Strategically Manage the Risk of Saving for Your Retirement

1. We Help Improve Your Life
Strategically Manage the Risk of Saving for Your
Retirement
Presented by Louis Wolkenstein
Managing Principal
The Investment Advisor LLC
(412)388-0500
www.theinvestmentadvisor.net

2. Disclosure
The Investment Advisor LLC is a Registered
Investment Advisory Firm Registered in the
State of Pennsylvania. Pennsylvania is the Only
State in Which The Investment Advisor is
Registered to Conduct Business. This
Presentation is Not an Offer or Solicitation to
Conduct Business in any State Other Than in
Pennsylvania.

3. • Further Disclosure
By Providing this Presentation The Investment Advisor is
Not Recommending a Retirement Plan, Health Care Plan
or Investing in Any Type of Retirement Plan or Health
Care Plan. Recommendations Can Only be Made in
Individual Consultation With Each Client After They Have
Disclosed Their Individual Personal Financial
Circumstances.

4. Research by the Federal Reserve
shows that an astounding one in
four Americans (including the 27%
who consider themselves retired)
have absolutely nothing saved for
Retirement-Yahoo Finance Dec.
2022

5. • History of Retirement Plans:
– Prior to 1929 only 3% of Workers Were Covered
by a Retirement or Pension Plan.
– During the 30’s, Despite the Great Depression, of
Those Workers Lucky Enough to be Employed
(37% Unemployment )Those Covered By Pensions
Rose to 15%.
– In 1935, as Part of the New Deal Social Security
Was Passed and Became an Important Part of
Retirement Security.

6. • Social Security Was Designed to be a Supplement to
Retirement Income Not Entirely Replace It.
• Unions Played an Important Role in the Expansion of
Retirement Benefits and Employee Benefits
Including: Health Care, Sick Time, Vacation Time and
Most of the Traditional Benefits We Have Come to
Expect From Employment.
• In 1965 Medicare Passed Which Became the 2nd Pillar
Underpinning Retirement.

7. • The Arab Oil Embargo in 1973/74 Vastly
Changed the Employment Landscape.
• After World War II Europe, Japan and Russia
Were Left Decimated as the War Was Fought
on Their Soil.
• This Left the United States and its Companies
Unchallenged.
• The United States Became a SuperPower
Economically and Militarily.

8. • The Creation of the Nations Roadway System Under President
Eisenhower Had Built the Foundation of Modern
Infrastructure.
• The Man on the Moon Project in the 60’s and the Space
Shuttle in the 70’s Created Great Innovations Such as: the
Creation of the Integrated Circuit, Microchips and Provided
the Application and Funding for Advances in Energy,
Agriculture, Health Care, Communications, Ceramics (Think
Fiber Optics) Computer and Digital Technology.

9. • This Laid the Foundation for Companies to
Adopt the Research the Government Did in
Manufacturing, Energy, Communications,
Health Care ,Computer and Digital Technology
Which Was Adopted by Companies Like IBM,
Microsoft , Apple, GE, AT&T, General Dynamics
and Many Others.

10. • However, in 1973/74 the Arab Oil Embargo and
the Skyrocketing Price of Oil Changed the
Economics of Doing Business in the United States.
• We All Know the Rising Price of Oil Resulted in
Hyper Inflation at the End of the 70’s and early
80’s.
• At the Same Time, the European and Japanese
Economies Began to Recover From the
Decimation of World War II.

11. • The Global Supremacy of Corporate America,
What We Now Call the Dow 30 and S&P 500 Was
Challenged by Foreign Companies.
• This Combination of Events Began to Break the
Social Contract That Existed Between Employees
and Their Companies that had been Fostered by
the New Deal, the Creation of Medicare and
Unions.
• The Paradigm of Employee Benefits Was About to
Change .

12. • In 1978 a Little-Known Section of the IRS Code
called 401(K) Was used to Create the 401(k)
Plan.
• This Represented a Major Shift in How People
Saved for Retirement.

13. • Up Until This Point Companies Provided Retirement
Income Benefits by Investing Money From Corporate
Earnings in a Plan that the Company Managed on Behalf
of their Employees.
• These Plans Known as Defined Benefit Plans Paid a
Monthly Income to Employees When They Retired
(Usually at the Social Security Full Retirement Age of 65).
• Retirement Income Paid by Company Defined Benefit
Plans was based on a Formula. Usually, the Retirement
Income Benefit Paid Benefits Based on the Best 5 Years of
the Last 10 Years of Service.
• So, the Company Pension Plan, Social Security and
Medicare Were the Pillars On Which Retirement Was
Based.

