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Retirement  Plans for  Small Businesses Shares of Oppenheimer funds are not deposits or obligations of any bank, are not g...
45% retirement plan Only    of companies with  99  employees or less offer a  <ul><li>Source of data: National Compensatio...
Future Realities <ul><li>Increasing life expectancy </li></ul><ul><li>Rising health and long-term care expenses </li></ul>...
...that prevent business owners from establishing a retirement plan. Three Myths... <ul><li>“ My business will subsidize m...
“ My business will subsidize my retirement.” Myth  #1 <ul><li>Fact: </li></ul><ul><li>Relying on a single venture is risky...
Factors that May Affect  the Value of Your Business <ul><li>Unexpected hardship </li></ul><ul><li>Economic downturn  </li>...
“ I can’t afford a plan.” Myth  #2 <ul><li>Fact: Today’s plans are: </li></ul><ul><li>Affordable </li></ul><ul><li>Flexibl...
“ Employees want money, not benefits.” Myth  #3 <ul><li>Fact:  </li></ul><ul><li>Employees are increasingly concerned abou...
<ul><li>1.  *Withdrawals prior to age 59 ½  may be subject to a penalty tax in addition to ordinary income taxes. </li></u...
1.  This hypothetical example is not intended to show the performance of any Oppenheimer fund, for any period of time, or ...
Page  RE0000.191.1208 Total return for a particular period is the ending redeemable value of the initial investment at the...
Your Asset Allocation Mix <ul><li>Stocks </li></ul><ul><li>Global/International </li></ul><ul><li>Small-Mid Cap </li></ul>...
<ul><li>Employer contributions are a  tax-deductible business expense </li></ul><ul><li>Low-cost way to add a major incent...
<ul><li>1.  Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns.  </li></ul>What’s in i...
I’ve Already Got a Plan  Why Change? <ul><li>Your situation might call for a new plan </li></ul><ul><li>You’re ready for t...
Which Retirement Plan  Is  Best  for My Business? <ul><li>SIMPLE IRA </li></ul><ul><li>SEP IRA </li></ul><ul><li>Payroll D...
Comparing Plan Types Maximum Annual Contributions 2009 Figures  do not  include Catch-up contributions (where otherwise  a...
SEP IRA Payroll Deduction IRA 401(k) Non-traditional  Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA De...
<ul><li>Mandatory employer contributions; several funding options </li></ul><ul><li>Employees can also make pretax salary ...
Two ways for employers to fund it <ul><li>Dollar-for-dollar match of participant’s contributions, up to 3% of compensation...
Two ways for employers to fund it <ul><li>Or  </li></ul><ul><li>Non-elective 2% contribution of each eligible employee’s c...
Major Benefits <ul><li>Employers may contribute up to the maximum allowed </li></ul><ul><li>No discrimination testing </li...
Considerations <ul><li>Employer contributions are mandatory </li></ul><ul><li>Employees are immediately 100% vested </li><...
<ul><li>Ideal for sole proprietors or small business owners with variable earnings and looking for a retirement plan with ...
Employer Contribution <ul><li>Funded solely by the employer </li></ul><ul><li>Employers can contribute up to the lesser  o...
Major Benefits <ul><li>Contributions are discretionary and  may even be skipped </li></ul><ul><li>Permits social security ...
<ul><li>1.   Generally true for plans that choose to use a non-integrated  </li></ul><ul><li>contribution formula. </li></...
<ul><li>Available to all business owners looking to provide a valuable employee benefit without expensive administrative c...
Employer Contribution <ul><li>Employees may contribute up to $5,000  for 2009 </li></ul><ul><li>In addition, participants ...
Major Benefits <ul><li>Low cost  </li></ul><ul><li>No administrative fees or expenses </li></ul><ul><li>Employees fund the...
Considerations <ul><li>Contribution limits are low </li></ul><ul><li>Loans are not permitted </li></ul>Payroll Deduction I...
Employee Contribution <ul><li>Participants can contribute up to the  lesser of 100% of their compensation  or $16,500 for ...
Employer Contribution <ul><li>Employer contributions are discretionary </li></ul><ul><li>Employers can match salary deferr...
Major Benefits <ul><li>Employee salary deferrals permitted  </li></ul><ul><li>Employer match is discretionary </li></ul><u...
Considerations <ul><li>Subject to nondiscrimination and top heavy testing </li></ul><ul><li>Must file Form 5500 and relate...
<ul><li>Solution for clients who like flexibility associated with 401(k) plans but not  the cumbersome administration: </l...
Employer Contribution <ul><li>Matching contribution </li></ul><ul><li>Dollar-for-dollar up to 3% of employee compensation,...
Major Benefits <ul><li>Nondiscrimination and top-heavy testing automatically satisfied </li></ul><ul><li>Highly compensate...
