For nearly 40 years, ERISA has required retirement plan fiduciaries to ensure the reasonableness of service and investment fees paid by the plan. However, fee reasonableness has only recently grabbed headline attention due largely to the finalization of the 408(b)(2) regulations and the Missouri district court's decision in Tussey v. ABB, Inc. Despite the strength of its fee reasonableness standard, ERISA provides little practical guidance as to how and when plan fiduciaries should be making and documenting their fee reasonableness determinations. In this presentation, we provide a historical overview of the legislative, regulatory and judicial context surrounding this fundamental fiduciary duty; a look at recent Department of Labor regulatory examination activity centered on fee reasonableness; and a practical, step-by-step guide to meeting the fee reasonableness requirements.
This presentation outlines how to create a business case based on a best practice approach. It outlines the common challenges with business cases today and a step by step approach to building a comprehensive business case with key elements including financials, benefits, ROI, NPV and payback period. It also, outlines the benefit of automating the process and streamlining the process.
This Slideshare presentation is a partial preview of the full business document. To view and download the full document, please go here:
http://flevy.com/browse/business-document/how-to-develop-a-business-case-3248
DOCUMENT DESCRIPTION
This deck include 7 main contents: Executive Summary; Business Case Overview; Business Case Development Process; Lessons Learned ? Risks and Success Factors; Business Case Template Overview; Glossary; Appendix and Example Slides
A business case is a tool that helps business leaders make investment decisions by helping them understand the financial impact of those decisions. A business case describes how the results will be delivered. A business case must be developed whenever a major investment decision is being made. The business case provides an understanding of which initiatives create the greatest value; supports decision-making; and helps track program performance.
The business case is often developed throughout the planning stage of a project to help justify a strategic direction and operating strategy. Business cases must clearly communicate the overall impact of a business decision; as well as the logic and methodology used to derive the results and should be used ongoing to "sell" and "defend" the program.
This deck is complemented by a companion document the "Business Case Template Excel" file which provides a step-by-step methodology for developing a high level business case.
Introduction to OMB Circular A-122, “Cost Principles for Non-Profit Organizations”. How to ensure internal controls are established for the organizations to comply with Federal grant regulations such as A-122, A-110 and federal grant requirements.
For nearly 40 years, ERISA has required retirement plan fiduciaries to ensure the reasonableness of service and investment fees paid by the plan. However, fee reasonableness has only recently grabbed headline attention due largely to the finalization of the 408(b)(2) regulations and the Missouri district court's decision in Tussey v. ABB, Inc. Despite the strength of its fee reasonableness standard, ERISA provides little practical guidance as to how and when plan fiduciaries should be making and documenting their fee reasonableness determinations. In this presentation, we provide a historical overview of the legislative, regulatory and judicial context surrounding this fundamental fiduciary duty; a look at recent Department of Labor regulatory examination activity centered on fee reasonableness; and a practical, step-by-step guide to meeting the fee reasonableness requirements.
This presentation outlines how to create a business case based on a best practice approach. It outlines the common challenges with business cases today and a step by step approach to building a comprehensive business case with key elements including financials, benefits, ROI, NPV and payback period. It also, outlines the benefit of automating the process and streamlining the process.
This Slideshare presentation is a partial preview of the full business document. To view and download the full document, please go here:
http://flevy.com/browse/business-document/how-to-develop-a-business-case-3248
DOCUMENT DESCRIPTION
This deck include 7 main contents: Executive Summary; Business Case Overview; Business Case Development Process; Lessons Learned ? Risks and Success Factors; Business Case Template Overview; Glossary; Appendix and Example Slides
A business case is a tool that helps business leaders make investment decisions by helping them understand the financial impact of those decisions. A business case describes how the results will be delivered. A business case must be developed whenever a major investment decision is being made. The business case provides an understanding of which initiatives create the greatest value; supports decision-making; and helps track program performance.
The business case is often developed throughout the planning stage of a project to help justify a strategic direction and operating strategy. Business cases must clearly communicate the overall impact of a business decision; as well as the logic and methodology used to derive the results and should be used ongoing to "sell" and "defend" the program.
This deck is complemented by a companion document the "Business Case Template Excel" file which provides a step-by-step methodology for developing a high level business case.
Introduction to OMB Circular A-122, “Cost Principles for Non-Profit Organizations”. How to ensure internal controls are established for the organizations to comply with Federal grant regulations such as A-122, A-110 and federal grant requirements.
