1. Choosing the Right Retirement Plan

2. Why Offer a Retirement Plan? Help employees save for a more secure future Attract and retain quality employees Tax savings for employees & employer Help secure your own retirement 2

3. Who Can Start a Retirement Plan There’s a plan for every type of business Sole proprietor Partnerships C Corporation S Corporation LLC & LLP 3

4. IRA-based Plans Payroll Deduction IRA SEP IRA SIMPLE IRA 4

5. IRA-based Plans Filing requirements Type/size of employer who might choose an IRA-based plan Pros and cons Common mistakes 5

6. IRA One Rollover Rule Bobrow v Commissioner v Pub 590 Announcement 2014-15 One rollover allowed per taxpayer per 12-month period Generally effective in 2015 6

7. IRA One Rollover Rule What is a rollover? A trustee-to-trustee transfer is not a rollover How to meet this new one rollover rule 7

8. Profit-sharing Plans Must cover all employees age 21 and who work 1,000 hours Contributions are discretionary each year Allocated by formula set in plan Profits not required 8

9. Profit-sharing Plans Filing requirements Type/size of employer who might choose a profit-sharing plan Pros and cons Common mistakes 9

10. 401(k) Plans Must cover all employees age 21 and over who work 1,000 hours Employees defer a portion of salary Deferrals can be pre-tax or Roth Employer contributions and match 10

11. 401(k) Plans ADP/ACP testing Safe Harbor 401(k) Plan Automatic Enrollment 401(k) Plan Roth 401(k) feature 11

12. 401(k) Plans Filing requirements Type/size of employer who might choose a 401(k) plan Pros and cons Common mistakes 12

13. Defined Benefit Plans Gives you a definite benefit (monthly income) at retirement Has yearly funding requirement set by an actuary Must cover all employees age 21 and over who work at least 1,000 hours 13

14. Defined Benefit Plans Filing requirements Type/size/age of employer who might choose a defined benefit plan Pros and cons Common mistakes 14

15. Didn’t Get it Right? Use IRS correction program to fix: Missed contributions Omitted employees Skipped plan amendments Some mistakes corrected without IRS contact 15

16. Questions and Resources www.irs.gov/retirement RetirementPlanQuestions@irs.gov 877-829-5500 Newsletters Extra! Extra! Hear The Latest Retirement News and Hot Topics! 16

17. Contact Information Linda Thomas-Glenn Employee Plans Specialist Tax Exempt/Government Entities 267-941-2130 Linda.H.Thomas-Glenn@irs.gov 17