14. • The Birth of the 401k and the IRA (the Individual
Retirement Account) in 1980 Put the Burden of
Saving and Managing Retirement Assets Squarely
on the Shoulders of the Individual.
• Individuals Now Had to Save Their Own Money
and They Had to Manage Their Own Retirement
Plan Assets.
• This was All Driven by the Economic Pressures We
Have Been Discussing.
• Traditional Defined Benefit Company Pension
Plans Began to Disappear.

15. • In the Late 70’s and Early 80’s Additional Pressures
Began to Build. Whole Industries Began to Decline.
• One of the Most Notable Case Studies is the Steel
Industry. Companies Like U.S. Steel, Bethlehem Steel,
J&L Steel, National Intergroup and Others Stopped
Investing in their Mills.
• Mass Layoffs and Steel Mill Closures Decimated Areas
Like Pittsburgh, Akron, Cleveland, Birmingham,
Alabama and Many Other Cities.
• Pension Plans Had to Be Rescued by the Pension
Benefit Guarantee Corporation. A Government Insurer
of Defined Benefits Pension Plans so They Could
Continue to Pay Benefits.

16. • A Few Defined Benefit Pension Benefit Plans
Still Exist Today. However, Most Organizations
Have Either Converted Them to What are
Known as Cash Balance Plans. A Defined
Benefit Plan With No Guaranteed income
Benefit but Still Managed By the Company.
• Or a 401k Defined Contribution Only Model.

17. • No Discussion About Retirement Plans and
Retirement Income is Complete Without a
Discussion About Health Care and How the Cost
of Health Care Impacts You During Your Working
Years and in Retirement.
• If You Remember, Until the Mid 1980’s Health
Insurance Benefits Were Largely Paid for by Your
Employer.
• But, In 1987/88 Something Happened.

18. • The Cost of Health Care Began to Skyrocket. Advances
in Technology in Testing Such as: the MRI and CT Scan,
Advances in Treating Cancer, Spinal Treatments and
Other Diseases and the Cost of Drugs and
Pharmaceuticals Pushed the the Cost of Health Care
Higher.
• Advances in Bio-Technology Such as: the Mapping of
the Human Genome in 2002, Genetic Treatments
Which Have Been and Are in Development, the Use
and Application of Stem Cells, Regenerative Therapies
and Gene Splicing While Providing Life Saving
Treatment Continue to Raise Heath Care Costs.

19. • In 1988, in Response to the Rising Cost of Health Care
the Government Made-a-Decision to Cap the Cost of
Health Care at 18% of Gross Domestic Product (GDP).
This 18% Cap Exists to This Day.
• GDP is the Sum of All Goods and Services Sold in the
United States and is Measured Quarterly and Annually.
• To Contain the Cost of Health Care the Government
Gave Birth to a Health Insurance Concept Called
Managed Care.

20. • Managed Care First Was Expressed in a New
Type of Health Insurance called the Health
Maintenance Organization (HMO).

21. • The Purpose of the HMO Was Several Fold:
– 1. Lower the Cost of Health Care by Limiting Your
Provider of Heath Care to One Organization.
– Require Your Primary Care Doctor to be at the
Center of Managing Your Care and Approve All
Referrals to Specialists.
– Require the Individual Receiving Care to Be
Financially Responsible for a Portion of their Care
to Provide an Incentive to Only Seek Care When
Care is Needed.

22. Which Type of Health Insurance Is
Right for You?
• There Are Now Many Different Types of Managed
Care Plans Ranging From: HMO’s, Preferred
Provider Organizations (PPO’s), Medicare
Advantage Plans for the Retired and the Disabled,
Traditional Medicare, Medicaid, Indemnity Plans
and Others.
• As Health Care Has Become More Expensive, and
Requires a Greater Contribution by the Insured,
Health Care Needs to be Looked at Differently.

23. • If You Were Going to Buy a House or Car. We
All Know That to Make a Large Purchase We
Usually Have to Finance it Before We Buy it.
• Health Care Has Entered a Realm Where it is
No Different. We Are No Longer Able to
Obtain Health Care Unless We Can
Demonstrate How it Will Be Paid For.