Project finance is the financing of long-term infrastructure, industrial projects and public services based upon a non-recourse or limited recourse financial structure, in which project debt and equity used to finance the project are paid back from the cash flow generated by the project. Project financing is a loan structure that relies primarily on the project's cash flow for repayment, with the project's assets, rights and interests held as secondary security or collateral. Project finance is especially attractive to the private sector because companies can fund major projects off balance sheet.
This presentation outlines the best policies and practices for Board Members, Finance Committee Members and other volunteer stewards of nonprofit investments.
Changing the PMO Status Quo with Frank La Rocca 051314UMT360
How Frank La Rocca Created an Enterprise PMO at Consolidated Edison to driver greater ROI. Presented May 13, 2014 via Projects at Work webinar. For the full presentation, please visit http://bit.ly/1h0uesU.
Ever ask: “How does our retirement plan compare to others?” Learn what Russell Investments believes all excellent DC plans share and actions you can take to help position your plan for excellence.
In the complex and litigation-prone world defined contribution plans occupy, it is important to underline what the real focal points for fiduciaries should be. This paper is provided by T. Rowe Price.
1 ERISA § 404(a)(1)(A), 29 U.S.C. § 1104(a)(1)(A).
2 ERISA § 404(a)(1)(B), 29 U.S.C. § 1104(a)(1)(B).
3 ERISA § 404(a)(1)(D), 29 U.S.C. § 1104(a)(1)(D).
4 ERISA § 404(a)(1)(C), 29 U.S.C. § 1104(a)(1)(C)
This paper is sponsored by T. Rowe Price Associates, Inc. Contents of this paper are for informational purposes only and not for the purpose of providing legal advice. The analysis and conclusions are solely those of the author.
Whitepaper: Meeting Your ERISA Fiduciary ResponsibilitiesCBIZ, Inc.
This whitepaper discusses who is considered a "Fiduciary", what the significance of being a Fiduciary is and Fiduciary responsibility recommendations.
For more information, visit www.cbiz.com
R&D Tax Credit - Don't Leave Money On The Table CBIZ, Inc.
Learn about the technical aspects of the federal and state research and development credits which include methods of calculations, the four part test, how and what activities qualify and specific industries that have qualifying research and development activities. We will review some IRS issues regarding the credit and outline how to prequalify your R&D costs and employees. http://www.cbiz.com
Project finance is the financing of long-term infrastructure, industrial projects and public services based upon a non-recourse or limited recourse financial structure, in which project debt and equity used to finance the project are paid back from the cash flow generated by the project. Project financing is a loan structure that relies primarily on the project's cash flow for repayment, with the project's assets, rights and interests held as secondary security or collateral. Project finance is especially attractive to the private sector because companies can fund major projects off balance sheet.
This presentation outlines the best policies and practices for Board Members, Finance Committee Members and other volunteer stewards of nonprofit investments.
Changing the PMO Status Quo with Frank La Rocca 051314UMT360
How Frank La Rocca Created an Enterprise PMO at Consolidated Edison to driver greater ROI. Presented May 13, 2014 via Projects at Work webinar. For the full presentation, please visit http://bit.ly/1h0uesU.
Ever ask: “How does our retirement plan compare to others?” Learn what Russell Investments believes all excellent DC plans share and actions you can take to help position your plan for excellence.
In the complex and litigation-prone world defined contribution plans occupy, it is important to underline what the real focal points for fiduciaries should be. This paper is provided by T. Rowe Price.
1 ERISA § 404(a)(1)(A), 29 U.S.C. § 1104(a)(1)(A).
2 ERISA § 404(a)(1)(B), 29 U.S.C. § 1104(a)(1)(B).
3 ERISA § 404(a)(1)(D), 29 U.S.C. § 1104(a)(1)(D).
4 ERISA § 404(a)(1)(C), 29 U.S.C. § 1104(a)(1)(C)
This paper is sponsored by T. Rowe Price Associates, Inc. Contents of this paper are for informational purposes only and not for the purpose of providing legal advice. The analysis and conclusions are solely those of the author.
Whitepaper: Meeting Your ERISA Fiduciary ResponsibilitiesCBIZ, Inc.
This whitepaper discusses who is considered a "Fiduciary", what the significance of being a Fiduciary is and Fiduciary responsibility recommendations.
For more information, visit www.cbiz.com
R&D Tax Credit - Don't Leave Money On The Table CBIZ, Inc.
