director Series Products Comp Plus Changed for 2003 Applies to Partner Series and Director Series Products All above contracts in their first deposit year are eligible Comp Plus paid on all commissions generated in the first deposit year

(Commissionable Contracts) Comp Plus (% of First Year Commission) First Year Deposits (Commissionable Contracts) Comp Plus (% of First Year Commission) First $1,000,000 0% Next $4,000,000 15% Next $5,000,000 30% Excess over $10,000,000 50%

First-Year Deposits: $6,000,000 Eligible Comp Plus Amt: $6,000,000 Example: First-Year Deposits: $6,000,000 Eligible Comp Plus Amt: $6,000,000 Compensation: $ 60,000 (1% first commissions) Comp Plus Bonus: $ 9,500

Bonus available for commissionable cases only Comp Plus 2003 Bonus available for commissionable cases only Applicable to Partner Series and Director Series Products* Paid Monthly *“Director Series” and “Partner Series” refers collectively to the following policy forms: “Transamerica Director Series I” and “Transamerica Partner Series I”--Contract Form No. TGP-439-194 is a group annuity issued by Transamerica Life Insurance and Annuity Company, Charlotte, NC, and offered through Transamerica Retirement Services. Contract Form and number may vary, and this product may not be available in all jurisdictions. Not available in New York. “Director Series I” and “Partner Series I”--Contract Form No. TA-AP-2001-CONT is a group annuity contract issued by AUSA Life Insurance Company, Inc., Purchase, NY, and offered through Transamerica Retirement Services. In the State of New York, Transamerica Retirement Services refers to AUSA Life Insurance Company, Inc.

Preferred Producer Program Effective January 1, 2003, the following levels have been restructured based on written first year assets: PLATINUM $10 million GOLD $ 5 million SILVER $ 2 million Only sales of the Director Series and Partner Series qualify

Silver Preferred Producer Preferred Producer Program Silver Preferred Producer ($2 Million) Customized Ads Customized Worth A Look Marketing letters and customized materials Customized prospecting lists Seminar support Preferred Installation Service

Gold Preferred Producer Preferred Producer Program Gold Preferred Producer ($5 Million) Customized Ads Customized Worth A Look Contact Management Software Customized prospecting lists Seminar support Preferred Installation Service Personal Marketing Consultant

Platinum Preferred Producer Preferred Producer Program Platinum Preferred Producer ($10 Million) Customized Ads Customized Worth A Look Contact Management Software Customized prospecting lists Seminar support Preferred Installation Service Personal Marketing Consultant Invitation to Big Kahuna

Platinum Preferred Producer Preferred Producer Program Platinum Preferred Producer Big Kahuna Contest To qualify for this trip, you must have $10 million in first-year sales!  Regular standing updates on producer website Big Kahuna destination for 2004: Prague

Retirement Services University (RSU) Business Builder Workshops Producer Support Retirement Services University (RSU) Business Builder Workshops Internal Sales Desk Contact Us

Producer Support RSU Transamerica’s Retirement Services University is for those who already do retirement plan business and still want to do more. Our objective is to create an open forum where the best producers can get together and share tips for success.

Business Builder Workshops Producer Support Business Builder Workshops Held in Boston, Chicago, Los Angeles and San Francisco Expanding to run more workshops in other cities One-day workshops designed to Help you assess your business and To become a more effective producer

Internal Sales Desk Producer Support 3 teams: 4-6 Internal Sales Consultants per team Small teams where relationships are built yet large enough to respond to the needs of producers in various regions Calls are routed by area code (888) 401-5826

Your one-stop solution to all the sales support you need Proposals Producer Support Internal Sales Desk Your one-stop solution to all the sales support you need Proposals ERISA Desk/ Plan Design Exceptions Closing Support (888) 401-5826

Internal Sales Desk Producer Support Live attendance (coverage 9 AM-5 PM) Contact for marketing materials and fulfillment Answers plan design or ERISA-related questions Referral to appropriate TRS department Help with producer website login information (888) 401-5826

Contact our Internal Sales Desk at (888) 401-5826 for any questions. Producer Support Contact Us . . . Contact our Internal Sales Desk at (888) 401-5826 for any questions. Visit our website at www.TA-Retirement.com to learn more about what we have to offer.