24. • Therefore, We Must Separate the Financing of
Health Care From the Provision of Health Care.
• Once We Know How our Health Care Will Be Paid
for it Will Be Easier to Obtain it. It Will Also be
Easier to Obtain the Right Type of Health Care
Rather Than Settle for What Health Care
Providers Are Willing to Offer Based on What
They Think We Can Afford.

25. • This Truth is Especially Important in Retirement
When Your Income May be Less Than When You
Are Working.
• At a time in History When You are Typically
Required to Pay Approximately 20% of Your
Health Care Expenses.
• More if You Need Care Outside of the Provider
Network Your Health Insurance Company Has
Established Relationships With.

26. • Health Insurance has Also Followed the Model
that Occurred in Retirement Plans.
• As People are Now Responsible for Saving for
their Retirement and Managing Their
Retirement Assets. People Are Now
Responsible for Contributing to and Managing
the Cost of Maintaining Their Health.
• This Raises a Number of Questions?

27. • How Much Do I Need to Save?
• How Much Income Will I Need When I Retire?
• How Do I Balance the Cost of Educating My Children Against
My Need to Save for Retirement?
• How do I Insure Against an Interruption in Income Due to an
Illness , a Change in Compensation , Loss of a Job or if I lose
the Ability to Take Care of Myself?
• What Type of Health Care Will I Need?
• How Long Will I Live?
• How do I Protect My Savings, Investments, Home and Other
Assets If Someone Tries to Lay Claim to Them Due to a Health
Care or Other Financial Liability?

28. • These Are the Issues of Our Time
• The 4th Industrial Revolution
• A Shifting of Risk

29. Three Aspects to a Retirement Plan
– There is the Account Itself
– The Benefits the Tax Code Provides to the Account
– The Investments Held In the Account or Plan

30. Purpose of a Retirement Plan
–To Accumulate Savings, Investments and
Assets Which Can be Used to Create
Income During Retirement.
–When You No Longer Want to or Cannot
Work.

31. What is a Retirement Plan
• A Retirement Plan is an Account That
Offers Benefits Defined in the Tax Code
for:
• Depositing Funds
• Saving and Investing in the Account

32. • Defined Benefit Plan:
– Is a Company or Organizational Pension Plan That
Pays a Specific Income Benefit.
– Contributions Are Made by the Company or
Organization Out of Earnings .
– Plan is Managed by the Company or Organization.

33. • Defined Contribution Plan:
– Employee or Individual Saves Their Own Money.
– Employee or Individual Manages the Money in the
Plan.
– Accumulates a Lump Sum of Money to Create
Income During Retirement.
– We Will be Focusing on Defined Contribution
Plans.

34. Principles of Retirement Plans
• Must be Managed in the Best Interest of Employees and
Their Beneficiaries.
• Fees Must Be Reasonable and Fair (Means Low and Offers
the Best Value).
• Most Parties to the Plan Are Considered Fiduciaries to the
Plan Including the Companies and Organizations Who
Create the Plan.
• Money is Held in an Account That is Held Separately From
Company or Organizational Assets.
• Holds a Special Legal Status Where Plan Assets May be
Protected From Potential Creditors.
• Must be Managed So All Employees Benefit From the Plan
(Not Just Key Executives or Owners).A Concept Called
Parity.

35. • Structure of a Retirement Plan:
– Requires a Plan Document
– Which Creates the Plan
– Determines the Features, Terms and Conditions
Under which the Plan Operates

36. Parties to a Retirement Plan

37. – Role of the Trustee or Trustees
• The Trustee of the Plan Has the Job of Ensuring the
Retirement Plan is Operated Solely for the Benefit of
Those Participating in the Plan and Their Beneficiaries
• This Person is a Fiduciary
• Controls The Retirement Plan

38. Mom – The Practically Perfect Picture
of a Fiduciary
• A Fiduciary is a Person Who is Held to the
Legal Standard of a Prudent Expert Who is
Responsible for Safeguarding the Interests of
Participants in Retirement Plans.
• A Fiduciary is Personally Liable for Their
Decisions.
• Most Parties to a Retirement Plan are
Considered Fiduciaries.

39. Structure of a Retirement Plan
– There Must Be a Bank, Brokerage Firm, Insurance
Company or Other Financial Institution Who Holds
the Money and Investments Within the
Retirement Plan Account.
– This Institution is Known as the Custodian.