Learn about the technical aspects of the federal and state research and development credits which include methods of calculations, the four part test, how and what activities qualify and specific industries that have qualifying research and development activities. We will review some IRS issues regarding the credit and outline how to prequalify your R&D costs and employees. http://www.cbiz.com
7 Steps to Maximize the Value of Your BusinessCBIZ, Inc.
This presentation discusses the Seven Steps to Increase the Value of your Company
• How is Value Influenced - Pricing
• How is Value Influenced – Transaction Type
• Strategic Sale vs. Leveraged Recapitalization
• How is Valued Influence – Tax Considerations
For more information, please visit http://www.cbiz.com
Health Care Reform - Small Business Health Options Program (SHOP) UpdatesCBIZ, Inc.
One of the components of the Affordable Care Act is the Small Business Health Options Program (SHOP). The SHOP is the marketplace, sometimes referred to as “exchange”, specific to small employers.
Creative Compensation Strategies to Maintain Morale & Retain Talent CBIZ, Inc.
This presentation discusses key compensation strategies to maintain morale and retain talent. This includes *The turnover in the rebounding economy
& steps for designing a market-based compensation system
*Recognition and sustaining high performance through a merit matrix
*Compensation in closely held businesses
For more information, visit http://www.cbiz.com.
Your annual plan audit does not have to be stressful. We will review plan audit requirements and how you can best be prepared for your audit to make it a more efficient and less stressful experience. Specific areas will include common audit findings: coordinating information from your plan service providers; timely completing your auditor’s requests; and wrapping up the audit. We will also discuss your fiduciary responsibility and risk regarding your plan audit and why you should be concerned in having an experienced firm perform your audit.
SEA Founders Covid-19 Issues & SolutionsTeo Lee Hwee
In light of COVID-19 and the impact it has had on businesses, especially start-ups, members of SEA Founders initiated a huddle call on a Sunday morning over Zoom. With Anna Gong (Perx Technologies) and Suresh Shankar (Crayon Data) leading the discussion, 21 founders came together to discuss issues and solutions to help each other tide through this difficult time. We are sharing this to help the larger start-up community.
Winston & Strawn's Employee Benefits & Executive Compensation Practice hosted an eLunch to discuss key issues faced by plan sponsors during IRS and DOL audits of retirement plans. The most common problem areas identified by IRS and DOL agents were addressed, with practical tips for plan sponsors on how to establish and maintain internal controls to help avoid compliance errors. Topics included:
-The most significant issues DOL agents focus on during audits, including missing participants, late payroll deposits, and missed employee communications
-The most significant issues IRS agents focus on during audits, including definitions of compensation, age 70-1/2 distributions, employee eligibility requirements, and properly updated plan documents
-Steps employers can take in order to improve their internal controls for compliance with IRS and DOL requirements
Contact Winston & Strawn for more information about this presentation:
https://www.winston.com/en/thought-leadership/irs-and-dol-audit-issues-for-retirement-plans.html
The goal of this lesson is to provide an overview of the most common methods for financing a new business or organization: debt and equity. The lesson begins with an overview of why businesses need external financing and what types of resources are most often needed for a new business. The pros and cons of debt and equity are then introduced, as are the most common features of each. The lesson then applies these same concepts to an existing business from a new project perspective, incorporating the idea of self-generated capital as an additional financing option.
Retirement Plans: Managing Your Fiduciary ResponsibilitySecureDocs
http://www.securedocs.com - Protecting the financial viability of a company is a heavy undertaking. As a trusted advisor to the business as an entity as well as your colleagues, you are expected to use your expertise to determine best practices to keep everyone’s profits and retirement plan savings afloat. It is important that you use a disciplined process to help manage your fiduciary responsibility.
This presentation covers a series of new and important information regarding your role as a fiduciary.
View the presentation to learn about:
-Plan Governance - what is it and why you should care.
-Fee Disclosure is here, now what? Understanding and determining reasonableness.
-Are your participants Retirement Ready?
-401K, IRS and Department of Labor (DOL) audit planning.
As per PTU B.Com Entrepreneurship Development Syllabus , Unit No. 2: Identification of Business Opportunities and tests of feasibility Project Management Feasibility and Viability analysis – Technical -Financial – Network – Appraisal and Evaluation – Project Report Preparation, Mobilizing resources for start-up. Basic start-up problems.
Similar to A Consultant’s View Of Qualified Plan Design (20)
BIZGrowth Strategies — Cybersecurity Special Edition 2023CBIZ, Inc.