Considerations <ul><li>Mandatory contribution </li></ul><ul><li>100% immediate vesting </li></ul><ul><li>Provide adequate ...
<ul><ul><ul><li>Plan size   (eligible employees) 100 or fewer employees 25+ is optimal </li></ul></ul></ul><ul><ul><ul><li...
Single K Plan SM   <ul><li>Designed for owner-only businesses </li></ul><ul><ul><li>Owners and immediate family members </...
Single K Plan SM   Employer Contribution (2008) <ul><li>Profit-sharing deductible contribution, up to 25% of compensation ...
Single K Plan SM   Roth 401(k) Feature  <ul><li>Save for retirement through Traditional (pretax) and/or Roth (after-tax) i...
<ul><li>Employee salary deferrals permitted  </li></ul><ul><li>High contribution limit </li></ul><ul><li>Low cost: No set-...
Single K Plan SM   Not available to businesses with employees Considerations SEP IRA Payroll Deduction IRA 401(k) Non-trad...
<ul><li>Businesses of all sizes </li></ul><ul><li>Individuals with self-employment income, earned on either a full-or part...
<ul><li>Maximum contribution limited to the  lesser of 100% of participant’s annual compensation or $49,000 for 2009 </li>...
<ul><li>Contributions are discretionary </li></ul><ul><li>Relatively high contribution limit </li></ul><ul><li>Permits soc...
1.  Generally true for plans that choose to use a non-integrated  contribution formula. <ul><li>Generally, the same percen...
<ul><li>Age-weighted, New Comparability and Super Comp </li></ul><ul><li>Profit-sharing plan with greater flexibility </li...
<ul><li>Suitable for owners and principals of small companies who: </li></ul><ul><ul><li>Seek contribution flexibility </l...
<ul><li>The rates indicated are hypothetical and are not intended to show the performance of any specific investment for a...
<ul><li>Non-discrimination testing recognizes the time value of money </li></ul><ul><ul><li>A dollar invested by younger e...
<ul><li>Contributions for older employees may  be considerably higher than those made  for younger employees </li></ul><ul...
<ul><li>No prototype available </li></ul><ul><li>Higher cost of administration </li></ul>Considerations SEP IRA Payroll De...
<ul><li>Suitable for owners and principals of small companies who: </li></ul><ul><ul><li>Seek contribution flexibility </l...
<ul><li>Takes Age-weighted a step further </li></ul><ul><li>Uses specific employee classifications–rather than strictly ag...
<ul><li>Usually very substantial contributions are made for one group (favored group), with much lower contributions for t...
<ul><li>No prototype available </li></ul><ul><li>Higher cost of administration </li></ul>Considerations New Comparability ...
<ul><li>Safe Harbor 401(k) plus New Comparability Profit-sharing plan </li></ul><ul><li>Suitable for owners and principals...
<ul><li>No 401(k) nondiscrimination testing on Safe Harbor contributions </li></ul><ul><li>No top-heavy problems </li></ul...
<ul><li>No prototype available for New Comparability </li></ul><ul><li>Mandatory Safe Harbor 401(k) contribution </li></ul...
Defined Benefit  <ul><li>Provides specific benefit at retirement </li></ul><ul><li>Suitable for: </li></ul><ul><ul><li>Sma...
<ul><li>No other qualified plan allows for higher contributions than defined benefit plans </li></ul><ul><li>Maximum retir...
<ul><li>More expensive to establish and maintain </li></ul><ul><li>Quarterly plan contributions are required </li></ul><ul...
It Doesn’t Matter Who Provides Your Retirement Plan One Other   Myth: Page  RE0000.191.1208
<ul><li>The experience and principles that  underlie its promises </li></ul><ul><li>The quality and range of its investmen...
<ul><li>Insist on solid, long-term performance </li></ul><ul><li>Do what you say you’re going to do </li></ul><ul><li>Embr...
Global/International Equity Small-/Mid-cap Equity Large-cap Value High Yield Income Aggregate Income Large-cap Growth Cash...
1.  Exchange privileges may be suspended or eliminated at any time without notice. <ul><li>Regular account statements make...
<ul><li>This material is provided for general and educational purposes only, and is not intended to provide legal, tax or ...
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Retirement Plans For Small Businesses

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Different Retirment plan options for Small Businesses

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  • First, thanks for meeting with me. You’re busy, and I know you’ve probably got a long list of things to do today. That’s why the information I’m going to share with you will take just a little amount of your time. When I’m done, though, I hope that you’ll agree it deserves more of your attention than that. Because, really, what you do with the facts you’re about to hear will help determine how you spend 10, 20, perhaps even 30 years, of your life. Some of you may already have a retirement plan in place. If so, we’ll examine whether your plan is still the best option for you and your business.
  • Transcript of "Retirement Plans For Small Businesses"

    1. 1. Retirement Plans for Small Businesses Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested. Peter G Langelier Registered Representative Great American Advisors, Inc.
