Shapiro, & Associates, Inc. provides consulting and administrative services for
accountants, attorneys, financial advisors and their clients.
New Plan Design
Annual Administrative Functions
Fred S. Shapiro &
Associates, Inc. designs, installs and provides annual administrative services
for tax-qualified pension and profit sharing plans. These plans are
custom-tailored to the needs of the firm's clients, who are referred by
accountants, attorneys and numerous financial advisors, including financial
planners, life underwriters and stockbrokers.
understanding the various technicalities of TRA'86, UCA'92, OBRA'93, GUST and
EGTRRA, the most recent legislation impacting the provisions qualified
retirement plans, Fred S. Shapiro & Associates, Inc. provides its clients with
initial as well as updated advice in order to maintain compliance with the laws.
Prior to the
design and installation of a new plan, census data reports are carefully
evaluated in order to design favorable plan concepts, achieving the objectives
the client wishes to accomplish. Plan proposals are created, reviewed and
evaluated by the client and their combination plans, Fred S. Shapiro &
Associates, Inc. carefully prepares the plan and trust for approval. All
ancillary requirements such as Form 5300 series, Notice to Employees, Summary
Plan Description, Minutes adopting the plan, applications for Plan and
Administrator identification numbers and cover letters to the federal agencies
involved are included as part of the installation package. Installation
follow-up is continued through and including Internal Revenue Service Approval
of the plan.
On an annual
administrative basis, Fred S. Shapiro, & Associates, Inc. secures all pertinent
census and plan financial data, calculates the desired or required annual
contribution, prepares government forms including the Internal Revenue Service
5500 series and the required Summary Annual Report for the Department of Labor,
allocates profits, losses, interest and dividends, prepares participant benefit
statements, provides actuarial calculations and Schedule B certification, and
discusses the direction of the plan with the client. In addition, calculations
are made for beneficiaries of deceased participants as well as terminated,
retired or disabled members of the plan.
On a fee basis,
the firm is available to prepare any new Summary Plan Description as required by
substantive plan amendments, to prepare desirable plan adjustments or amendments
allowable within the scope of the Internal Revenue Code and to represent the
client in an Internal Revenue Service audit of the plan.
technical seminars are provided for accountants, financial planners, investment
advisors, and life underwriters on topics including the Defined Benefit Plan,
Target Benefit Plan, Age Weighted Profit Sharing Plan, Rate Group Benefit Plan
(New Comparability), 401(K) Profit Sharing Plan as well as The Tax Reform Act of
1986, The Unemployment Compensation Act of 1992, The Omnibus Budget
Reconciliation Act of 1993, The Small Business Job Protection Act of 1996, The
Taxpayer Relief Act of 1997 and the Economic Growth and Tax Relief
Reconciliation Act of 2001.
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The GUST amendments, for which the Internal Revenue Service is requiring
all plans be rewritten to include, are summarized as follows:
Uruguay Round Agreement Act: - Or - GATT - (General Agreement of
Tariffs and Trade) - Specifically, the law revises the minimum requirements for
single-employer defined benefit plans and requires more disclosure of plan
underfeeding to participants among other issues.
Uniformed Services Employment and Reemployment Rights Act: - USERRA -
was designed to encourage non-career service in the the armed forces by
eliminating or minimizing the disadvantages to civilian careers and employment,
reemployment retention, promotion or any other benefit of employment on the
basis of that service.
The Small Business Job Protection Act of 1996: - or SBJPA96 - this
amendment affects the definition of Highly Compensated Employee, Family
Aggregation, Testing methods, the definition of Compensation and lays the
groundwork for the 401(k) Safe Harbor Options.
The Taxpayer Relief Act of 1997: - or TRA97 - this amendment affects
certain limits for cash out thresholds, funding limits on Defined Benefit Plans,
diversification of 401(k) investments, and several other provisions relating to
pensions and other benefits.
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