As cybercriminals continue to advance and evolve, a stagnant cyber risk management approach is simply not an option. Further, the prevalence of cyber breaches means cybersecurity is not solely an IT concern. It takes a robust set of processes and people from across your organization, working together toward a common goal. We offer fresh insights to help protect your organization from cyberthreats in multiple operational areas. Articles include:
- How Cybercriminals Are Weaponizing Artificial Intelligence
- Employee Benefits Cyber Risk Exposure Scorecard
- Closing the Security Gap: Managing Vendor Cyber Risk
- Retirement Plan Sponsor Cybersecurity Checklist
- Protect Your Digital Frontline With Employee Training
BIZGrowth Strategies - Back to Basics Special EditionCBIZ, Inc.
Amid the increasing complexity of today’s business landscape, it can be of great benefit to shut out the noise and simply get back to the basics. Summer offers the rare opportunity for organizations to slow down and sweat the small stuff.
In this issue, our experts address seven key topics intended to help leaders guide their teams to stability and refocus on the foundational elements of success, including:
- Talent Management 101: How to Attract & Retain Great Employees
- Exploring the What, Why & How Behind the Employee Experience
- The Shifting Normal: 3 Ways Leaders Can Embrace Change & Conquer Challenge
- What is Financial Wellbeing & Why Should Employers Care?
- D&O Insurance Application Basics to Protect Your Leaders
- Your Life Insurance Policy May Be One of Your Biggest Assets
- Understanding Labor Law Poster Compliance
Welcome to our newly branded newsletter, "The Advantage." The articles in this issue provide insights to help you:
■ Have conversations around tough decisions during periods of economic uncertainty
■ Evaluate fast-growing artificial intelligence tools like ChatGPT
■ Recognize colleagues who are key allies in supporting women in the workplace
■ Navigate career shifts along the path to successful leadership
■ Manage workplace culture in a hybrid model
■ Garner inspiration from the 2023 Women Transforming Business finalists and winners
BIZGrowth Strategies - Workforce & Talent Optimization Special EditionCBIZ, Inc.
Amid today’s economic uncertainty, we know you need strategies and solutions that will help your business thrive. With workforce and talent concerns running high for employers across the nation, our experts developed these articles with those critical issues top of mind. We offer fresh insights designed to attract, retain, engage and motivate your employees — all while protecting your bottom line and managing emerging risks. Articles include:
- Unlock Success with Effective Performance Management
- How Employers Can Benefit from Financial Wellbeing Programs
- How to Talk About Hard Decisions During a Recession
- Cost-Effective Health Plan Perks to Consider in 2023
- 3 HR Strategies to Recession-Proof Your Organization
- Responding to Employment Practices Liability (EPL) Claims
- Versatility — Important in Life & Life Insurance
BIZGrowth Newsletter - Economic Slowdown Solutions Special EditionCBIZ, Inc.
The "Economic Slowdown Solutions Special Edition" newsletter includes articles that present tips, strategies and ideas to help your organization master economic uncertainty and recessionary concerns. Topics include:
- Considerations for a Reduction in Force
- Tips to Prepare for Risk Management Challenges
- Tactics to Recession-Proof Your Benefits Strategy
- HR Best Practices
- Recruitment Strategies to Keep You Competitive
- 3 Innovations to Stay Nimble
- Disability Insurance for Business Owners
BIZGrowth Strategies - Cybersecurity Special EditionCBIZ, Inc.
Cyberattacks are becoming more frequent and sophisticated, making a recovery from them increasingly difficult. Without preparation, a cyberattack can be devastating to your business, having severe operational, financial, legal and reputational implications.
The prevalence of cyber breaches also means cybersecurity is no longer solely an IT concern. Elevating your information security from functional to effective takes a robust set of elements, processes and people working together toward a common goal.
Our professionals have developed these articles and resources to help you protect your organization from these attacks.
Connections Help Law Practice Efficiently Obtain $5 Million Line of CreditCBIZ, Inc.
A 15-attorney law firm operated on a contingency and hourly fee basis. While it had a strong outlook for contingency cases, the costs incurred to work...
Custom Communication Plan & Active Enrollment Result in Increased ConsumerismCBIZ, Inc.
The firm embarked on a multi-year strategic plan to build a culture of wellbeing and engagement. They wanted
to educate employees to become more engaged and wise health care consumers...
Experienced Consulting Approach Leads Engineering Firm to the Right CFOCBIZ, Inc.
The Chief Financial Officer of a leading multi-disciplined engineering and consulting
firm indicated he was considering retiring. After initially considering a search process as an in-house project, the company’s leadership agreed...
Check out the latest edition for articles on Preventing Social Engineering Attacks, Triumphing in the Talent War, 3 Signs It’s Time for a Compensation Study, Strategies to Protect Your Retirement & Tips for a Successful OSHA Inspection.