    2. 2. 45% retirement plan Only of companies with 99 employees or less offer a <ul><li>Source of data: National Compensation Survey: Employee Benefits in Private Industry of the United States, March 2007, U.S. Department of Labor, U.S. Bureau of Labor Statistics, August 2007 </li></ul>Page RE0000.191.1208
    3. 3. Future Realities <ul><li>Increasing life expectancy </li></ul><ul><li>Rising health and long-term care expenses </li></ul><ul><li>Decreasing government benefits </li></ul><ul><li>Steady inflation </li></ul>Page RE0000.191.1208
    4. 4. ...that prevent business owners from establishing a retirement plan. Three Myths... <ul><li>“ My business will subsidize my retirement.” </li></ul><ul><li>“ I can’t afford a plan.” </li></ul><ul><li>“ Employees want money, not benefits.” </li></ul>Page RE0000.191.1208
    5. 5. “ My business will subsidize my retirement.” Myth #1 <ul><li>Fact: </li></ul><ul><li>Relying on a single venture is risky </li></ul>Page RE0000.191.1208
    6. 6. Factors that May Affect the Value of Your Business <ul><li>Unexpected hardship </li></ul><ul><li>Economic downturn </li></ul><ul><li>Decrease in the market value of your business </li></ul>Page RE0000.191.1208
    7. 7. “ I can’t afford a plan.” Myth #2 <ul><li>Fact: Today’s plans are: </li></ul><ul><li>Affordable </li></ul><ul><li>Flexible </li></ul><ul><li>Simple </li></ul><ul><li>Just as advantageous </li></ul>Page RE0000.191.1208
    8. 8. “ Employees want money, not benefits.” Myth #3 <ul><li>Fact: </li></ul><ul><li>Employees are increasingly concerned about retirement benefits </li></ul>Page RE0000.191.1208
    9. 9. <ul><li>1. *Withdrawals prior to age 59 ½ may be subject to a penalty tax in addition to ordinary income taxes. </li></ul><ul><li>Postponement of taxes on contributions and earnings until withdrawal 1 </li></ul><ul><li>Control over the investment of your account </li></ul>What’s in it for you? Page RE0000.191.1208
    10. 10. 1. This hypothetical example is not intended to show the performance of any Oppenheimer fund, for any period of time, or fluctuations in principal value or investment return. 2. Retirement assets are taxed when withdrawn. Withdrawals prior to age 59 ½ may be subject to a penalty tax in addition to ordinary income taxes. What’s in it for you? The potential for accelerated growth of savings due to tax-deferred compounding The illustration here shows how much faster money can grow in a tax-advantaged retirement plan relative to a comparable investment in a non-tax-favored vehicle. Assumes $100 of salary saved per month, 8% rate of return, 20-year savings period 1 . Page RE0000.191.1208 $59,308 $43,696 $32,759 $27,713 Retirement Plan 2 15% Tax Bracket 28% Tax Bracket 35% Tax Bracket
    11. 11. Page RE0000.191.1208 Total return for a particular period is the ending redeemable value of the initial investment at the end of the period shown, assuming reinvestment of all income during the period annually. Actual returns on any particular investment will depend on the particular market factors and risks applicable to that investment. A diversified portfolio does not guarantee greater returns than a nondiversified portfolio. Diversification through Mutual Funds <ul><li>Nondiversified Portfolio </li></ul><ul><li>Employees are increasingly concerned about retirement benefits </li></ul>What’s in it for you? Diversified Portfolio 1. This hypothetical example is not intended to show the performance of any Oppenheimer fund, for any period of time, or fluctuations in principal value or investment return. 2. Retirement assets are taxed when withdrawn. Withdrawals prior to age 59 ½ may be subject to a penalty tax in addition to ordinary income taxes. $100,000 Initial Investment $265,329 Total Return $100,000 placed in a single investment earning 5% a year for 20 years with no other changes to principal The same $100,000 split into five $20,000 investments, each earning a different rate of return (in one case showing a loss), for the same 20-year period $100,000 Initial Investment $534,946 Total Return $327,331 15% Return $134,549 10% Return $53,066 5% Return $20,000 0% Return $0 $20,000 Lost
    12. 12. Your Asset Allocation Mix <ul><li>Stocks </li></ul><ul><li>Global/International </li></ul><ul><li>Small-Mid Cap </li></ul><ul><li>Large-cap Growth </li></ul><ul><li>Large-cap Value </li></ul><ul><li>Bonds </li></ul><ul><li>High Yield Bond </li></ul><ul><li>Aggregate Bond </li></ul><ul><li>Cash </li></ul><ul><li>Cash Equivalents </li></ul>Conservative Moderate Aggressive 0 – 5 Years (Short- term) 6 – 10 Years (Immediate-term) 10+ Years (Long-term) Time Horizon Risk Tolerance 10% 10% 40% 40% 5% 5% 10% 10% 35% 35% 10% 10% 10% 5% 40% 25% The sample portfolios are not intended to represent investment advice that is appropriate for all investors. This material does not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed. Each investor's portfolio must be constructed based on the individual's financial resources, investment goals, risk tolerance, investing time frame, tax situation and other relevant factors. Because each investor’s financial needs, goals and risk tolerance are different, you should work with your financial advisor to determine whether any of these funds are appropriate for you. The categorization of sample portfolios as “Conservative,” “Moderate” and “Aggressive” is relative. OppenheimerFunds does not recommend any specific asset allocations. 10% 5% 10% 10% 5% 30% 30% 15% 5% 15% 20% 5% 25% 15% 20% 10% 15% 20% 5% 20% 10% 15% 5% 15% 20% 5% 20% 20% 25% 15% 15% 20% 25% 30% 15% 25% 30%
