Closed Plan Relief and Plan Design Applications

American Society of Enrolled Actuaries [ASEA]

Speaker: Kevin Donovan, FSEA, Senior Advisor, Pinnacle Plan Design LLC

Description: SECURE 2.0 added Code Section 401(o). This section created a path for small employers to freeze their defined benefit plans. Plans that meet the requirements of the new law may be frozen for new entrants, avoid Section 401(a)(26) going forward and pass combined plan testing without a gateway requirement.

Learning Objectives:

1. Identify which plans are eligible for closed plan relief 
2. Identify which eligible plans should close and the impact of closing
3. Understand the rules applicable to plans once closed and the ramifications of violating these rules

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