Inflation, Interest Rates & the Disruption to CRECBIZ, Inc.
From assessing the various sectors to analyzing the future of your investments, learn more from our experienced team leaders on the wide-spread trends of commercial real estate property and sales.
CBIZ Quarterly Manufacturing and Distribution "Hot Topics" Newsletter (May-Ju...CBIZ, Inc.
CBIZ Quarterly Manufacturing and Distribution "Hot Topics" Newsletter (May-Jun 2022) provides you with news and guidance on the labor crisis, how to retain top talent during the Great Resignation, the business impacts of the Russia-Ukraine War, and the benefit of long-term bonus plans.
Rethinking Total Compensation to Retain Top TalentCBIZ, Inc.
Even with a developed recruiting program, strong company culture and great work-life balance, it’s difficult for companies to attract and retain the best employees without an all-inclusive compensation strategy. Add in the combination of high inflation, talent shortages and the Great Resignation, and we’re left with a hyper-competitive labor market. As a result, employers must think outside of the box to retain top performers and explore new ways to increase the value of total compensation offered. Learn how in this article.
Common Labor Shortage Risks & Tips to Mitigate Your ExposuresCBIZ, Inc.
No industry is safe from the risks of the current labor market. Employee shortages can influence multiple liabilities, but a proactive strategy can help protect your organization. In this article, learn measures to minimize labor shortage liability risks across all industries, as well as influential industry risks for construction, manufacturing and trucking.
How the Great Resignation Affects the Tax FunctionCBIZ, Inc.
Talent shortages remain a challenge universally, but it may be hitting financial roles within businesses particularly hard. The
pressures to meet tax reform obligations coupled with the
job changeover opportunities that emerged during the Great Resignation have left many tax departments feeling under-resourced. If your company is experiencing a similar situation, here are steps you can take to support your tax function.
While employee turnover is inevitable, there are several strategies companies can implement to help combat the Great Resignation, and at the center of all these strategies is technology that can benefit employers and their staff. In this article, learn how your organization can use technology to enhance the recruiting and onboarding processes, which will help attract top talent, while setting new hires up for success.
Experienced Consulting Approach Leads Engineering Firm to the Right CFOCBIZ, Inc.
The Chief Financial Officer of a leading multi-disciplined engineering and consulting firm indicated he was considering retiring. After initially considering a search process as an in-house project, the company’s leadership agreed to secure the assistance of an executive search professional.
BIZGrowth Strategies - The Great Resignation Special EditionCBIZ, Inc.
The Great Resignation continues to plague organizations across the country. It has exacerbated a host of employer challenges, including attraction, retention and engagement of top talent, as well as mitigating new risks. Our experts have developed these articles and linked resources to help your organization combat the mass employee exodus.
Kansas businesses have an opportunity for state tax incentives of which you may want to be aware.
Recent changes to the Kansas High Performance Incentive Program (HPIP) make it more broadly available
than it was in the past.
CBIZ Quarterly Commercial Real Estate "Hot Topics" Newsletter (Jan-Feb 2022)CBIZ, Inc.
The January 2022 issue of CBIZ’s Commercial Real Estate Quarterly Hot Topics Newsletter is now available! Learn about the impact of changes lease accounting, post-pandemic calculation companies are using to reassess office space needs, tax planning knowns and unknowns and the impact of rising construction costs on insurance costs. Plus – access strategies to combat the great resignation and safeguard against the unexpected.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
1. A Consultant’s View Of
Qualified Plan Design
William G. Karbon, COPA, MSPA, CPC
Vice President, Director of Compliance
CBIZ Benefits & Insurance Services, Inc.
Lawrenceville, NJ
2. What We Will Cover
• Getting to know your client
• Client priorities
• Plan types
• Obstacles to plan design
• Case studies
2
4. Getting To Know Your Client
• Entity type
• Private sector
– For profit (C corp, S corp, LLC, LLP, sole prop)
– Not for profit
• Governmental
• Impacts
– Compensation
– Taxation
– Contribution Deadlines
– Plan Type
4
5. Getting To Know Your Client
• Controlled Group Issues
• Is client under common control with other entities
– How is data gathered?
– Who determines members of controlled group?
– Who is quarterbacking controlled group issues?
• Impacts
– HCE determination
– Top heavy / Key ee determination
– Minimum coverage
– Nondiscrimination testing
– Types of plan available
5
6. Getting To Know Your Client
• Type of business
– Manufacturing
– Professional firm
– Technology
– Etc.