    13. 13. <ul><li>Employer contributions are a tax-deductible business expense </li></ul><ul><li>Low-cost way to add a major incentive to your benefits package </li></ul><ul><li>Provides flexibility and control </li></ul>What’s in it for your business? Page RE0000.191.1208
    14. 14. <ul><li>1. Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns. </li></ul>What’s in it for your business? <ul><li>Postponement of taxes on contribution and earnings until withdrawal </li></ul><ul><li>Control over the investment of their accounts </li></ul><ul><li>Potential for accelerated growth of savings due to tax-deferred compounding </li></ul><ul><li>Diversification </li></ul><ul><li>Asset allocation 1 </li></ul><ul><li>Added peace of mind </li></ul>Page RE0000.191.1208
    15. 15. I’ve Already Got a Plan Why Change? <ul><li>Your situation might call for a new plan </li></ul><ul><li>You’re ready for the enhanced service, broader options and the experienced investment management that OppenheimerFunds provides </li></ul>Page RE0000.191.1208
    16. 16. Which Retirement Plan Is Best for My Business? <ul><li>SIMPLE IRA </li></ul><ul><li>SEP IRA </li></ul><ul><li>Payroll Deduction IRA </li></ul><ul><li>401(k) </li></ul><ul><li>Safe Harbor 401(k) </li></ul><ul><li>Single K Plan SM </li></ul><ul><li>Profit sharing </li></ul><ul><li>Non-traditional Profit-sharing plans </li></ul><ul><li>Defined Benefit </li></ul><ul><li>Non-qualified Deferred Compensation </li></ul>Page RE0000.191.1208
    17. 17. Comparing Plan Types Maximum Annual Contributions 2009 Figures do not include Catch-up contributions (where otherwise applicable) Page RE0000.191.1208 Compensation SIMPLE IRA SEP IRA Single K Single DB Plus $40,000 $12,700 $10,000 $26,500 $100,000+ common (depends on income, age, years to retirement) Annual benefit as high as $195,000 $80,000 $13,900 $20,000 $36,500 $120,000 $14,100 $30,000 $46,500 $196,000 $17,380 $49,000 $49,000
    18. 18. SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. The Savings Incentive Match Plan is for... <ul><li>Businesses with 100 or fewer eligible employees that do not maintain another retirement plan </li></ul><ul><li>Individuals with self-employment income earned on a part- or full-time basis </li></ul><ul><li>Nonprofit organizations (including government entities) </li></ul>SIMPLE IRA Single K Plan SM Page RE0000.191.1208
    19. 19. <ul><li>Mandatory employer contributions; several funding options </li></ul><ul><li>Employees can also make pretax salary deferrals equal to the lesser of $11,500 or 100% of compensation for 2009 </li></ul><ul><li>Participants age 50 and older can make catch-up contributions equal to $2,500 </li></ul>SIMPLE IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    20. 20. Two ways for employers to fund it <ul><li>Dollar-for-dollar match of participant’s contributions, up to 3% of compensation </li></ul><ul><li>May be reduced to a minimum of 1% in any two years out of a five-year period </li></ul>SIMPLE IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    21. 21. Two ways for employers to fund it <ul><li>Or </li></ul><ul><li>Non-elective 2% contribution of each eligible employee’s compensation, regardless of whether the employee makes deferrals to the plan </li></ul>SIMPLE IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    22. 22. Major Benefits <ul><li>Employers may contribute up to the maximum allowed </li></ul><ul><li>No discrimination testing </li></ul><ul><li>Low administration cost </li></ul><ul><li>Employee salary deferrals permitted </li></ul><ul><li>Employer contributions are tax-deductible </li></ul><ul><li>Simple to administer; no annual filing requirements </li></ul><ul><li>Limited fiduciary responsibility </li></ul>SIMPLE IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    23. 23. Considerations <ul><li>Employer contributions are mandatory </li></ul><ul><li>Employees are immediately 100% vested </li></ul><ul><li>Contribution ceiling is relatively low when compared to other plans </li></ul>SIMPLE IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    24. 24. <ul><li>Ideal for sole proprietors or small business owners with variable earnings and looking for a retirement plan with minimal administration </li></ul><ul><li>Individuals with self-employment income, earned on either a full-or part-time basis </li></ul>Simplified Employee Pension Plan (SEP) SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    25. 