40. – Your Choice of Custodian Determines:
• The types of Savings and Investment Options That Are
Available to You.
• The Level of Account Insurance in the Event of a Default
by the Custodian or Financial Institution Holding the
Account, Savings and Investments .
• Fees That are Charged for the Retirement Plan Account.
• Your Choice of Who Administrates Your Retirement Plan
Account.

41. • Role of the Third-Party Administrator
– Breaks Out the Balances from the Retirement
Plan Account so Each Employee or Participant
Understands How Much they Have Accumulated
in Their Retirement Plan.
– Tracks the Value of Each Investment Option
Within the Plan.
– Tracks the Value of Savings Options Within the
Plan.
– Produces Statements for Each Participant.
– Does the Annual Tax Form Filing for the Plan.

42. Structure of a Retirement Plan
– Depends on the Type of Retirement Plan.
– The Number of People Participating in the Plan.
– The Investments Held In the Plan.
– Generally , the Greater the Number of People
Participating and the Number of Investment and
Savings Options in the Plan the Greater the Degree of
Complexity of the Plan.

43. What Are The Traditional Benefits
• An Annual Tax Deduction From Your Gross Income
Reducing Your Taxable Income.
• Example:
– If You Earn $100.00 and contribute $10.00 to Your
Retirement Plan (10% Contribution) You can deduct the
$10.00 from Your Income of $100.00 and only be taxed on
the remaining $90.00 of Income After Your $10.00
Contribution.
– $100.00 Income
– $10.00 Retirement Plan Contribution
– $90.00 Income Subject to Tax

44. What Are The Traditional Benefits
• Tax Deferral:
– No Taxes Are Paid Until the Money is Withdrawn.
– Taxes are Deferred Until the Money is Withdrawn
at Retirement Age (Starting at Age 59 ½).

45. How is Retirement Plan Income Taxed
– No Capital Gains Tax. Meaning No Tax on the
Appreciation of Savings and Investments Held in
Your Retirement Plan Account.
– Money is Taxed as Ordinary Income Based on Your
Tax Rate When Withdrawn.

46. • Investment Providers:
– Mutual Funds
– Exchange Trade Funds
– Usually Provided on a Technology Platform
– May Also Include Many Other Types of
Investments From Stocks, Bonds to Separately
Managed Accounts

47. Types of Defined
Contribution Plans
• Individual Retirement Plan (IRA)
• Simplified Employee Pension Plan (SEP-IRA)
• Savings Incentive Match Plans for Employers (SIMPLE
IRA) (Replaced SARSEP)
• Salary Reduction Simplified Employee Pension Plan
(SARSEP)
• KEOGH Plan (Also Known as an HR-10 Plan)
• Profit Sharing Plan
• 401(k) Plan
• 403(b) Plan (Non-Profit)

48. Traditional IRA
• An Individual Retirement Account Which Provides:
• Individual Contribution
• Tax Deduction for Contribution (Depending on Income
and Retirement Plan Coverage at Your Employer)
• Generally, Contribution is Not Deducted from a
Paycheck
• Tax Deferred Until Money is Withdrawn
• Choice of Custodian Determines Investment Choice
(Can be Self Directed or Not)
• Contribution Limits:
– $6500 Individual
– $7500 if Over 50

49. Traditional IRA
• Contributions Can be Made by the Individual
Until the Tax Filing Deadline (April 15th of the
Current Tax Year for the Previous Year)

50. SEP-IRA
• An Employer Based Retirement Account
• Employer Contribution
• Tax Deduction to Employer for the Contribution
on Behalf of the Employee
• Tax Deferred Until Money is Withdrawn
• Choice of Custodian Determines Investment
Choice (Can be Self Directed or Not)
• Contribution Limits:
– $25% of the Employees Compensation or
– $66,000 Which Ever is Less for 2023
• Requires a Plan Document to Create the Plan

51. SEP-IRA
• Participating Employee Must Be:
– 21 or Older
– Worked for Employer for Past 3 of the Last 5 Years
– Received at least $750 in Compensation From the
Employer During 2022
– Contributions Are Made Pre-Tax
– Percentage Contributions Must Be Equal for All
Employees
– No Catch-Up Contributions
– Can be Used by Self Employed, LLC , Sole
Proprietor (Small Company Plan)