– Impacts
• Plan type
• Plan design
• Participant expectations
6
7. Getting To Know Your Client
• Overview of their business
– How long have they been in business?
– Stability of revenue
– Stability of profits
– Need for cash
– Impacts
• Ability to commit to fixed contribution
• Contribution sources
7
8. Getting To Know Your Client
• Profile of employees
– Need to attract talent
– Need to retain certain employees
– Turnover
– Disposable income
– Impacts
• Plan type
• Benefit formula / contribution allocation
• Nondiscrimination testing
• Vesting
8
9. Getting To Know Your Client
• Reward system
– Cash
– Deferred income
– Impacts
• Contribution sources / allocation
• Nondiscrimination testing
• Threats to business
– i.e. sensitive to technology or law changes
– Impacts
• Plan type
9
10. Getting To Know Your Client
• Succession plan
– Time horizon
– Transition business to family or management
– Sell to unrelated entity
– Impacts
• Plan type
• Benefit formula / contribution allocation
• Minimum coverage
• Nondiscrimination testing
10
20. Plan Type
• DB sponsor should address some or all of:
– Maximize retirement accumulations
– Stable business (preferably mature)
– Adequate cash flow
– Willingness to accept plan’s investment risk
– If GAAP compliant, able to cope with volatile FASB
expense and liability results
20
21. Plan Type
• DC sponsor should address some or all of:
– Provide employees with deferral opportunity
• Nondiscrimination testing (SH or no SH)
• Auto enrollment and escalation
– Contribution flexibility
• Amount
• Allocation
21
22. Plan Type
• DB/DC sponsor should address some or all of:
– Maximize retirement accumulations
• Accumulations exceeding $50,000/year
– Cash Balance vs. Traditional DB
– Combo vs. Offset
– Nondiscrimination testing opportunities
22
27. Case Study 1
• High end business consultancy established in
2012
• Come to you in November of 2012 as follows:
– At 12/31/2012 – 4 employees
• 2 Owners (ages 40 and 48)
• 2 Managing Consultants (MCs)
– Will grow to 14 ees in next 12 – 18 months
– 2012 Profit - $1.2 million
– Anticipated 2013 Profit - $1.5 million
27
28. Case Study 1
• Reward system
– Owners (each own 50%) – share equally in all
forms of compensation
– MCs (compensation > $200,000)
• Cash compensation plus variable deferred income
– Analysts & Associates (compensation > $125,000)
• Cash compensation
– Administrative support (compensation = $50,000)
• Cash compensation and modest deferred income
28
29. Case Study 1 – 2012 Census
Employees Age Service @ Pay
12/31/12
Younger Owner 40 1 $300,000
Older Owner 48 1 $300,000
2 MCs 50 1 $200,000
Total $1,000,000
29
30. Case Study 1 – 2014 Census
Employees Age Service @ Pay
12/31/14
Younger Owner 42 3 $300,000
Older Owner 50 3 $300,000
3 MCs 50 3 $200,000
3 Analysts 40 2 $150,000
3 Associates 30 2 $125,000
3 Support 35 2 $50,000
Total $2,175,000
30
31. Case Study 1
• Plan sponsors goals
– Minimize tax impact of significant profits
– Maximize retirement accumulations for owners
– Provide for flexibility in annual retirement plan
obligation to MCs
– Minimize retirement plan obligations to Analysts,
Associates & Administrative support
31
32. Case Study 1
• Potential solution
– DB Plan
• As part of program will allow plan sponsor to address
need to minimize tax impact of significant profits and
maximize retirement accumulations for owners
– DC Plan
• As part of program will allow plan sponsor to address
need to provide for flexibility in annual retirement plan
obligation to MCs
32
33. Case Study 1
• Potential solution – Combine DB and DC Plan
– DB Plan
• Traditional vs. Cash Balance
– Cash balance allows for equal contributions to owners
– DC Plan
• 401(k)/Profit Sharing Plan
– Deferrals allow all employees to achieve significant retirement
accumulations
– Profit sharing feature provides needed flexibility
33
34. Case Study 1
• Potential solution – Combine DB and DC Plan
– Design Issues
• HCE definition
– AVOID top paid group election
– Only administrative support will be NHCEs
– PROBLEM – Year 1, only owners will be HCEs as there was no
2011 compensation
• Top Heavy
– Unless MCs act as officers, only key ees will be owners
– If designed efficiently, plan sponsor may be subject to top
heavy minimum contribution requirements
34
35. Case Study 1
• Potential solution – Combine DB and DC Plan
– Design Issues
• ADP testing
– If plan is top heavy, use nonelective safe harbor. Only NHCEs
(administrative support) will need to receive SH contribution.