25. Employer Contribution <ul><li>Funded solely by the employer </li></ul><ul><li>Employers can contribute up to the lesser of 25% of compensation or $49,000 based on the first $245,000 of compensation (2009) </li></ul><ul><li>Self-employed individuals can contribute up to 20% of adjusted net profit </li></ul>SEP IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    26. 26. Major Benefits <ul><li>Contributions are discretionary and may even be skipped </li></ul><ul><li>Permits social security integration </li></ul><ul><li>Simple to administer </li></ul><ul><li>No government reporting </li></ul>SEP IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    27. 27. <ul><li>1. Generally true for plans that choose to use a non-integrated </li></ul><ul><li>contribution formula. </li></ul>Considerations <ul><li>Generally, the same percentage of compensation must be contributed for all participants 1 </li></ul><ul><li>Employees are immediately 100% vested </li></ul><ul><li>Part-timers may be eligible for benefits </li></ul><ul><li>Tax-deferred employee contributions aren’t allowed </li></ul><ul><li>Involves top-heavy testing </li></ul>SEP IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    28. 28. <ul><li>Available to all business owners looking to provide a valuable employee benefit without expensive administrative costs </li></ul><ul><li>No set-up costs </li></ul><ul><li>No employer contributions </li></ul><ul><li>No employer-based administrative fees </li></ul>Payroll Deduction IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    29. 29. Employer Contribution <ul><li>Employees may contribute up to $5,000 for 2009 </li></ul><ul><li>In addition, participants age 50 and older can make catch-up contributions equal to $1,000 </li></ul><ul><li>Can be funded with a Traditional IRA and/or Roth IRA </li></ul>Payroll Deduction IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    30. 30. Major Benefits <ul><li>Low cost </li></ul><ul><li>No administrative fees or expenses </li></ul><ul><li>Employees fund their own accounts </li></ul><ul><li>Simple to establish and maintain </li></ul><ul><li>No testing or government reporting </li></ul><ul><li>Can complement any retirement plan </li></ul>Payroll Deduction IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    31. 31. Considerations <ul><li>Contribution limits are low </li></ul><ul><li>Loans are not permitted </li></ul>Payroll Deduction IRA SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    32. 32. Employee Contribution <ul><li>Participants can contribute up to the lesser of 100% of their compensation or $16,500 for 2009 </li></ul>401(k) SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    33. 33. Employer Contribution <ul><li>Employer contributions are discretionary </li></ul><ul><li>Employers can match salary deferrals based on a variety of formulas </li></ul><ul><li>Total employer and employee contributions limited to the lesser of 100% of compensation or $49,000 for 2009 </li></ul><ul><li>In addition, participants age 50 and older can make catch-up contributions up to $5,500 for 2009 </li></ul>401(k) SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    34. 34. Major Benefits <ul><li>Employee salary deferrals permitted </li></ul><ul><li>Employer match is discretionary </li></ul><ul><li>May choose vesting schedule </li></ul><ul><li>May allow loans and hardship withdrawals </li></ul><ul><li>Relatively high contribution limit </li></ul>401(k) SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    35. 35. Considerations <ul><li>Subject to nondiscrimination and top heavy testing </li></ul><ul><li>Must file Form 5500 and related schedules </li></ul><ul><li>More expensive than other retirement options </li></ul>401(k) SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    36. 36. <ul><li>Solution for clients who like flexibility associated with 401(k) plans but not the cumbersome administration: </li></ul><ul><ul><li>Suitable for employers with low employee participation </li></ul></ul><ul><ul><li>Owners and highly compensated employees that can’t contribute meaningful amounts </li></ul></ul>Safe Harbor 401(k) SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    37. 37. Employer Contribution <ul><li>Matching contribution </li></ul><ul><li>Dollar-for-dollar up to 3% of employee compensation, plus </li></ul><ul><li>50 cents on the dollar for contributions between 3% and 5% of employee compensation </li></ul><ul><li>Non-elective contribution option </li></ul><ul><li>3% of compensation for each eligible employee, even if they don’t participate in salary deferrals </li></ul>Safe Harbor 401(k) SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    38. 38. Major Benefits <ul><li>Nondiscrimination and top-heavy testing automatically satisfied </li></ul><ul><li>Highly compensated employees can maximize contributions even if lower paid employees contribute very little </li></ul><ul><li>Offers all the same benefits as a Traditional 401(k) </li></ul>Safe Harbor 401(k) SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    39. 