52. SIMPLE Plan
• An Employer Based Retirement Account
• Employee Contribution With an Employer Match
• Tax Deduction to Employer for the Contribution on Behalf of the
Employee
• Tax Deferred Until Money is Withdrawn
• Choice of Custodian Determines Investment Choice (Can be Self Directed
or Not)
• Contribution Limits:
– $15,500 for 2023 ($14,000 for 2022)
– Over Age 50 Allows $3,500 Catch-Up Contribution for 2023 ($3,000 in 2022)
– Employer is Generally Required to Match Each Employee's Salary Reduction
Contributions on a Dollar-For-Dollar Basis Up to 3% of the Employee's
compensation
– Must be at Least 1% and For No More Than 2 out of 5 years
• Requires a Plan Document to Create the Plan

53. Keogh Plan
• Designed for the Self Employed and Small Business
• Offers Defined Benefit and Defined Contribution Options
– Can be a Combination of the Two
• Employer Based
• Tax Deferral Until Money is Withdrawn
• Tax Deduction to Employer for the Contribution on Behalf
of the Employee
• Contribution Limits:
– 25% of Income
– Maximum Contribution of $66,000 for 2023 ($61,000 for 2022)
• Plan Documents Required

54. Profit Sharing Plan
• An Employer Based Retirement Account
• Employer Contribution
• Tax Deduction to Employer for the Contribution on Behalf of the
Employee
• Tax Deferred Until Money is Withdrawn
• Choice of Custodian Determines Investment Choice (Can be Self
Directed or Not)
• Contribution Limits:
– 25% of the Employees Compensation or
– $66,000 Which Ever is Less for 2023 ($73,500 Including Catch Up for
2023)
• Can Be Paired With a 401k Plan for Discretionary Contributions
• Requires a Plan Document to Create the Plan

55. 401k Plan
• An Employer Based Retirement Account
• Employee Contribution May Have an Employer Match
• Tax Deduction to Employer for the Match on Behalf of the
Employee
• Tax Deferred Until Money is Withdrawn
• Choice of Custodian Determines Investment Choice (Can be Self
Directed or Not)
• Contribution Limits
– Must be Earned Income
– $22,5000 Maximum Contribution
– $7.500 Catch-Up Contribution
– Payroll Tax Deduction
– Vesting Requirements
• Can Be Paired With a Profit-Sharing Plan for Discretionary
Contributions
• Requires a Plan Document to Create the Plan

56. 403(b) Plan
• Non-Profit Version of the 401(k)
• Created by Section 403(b) of the IRS Code
• Allows Investment Only in Mutual Funds and Annuities
• All Assets Can be Held on a Technology Platform
– Prior Exception Was the 403(b)(7) Account
– Individual Could Open Directly With Financial Institution
– Required a Salary Reduction Agreement to Make Pre-Tax
Contributions
• Non- Profits Also Allowed to Create 401(k) Plans

57. Investments That Can Be Held in a
Retirement Plan
• Money Markets Futures
• United States Government Securities Physical Gold
• Certificates of Deposit
• Stocks
• Bonds
• Mutual Funds
• Commercial Paper
• Index Funds
• Annuities
• Exchange Traded Funds
• International Investments
• Real Estate Investment Trusts
• (Including Exchange Traded Master Limited Partnerships)
• Listed Options (May be Limited to Covered Calls Only in Brokerage Windows)
• Funds Investing in Commodities, such as Precious Metals, Energy and Agriculture
*Trustee and Plan Documents Must Allow the Investments

58. What is an Annuity
• An Annuity is a Stream of Payments Made at a
Predetermined Interval.
• Tax Code Confers Benefits on Insurance
Products. Annuities Grow Tax Deferred.
• Deferred Annuity:
– Accumulation Phase
– Annuitization or Distribution Phase
• Immediate Annuity:
– Put in a Certain Amount of Money
– Get a Stream of Payments Over Time

59. What is an Annuity
• Fixed Annuity:
– Guaranteed by the Full Faith and Credit of the
Insurance Company
– Subject to Credit Risk of the Insurance Company
• Variable Annuity:
– Invests in Mutual Funds, Exchange Traded Funds
– Held in a Separate Account so as Not to be a Liability
of the Insurance Company
• Generally, Characterized by High Expenses and
Fees (Few Exceptions).
• Many Products Masquerading as Annuities.

60. What is an Annuity
• Tradeoff is Income Backed by the Insurance
Company Versus Liquidity, Expenses and
Opportunity Cost of Investing Elsewhere for a
Better Return.
• Insurance Products Like Annuities Have Benefits
Provided by the Tax Code Such as Tax Deferral.
• Not Appropriate for a Retirement Plan.
– Never Put a Tax Deferred Investment Into an Account
Which is Already Tax Deferred.

