This course will provide a summary of both voluntary and mandatory distributions from retirement plans including changes made by the SECURE Act.
In order to encourage saving for retirement, Government has created several different types of retirement accounts that enable individuals to deposit money before it is taxed. Income taxes are not paid until the money is withdrawn.
These IRS-mandated withdrawals, known as required minimum distributions, or RMDs, are taxed.
For many people, having to take money out of an account might seem like a good thing. But some retirees may find the RMD rules onerous, especially if they don’t need the money when the withdrawals are required
There are some strategies for postponing RMDs, including at least one strategy that involves an annuity. But overall, the IRS is pretty strict about adhering to the RMD rules.
If an account holder fails to take an RMD, then he or she is penalized by the IRS.
This CE course will provide a summary of both voluntary and mandatory distributions from retirement plans including changes made by the SECURE Act. This continuing education course will also walk you through required minimum distributions, hardship distributions, in-service distributions among other related topics.
Major topics covered in this online CPE/CE webinar:
Secure Act changes to IRAs General rules for plan distributions Rollovers of retirement plan and IRA distributions Roth IRAs Participant Loans Hardship Distributions Qualified domestic relations order In service distributions Joint and survivor distribution rules Statutory rules for required minimum distributions Attendees of this CE/CPE course will have the ability to advise clients of the rules and regulations guiding the various distributions and ensuring adherence to those rules and avoiding any potential penalties or other adverse consequences.
Field of Study: Taxes
Stephen Abramson is the President and founding partner of APS Pension & Financial Services established in 1979, a mid-size consulting and actuarial firm employing twenty-two professional and support staff specializing in pension and pension-related services. For over 40 years, APS has been providing closely held businesses and non-profits with financial services including pension design and administration, business succession planning, and wealth preservation planning. In 2015 APS Investment Management was established to provide ERISA 3/38 fiduciary services to 401(k) and 403(b) plans and in 2018 APS Wealth Management, LLC, a Registered Investment Advisor (RIA), was established to provide investment management services to individual clients and retirement plans replacing a previous relationship with a Broker/Dealer. Steve has taught professional level education programs for the American Society of Pension Actuaries; lectured to various professional groups, including the National Conference of CPA Practitioners, The NYS Society of CPAs, provided continuing education webinars for the Foundation for Accounting Education (FAE), the Nassau Bar Association, the C.W. Post Tax Institute, and the National Institute of Pension Administrators; and conducted continuing education seminars for Certified Public Accountants for the past 35 years. Steve is an Associate member of the NYSSCPAs, a member of their Employee Benefit Committee, and chairs a sub-committee on Fiduciary Compliance. Steve also hosts webinars on various retirement plan topics, some of which are jointly sponsored by the NYSSCPAs through the Foundation for Accounting Education (FAE). He is co-author of Plan Smart, Retire Rich published by McGraw Hill in 1998; author of Advisor’s Guide to Qualified Plans originally published by Aspen Publishing in March, 2002 and recently updated with the 7th edition in 2018, and Retirement Financial Management for Clients Approaching Retirement published by Aspen Publishing in August, 2002. A less technical version of Advisor’s Guide to Qualified Plans entitled Guide to Qualified Retirement Plans: A Plain Language Primer was published by the International Association of Employee Benefits in March 2005. The second edition of this book was released in 2008. Steve graduated from Cornell University in 1964, earned the designation of Chartered Life Underwriter in 1967 from the American College, Certified Pension Consultant in 1970 from the American Society of Pension Professionals and Actuaries and Chartered Financial Consultant from the American College in 1972.