39. Considerations <ul><li>Mandatory contribution </li></ul><ul><li>100% immediate vesting </li></ul><ul><li>Provide adequate notice to employees </li></ul><ul><li>Plans must provide 30-day notice </li></ul><ul><li>Existing 401(k) plans must amend their plan by the first day of the plan year </li></ul><ul><li>Existing profit-sharing plans must amend their plan three months prior to the end of the plan year, October 1 st </li></ul>Safe Harbor 401(k) SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    40. 40. <ul><ul><ul><li>Plan size (eligible employees) 100 or fewer employees 25+ is optimal </li></ul></ul></ul><ul><ul><ul><li>Administration Low Low </li></ul></ul></ul><ul><ul><ul><li>Testing No Yes </li></ul></ul></ul><ul><ul><ul><li>Administration cost Low: $15 annual fee High: Often $1,000 and up annually </li></ul></ul></ul><ul><ul><ul><li>Employer funding Mandatory Mandatory </li></ul></ul></ul><ul><ul><ul><li>Maximum annual Lesser of $11,500 Lesser of $16,500 </li></ul></ul></ul><ul><ul><ul><li>employee contribution or 100% of or 100% of compensation compensation </li></ul></ul></ul><ul><ul><ul><li>(adjusted for inflation) (adjusted for inflation) </li></ul></ul></ul><ul><ul><ul><li>Loans and hardship No Yes </li></ul></ul></ul><ul><ul><ul><li>Option to Limited Yes restrict eligibility </li></ul></ul></ul><ul><ul><ul><li>SIMPLE IRA Safe Harbor 401(k) </li></ul></ul></ul>Differences Between a SIMPLE IRA and Safe Harbor 401(k) SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    41. 41. Single K Plan SM <ul><li>Designed for owner-only businesses </li></ul><ul><ul><li>Owners and immediate family members </li></ul></ul><ul><ul><li>Owners with part-time or seasonal employees who can be excluded from the plan </li></ul></ul><ul><li>Businesses can be incorporated (partnerships and corporations) and unincorporated (sole proprietorships) </li></ul>SEP IRA Single K Plan SM Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Page RE0000.191.1208
    42. 42. Single K Plan SM Employer Contribution (2008) <ul><li>Profit-sharing deductible contribution, up to 25% of compensation </li></ul><ul><li>Salary deferrals. 100% of employee’s compensation up to $16,500 </li></ul><ul><li>Catch-up contributions: additional $5,500 in salary deferrals for individuals age 50 and older </li></ul><ul><li>Overall limits cannot exceed 100% of compensation or $49,000, based on the first $245,000 of compensation </li></ul>SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    43. 43. Single K Plan SM Roth 401(k) Feature <ul><li>Save for retirement through Traditional (pretax) and/or Roth (after-tax) investing </li></ul><ul><li>No income limits </li></ul><ul><li>Salary deferral contributions only </li></ul><ul><li>Contribution limit for both Roth 401(k) and Traditional 401(k) contributions </li></ul><ul><ul><li>$16,500 in 2009, plus </li></ul></ul><ul><ul><li>$5,500 age 50 catch-up </li></ul></ul><ul><ul><li>Contributions may be split between Traditional 401(k) and Roth 401(k) contributions within these limits </li></ul></ul>SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    44. 44. <ul><li>Employee salary deferrals permitted </li></ul><ul><li>High contribution limit </li></ul><ul><li>Low cost: No set-up fee or annual administrative charge to employer </li></ul><ul><li>Simple to administer </li></ul><ul><li>Access to account: Loans and hardship withdrawals </li></ul><ul><li>No government reporting </li></ul><ul><li>Roth 401(k) feature available </li></ul>Single K Plan SM Major Benefits SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    45. 45. Single K Plan SM Not available to businesses with employees Considerations SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    46. 46. <ul><li>Businesses of all sizes </li></ul><ul><li>Individuals with self-employment income, earned on either a full-or part-time basis </li></ul>Profit-sharing SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    47. 47. <ul><li>Maximum contribution limited to the lesser of 100% of participant’s annual compensation or $49,000 for 2009 </li></ul><ul><li>Self-employed individuals can shelter up to 20% of adjusted net profit </li></ul>Employer contributions Profit-sharing SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    48. 48. <ul><li>Contributions are discretionary </li></ul><ul><li>Relatively high contribution limit </li></ul><ul><li>Permits social security integration </li></ul><ul><li>May exclude part-timers </li></ul><ul><li>May choose vesting schedule </li></ul><ul><li>May allow loans and hardship withdrawals </li></ul>Major Benefits Profit-sharing SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    49. 49. 1. Generally true for plans that choose to use a non-integrated contribution formula. <ul><li>Generally, the same percentage of compensation must be contributed for all participants 1 </li></ul><ul><li>Tax-deferred employee contributions not allowed </li></ul><ul><li>Moderate administration and paperwork </li></ul><ul><li>Requires government reporting </li></ul><ul><li>Involves top-heavy testing </li></ul>Considerations Profit-sharing SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    50. 