– PROBLEM, plan effective after 10/1/12 cannot use SH
provisions. May need to use PY testing.
• ACP testing
– Employer matching contributions cannot be used in 401(a)(4)
general test, therefore, should not provide matching
contributions
35
36. Case Study 1
• Potential solution – Combine DB and DC Plan
– Design Issues
• Minimum Participation Testing
– Minimum participation test under Code §401(a)(26) requires
40% of group to participate in CB Plan. Ultimately, must cover
at least 6 employees in plan. As plan sponsor’s goal is to
maximize cash compensation to Analysts and Associates, they
can be excluded from CB Plan.
36
37. Case Study 1
• Potential solution – Combine DB and DC Plan
– Design Issues
• 401(a)(4) General Test
– PROBLEM, 1st year the MCs will be NHCEs and are older than
the owners who are the only HCEs. Testing may limit use of
Cash Balance Plan.
– After 1st year, the PS contributions to the owners can be
adjusted based on testing results and cash flow.
37
42. Case Study 1
• PS Contribution Includes
– TH Minimum of $10,000 for MCs
– TH Minimum of $4,500 for Analysts
– TH Minimum of $3,750 for Associates
– SH Contribution of $1,500 for Support
– TH Minimum of $1,000 for Support
42
43. Case Study 1 - Results
ER Contribution
ER Contribution
% to Non-
% to Owners
owners
65.2% 34.8%
43
44. Case Study 1 – 2014 if NOT TH
Cash Profit
Name Comp Deferral Total
Balance Sharing
Younger $300,000 $82,073 $33,000 $17,000 $132,073
Owner
Older $300,000 $82,073 $33,000 $22,500 $132,073
Owner
3 Principals $200,000 $6,500 $15,000 $22,500 $44,000
3 Analysts $150,000 $0 $0 $15,000 $15,000
3 Associates $125,000 $0 $0 $7,500 $7,500
3 Support $50,000 $1,500 $9,625 $1,000 $12,125
Total $188,146 $139,875 $177,500 $500,021
44
45. Case Study 1 - Results
ER Contribution ER Contribution
% to Owners % to Principals
70.2% 29.8%
45
46. Case Study 2
• Small manufacturing company
– Business started in 1990
– Revenues/profits are cyclical
• Single owner
• Two key members of management
• Remainder of employees earn modest
incomes
– Limited discretionary income
– High turnover
46
47. Case Study 2
• Client priorities
– Cash flow is cyclical, avoid long-term fixed costs
– Reward owner and management with employer
contributions
– Concerned about retirement readiness of non-
management employees
– Address ADP testing problems
47
49. Case Study 2
• ADP Results
– HCE ADP % = 10.0%
– NHCE ADP % = 3.8%
– Need to increase NHCE ADP % by 4.2%
49
50. Case Study 2
• Possible solutions
– Employees communications
• Typically has marginal success
– Automatic enrollment
• Limited success
• May partially address retirement readiness concern
– Safe harbor / QACA
• Need to determine employer contribution budget
• Will deferrals increase if SH match is implemented
• Opportunity for stacking of match
• Nonelective with new comparability
50
51. Case Study 2
• Goals
– Provide employer contribution of 9% of pay to
Owner and Managers
– Minimize overall employer contribution
– Encourage all participants to save for retirement
51
52. Case Study 2
• QACA / Stacked Match
– Pros
• Encourages employees savings
• Two year vesting on employer contributions
– Cons
• Cost is unpredictable
• Likely more expensive if employees understand that
there is a substantial match on the first 6% they defer
52
53. Case Study 2
• New Comparability with Nonelective SH
– Pros
• Cost is predictable
• More effectively leverages SH contribution in favor of
owner and managers
– Cons
• Immediate vesting
• Rewards participants that do not save for their
retirement
53
57. Case Study 2 – New Comp Results
ER
ER Contribution %
ER Contribution
Contribution % to All Others
% to Owner
to Managers
38.9% 41.2% 19.9%
57
58. Case Study 3
• Small business owner
– Business started in 2010
– Revenues/profits are substantial and growing