61. Non-Qualified Retirement Plans
• Used in Addition to a Regular or Qualified Retirement Plan
• Account Does Not Offer All the Tax Benefits of a Qualified Plan
– No Tax Deduction From Gross Income
– May Have Some Tax Benefits Outlined in the Tax Code Like
Tax Deferral of Annuities
– Last type of Plan to Use to Save for Retirement
• Employer Retirement Plan
• IRA
• Non-Qualified Plan

62. Deferred Compensation
Plans
• Created by a Company or Organization for Key Employees
• Offers Tax Deferral
• Is a Liability of the Company or Organization
• Can be Attached by Company Creditors
• Annuities are Sometimes Sold as a Deferred Compensation
Plan
• Can be Invested in Securities or other Investments When
Created With a Plan Document

63. How is Income Created From a
Retirement Plan
• Once You Have Accumulated Assets and You
Reach Retirement Age You Have Reached the
Distribution Phase. It is Now Time to
Determine How Much Income Your
Retirement Assets Will Create for How Long.

64. How is Income Created From a
Retirement Plan
• The Key is to:
– Project How Long You Want the Money to Last?
– What Rate of Return Will Your Assets Realize While
You Are Retired?
– How Will Inflation Erode Your Purchasing Power?
– Project What Expenses You Will Have in Retirement
Such as Health Care, Transportation, Communication,
Housing, Travel and Taxes?
– Determine How Much You Can Withdraw Annually?

65. Tools to Calculate How Much Income
Your Retirement Income
• The 4% Rule:
– Withdraw No More Than 4% of Your Savings Per Year
• The Rule of 72:
– Tells You What Rate of Return You Need For Your Assets to
Double
– A 5% Rate of Return Will Double Your Assets Every 14.4
years
• Subtract Your Projected Rate of Inflation From Your
Projected Return
• Use Realistic Numbers
• Account for Social Security

66. Strategically Finance Your Health Care
• Consider a Health Savings Account for High
Deductible Health Insurance Plans:
– Allows You to Use Money for Health Care Expenses
– Money Grows Tax Deferred
– Money Can be Invested
– Can be Rolled Over Every Year Without Penalty
– Can Be Used for Retirement Income or Health Care
Expenses at Retirement Age
– Determine What You Are Insuring Against

67. Strategically Finance Your Health Care
and Your Retirement
• Evaluate Legal Entities that Offer Creditor Protection
• Review the Title and Registration of Your Assets
• Select and List Beneficiaries
• Determine How You Will Be Cared For in the Event of
Illness or Incapacitation
• Create a Budget for the Needed Types of Insurances
like Life, Health, Mortgage, Long Term Care)
• If They are Expensive Develop a Plan
– Save
– Invest
– Use Medicaid if You Exhaust Your Income and Assets

68. How Are Retirement Plans Regulated
• Retirement Plans are Regulated by a Set of
Laws, Regulations and Court Decisions Which
Have Evolved Over a Long Period of Time and
Are Still Evolving.

69. Laws Regulating Retirement Plans
• Regulation and Law is Created and Enforced by
the Department of Labor.
• ERISA (Employees Retirement Income Security
Act) Regulates Retirement Plans and Employer
Based Health Care.
• The Pension Protection Act of 2006.
• Rule 408(b)(2)-The Fee Regulation.
• The Best Interest, Fiduciary and Conflict of
Interest Rules.

70. The Affordable Care Act
• Regulates Health Insurance For People:
– Not Covered by Medicare
– Not Covered by Employer Based Coverage
– Offers a Consumer Health Insurance Exchange
– Offers a Small Business Health Insurance Exchange
– Subsidies to Purchase Health Insurance
• Consumer
• Small Business
– Governed and Administered by the Centers for
Medicare and Medicaid Services
• WWW.CMS.Gov

71. Types of Fees
• Account Fees
• Custodial Fees
• Third Party Administration
• Costs of Investments
• Advisory Fees
• Accounting Fees
• Valuation Fees
• Tax Filing Fees (Form 5500)
• Attorney Fees
• Bundled Service Provider Fees
• Revenue Sharing Rules
• Actuarial Fees

72. We Help Improve Your Life
How Will You Strategically Plan Your Retirement,
Your Health Care and Protect Your Savings and
Investments?
Questions, Concerns Call 412-388-0500