50. <ul><li>Age-weighted, New Comparability and Super Comp </li></ul><ul><li>Profit-sharing plan with greater flexibility </li></ul><ul><li>Testing based on reasonably expected benefits at retirement, not on allocations of contributions to the plan </li></ul><ul><li>Allow for larger contributions to older, higher paid owners and employees </li></ul>Non-traditional Profit-sharing plans SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    51. 51. <ul><li>Suitable for owners and principals of small companies who: </li></ul><ul><ul><li>Seek contribution flexibility </li></ul></ul><ul><ul><li>Want larger portion of plan contributions for themselves </li></ul></ul><ul><ul><li>Are older and more highly paid than the rest of the workforce </li></ul></ul>SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Age-weighted Non-traditional Profit-sharing plans Page RE0000.191.1208
    52. 52. <ul><li>The rates indicated are hypothetical and are not intended to show the performance of any specific investment for any period of time, or fluctuations in principal value or investment return. </li></ul><ul><li>Contributions allocation based on following factors: </li></ul><ul><ul><li>Current age </li></ul></ul><ul><ul><li>Retirement age, usually age 65 </li></ul></ul><ul><ul><li>Years to retirement </li></ul></ul><ul><ul><li>Present value of dollar at retirement based on an assumed interest rate (7.5%-8.5%) </li></ul></ul><ul><ul><li>Current compensation </li></ul></ul>SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Non-traditional Profit-sharing plans Age-weighted Page RE0000.191.1208
    53. 53. <ul><li>Non-discrimination testing recognizes the time value of money </li></ul><ul><ul><li>A dollar invested by younger employees will be worth more at normal retirement age than a dollar similarly invested by an older employee </li></ul></ul><ul><ul><li>Plans designed to provide benefits that will be equally valuable at retirement age must provide a higher contribution for an older worker than for a younger worker </li></ul></ul>SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Non-traditional Profit-sharing plans Age-weighted Page RE0000.191.1208
    54. 54. <ul><li>Contributions for older employees may be considerably higher than those made for younger employees </li></ul><ul><li>Employers can contribute up to the lesser of 100% of compensation or $49,000 for 2009 </li></ul><ul><li>Same flexibility as traditional Profit-sharing plans </li></ul>Major Benefits SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Age-weighted Page RE0000.191.1208
    55. 55. <ul><li>No prototype available </li></ul><ul><li>Higher cost of administration </li></ul>Considerations SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Age-weighted Page RE0000.191.1208
    56. 56. <ul><li>Suitable for owners and principals of small companies who: </li></ul><ul><ul><li>Seek contribution flexibility </li></ul></ul><ul><ul><li>Want larger portion of plan contributions for themselves </li></ul></ul><ul><ul><li>Are older than the rest of the workforce </li></ul></ul>SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Non-traditional Profit-sharing plans New Comparability Page RE0000.191.1208
    57. 57. <ul><li>Takes Age-weighted a step further </li></ul><ul><li>Uses specific employee classifications–rather than strictly age–to design contribution levels for participants </li></ul><ul><li>Participants are divided into two or more classes </li></ul><ul><li>Classes based on any reasonable criteria: ownership, job, tenure, age </li></ul>SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Non-traditional Profit-sharing plans New Comparability Page RE0000.191.1208
    58. 58. <ul><li>Usually very substantial contributions are made for one group (favored group), with much lower contributions for the other employees </li></ul><ul><li>Cost of providing benefits to other employees can be remarkably low </li></ul><ul><li>Employers can contribute up to the lesser of 100% of compensation or $49,000 for 2009 </li></ul><ul><li>Same flexibility as traditional Profit-sharing plans </li></ul>Major Benefits New Comparability SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    59. 59. <ul><li>No prototype available </li></ul><ul><li>Higher cost of administration </li></ul>Considerations New Comparability SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    60. 60. <ul><li>Safe Harbor 401(k) plus New Comparability Profit-sharing plan </li></ul><ul><li>Suitable for owners and principals of small companies who: </li></ul><ul><ul><li>Have consistently failed discrimination testing </li></ul></ul><ul><ul><li>Make contributions of 5% or more </li></ul></ul><ul><ul><li>Want to max out contributions for owners and highly compensated employees </li></ul></ul><ul><ul><li>Want a larger portion of plan contributions for themselves </li></ul></ul>SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Super Comp Non-traditional Profit-sharing plans Page RE0000.191.1208