– Plans to sell company in 5 – 10 years
• Single owner without significant retirement
savings
• Spouse and son works for business as well
• Employees are attracted and retained by cash
compensation
– Retirement program is not a priority
58
59. Case Study 3
• Goals
– Maximize retirement accumulation for owner
– Minimize fixed liabilities
– Minimize cost for employees
59
60. Case Study 3 - Census
Employee Age Service Pay Deferral
Owner 52 10 $250,000 $22,500
Owner’s Spouse 50 5 $60,000 $0
Owner’s Son 30 5 $70,000 $2,000
NHCEs 1-2 30 3 $35,000 $1,000
NHCEs 3-5 45 5 $50,000 $3,000
Total $600,000 $35,500
60
61. Case Study 3
• Potential Solution
– DB Plan for Owner, Owner’s Son & NHCEs 1&2
– DC Plan for Owner’s Spouse & NHCEs 3-5
• Issue
– DB Plan fails 410(b) ratio test
61
62. Case Study 3
• Solution
– Combine DB and DC plans for minimum coverage
purposes
• Concerns
– Must provide multiple plan gateway
– Subjects the multiple plans to the general test
– DB Plan must pass Code §401(a)(26) testing
62
63. Case Study 3 – DB Plan
Employee Age Pay DB Benefit DB Cost
Owner 52 $250,000 $200,000 $139,000
Owner’s Son 30 $70,000 $56,000 $9,400
NHCEs 1-2 30 $35,000 $28,000 $4,700
Total $390,000 $153,100
63
64. Case Study 3 – PS Plan
Employee Age Pay PS
Contribution
Owner’s Spouse 50 $60,000 $6,000
NHCEs 3-5 45 $50,000 $3,500
Total $210,000 $16,500
64
65. Case Study 3 – New Comparability
ER Contribution ER
% to Owner & Contribution %
Spouse to NHCEs
85.5% 14.5%
65
66. Case Study 3
• Concerns
– One participant terminating employment may
create substantial testing issues
– If a NHCE terminates, problem if they are replaced
by older employee
66
67. Case Study 4
• Small business owner
– Business started in 2000
– Volatile revenues/profits
– 25 year old child hired 2nd half of 2010
• Young workforce not motivated by retirement
program
67
68. Case Study 4
• Goals
– Flexibility in employer contribution requirement
– Provide opportunity for child to receive
substantial retirement plan accumulations
– Motivate employees to contribute to plan
68
69. Case Study 4
• Plan Design for 2011
– Non-Safe Harbor 401(k) Plan
– PS feature with each participant in their own rate
group
69
70. Case Study 4 – 2011 Results
Employee Age Service Pay Deferral PS
Owner 47 9 $300,000 $5,500 $49,000
Sheldon 25 3 $40,000 $0 $2,000
Leonard 26 3 $40,000 $0 $2,000
Howard 30 2 $50,000 $1,000 $2,500
Rajesh 31 2 $50,000 $1,000 $2,500
Total $480,000 $7,500 $58,000
70
71. Case Study 4 -2012
• 25 year old son of owner making $100,000
enters plan
• Add nonelective SH 401(k) feature
– Will allow owner’s child to maximize
accumulations in plan
• Add automatic enrollment
71
72. Case Study 4–2012 1st Pass (Cross Test)
Employee Age Service Pay Deferral PS
Owner 48 10 $300,000 $17,000 $33,000
Owner’s Son 25 2 $100,000 $17,000 $33,000
Sheldon 26 4 $40,000 $0 $2,000
Leonard 27 4 $40,000 $0 $2,000
Howard 31 3 $50,000 $1,000 $2,500
Rajesh 32 3 $50,000 $1,000 $2,500
Total $580,000 $36,000 $75,000
72
73. Case Study 4 -2012
• Cross testing blows up because of 25 year old
HCE
• Solution
– Allocate using permitted disparity
– Cannot use SH contribution to comply with Code
§401(l)
– No need to amend plan
73
74. Case Study 4–2012 2nd Pass (401(l))
Employee Age Service Pay Deferral PS
Owner 48 10 $300,000 $17,000 $33,000
Owner’s Son 25 2 $100,000 $17,000 $9,726
Sheldon 26 4 $40,000 $0 $3,891
Leonard 27 4 $40,000 $0 $3,891
Howard 31 3 $50,000 $1,000 $4,863
Rajesh 32 3 $50,000 $1,000 $4,863
Total $580,000 $36,000 $60,234
74
75. Case Study 4 -2012
ER
Contribution ER
ER
% to Contribution
Contribution
Owner’s Son % to all
% to Owner
others
54.8% 16.1% 29.1%
75
76. Case Study 4 -2012
• Maximizes allocation to owner
• Significant allocations to owner’s son
• Tax efficient
• Flexible
76