    61. 61. <ul><li>No 401(k) nondiscrimination testing on Safe Harbor contributions </li></ul><ul><li>No top-heavy problems </li></ul><ul><li>Maximum salary deferrals for highly compensated employees </li></ul><ul><li>Maximum profit-sharing allocations for highly compensated employees </li></ul><ul><li>Minimum contributions for other employees </li></ul>Major Benefits SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Non-traditional Profit-sharing plans Page RE0000.191.1208
    62. 62. <ul><li>No prototype available for New Comparability </li></ul><ul><li>Mandatory Safe Harbor 401(k) contribution </li></ul><ul><li>100% immediate vesting for 401(k) deferrals and Safe Harbor employer contributions </li></ul><ul><li>Provide adequate notice to employees </li></ul><ul><ul><li>Plans must provide 30-day notice </li></ul></ul><ul><ul><li>Existing 401(k) plans must amend plan by first day of plan year </li></ul></ul><ul><ul><li>Existing Profit-sharing plans must amend plan three months prior to the end of the plan year, October 1 st </li></ul></ul>Considerations Super Comp SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    63. 63. Defined Benefit <ul><li>Provides specific benefit at retirement </li></ul><ul><li>Suitable for: </li></ul><ul><ul><li>Small, high revenue companies and professional groups </li></ul></ul><ul><ul><li>Older business owners who want to accumulate retirement assets in a short time </li></ul></ul>SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    64. 64. <ul><li>No other qualified plan allows for higher contributions than defined benefit plans </li></ul><ul><li>Maximum retirement benefit is 100% of compensation up to a maximum of $195,000 a year (2009) </li></ul><ul><li>Employees know how much they can expect to receive at retirement </li></ul><ul><li>May contribute to a defined contribution plan and still fund a defined benefit plan </li></ul>Major Benefits Defined Benefit SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    65. 65. <ul><li>More expensive to establish and maintain </li></ul><ul><li>Quarterly plan contributions are required </li></ul><ul><li>Benefits must be paid, regardless of how plan’s investments perform </li></ul>Considerations Defined Benefit SEP IRA Payroll Deduction IRA 401(k) Non-traditional Profit-sharing plans Profit-sharing Safe Harbor 401(k) SIMPLE IRA Defined Benefit Non-qualified Deferred Comp. Single K Plan SM Page RE0000.191.1208
    66. 66. It Doesn’t Matter Who Provides Your Retirement Plan One Other Myth: Page RE0000.191.1208
    67. 67. <ul><li>The experience and principles that underlie its promises </li></ul><ul><li>The quality and range of its investments </li></ul><ul><li>The ease, convenience and service inherent in its products </li></ul>What to Look for in a Plan Provider Page RE0000.191.1208
    68. 68. <ul><li>Insist on solid, long-term performance </li></ul><ul><li>Do what you say you’re going to do </li></ul><ul><li>Embrace a disciplined, collaborative approach to investing </li></ul><ul><li>Know the difference between risk and risky </li></ul><ul><li>Encourage financial planning and professional advice </li></ul><ul><li>Be user friendly </li></ul>The Right Way to Invest Page RE0000.191.1208
    69. 69. Global/International Equity Small-/Mid-cap Equity Large-cap Value High Yield Income Aggregate Income Large-cap Growth Cash Conservative funds generally carry a lower level of risk but also offer lower rates of return. Aggressive funds generally carry a higher level of risk but have the potential to offer a higher rate of return. Investment Choice Page RE0000.191.1208
    70. 70. 1. Exchange privileges may be suspended or eliminated at any time without notice. <ul><li>Regular account statements make it easy to track investment growth </li></ul><ul><li>Fund exchange privileges 1 </li></ul><ul><li>24-hour voice response system </li></ul><ul><li>Internet capabilities </li></ul><ul><li>Toll-free number for our Customer Service Reps </li></ul><ul><li>Regular communications highlighting the plan’s value </li></ul><ul><li>Education materials that enhance retirement planning and investment skills </li></ul>Support Services Page RE0000.191.1208
    71. 71. <ul><li>This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice, or for use to avoid penalties that may be imposed under U.S. federal tax laws. Contact your attorney or other advisor regarding your specific legal, investment or tax situation. </li></ul><ul><li>Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting our website at www.oppenheimerfunds.com or calling us at 1.800.525.7048. Read prospectuses carefully before investing. </li></ul><ul><li>Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. </li></ul><ul><li>Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008 </li></ul><ul><li>©Copyright 2008 OppenheimerFunds Distributor, Inc. All rights reserved. </li></ul><ul><li>RE0000.191.1208 December 5, 2008 </li></ul><ul><li>Contact </li></ul><ul><li>Peter G Langelier </li></ul><ul><li>Great American Advisors </li></ul><ul><li>800-322-1017 ext 211 </li></ul><ul><li>[email_address] </li></ul>Thank You Page RE0000.191.1208
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