Deferred Compensation Basics For The Payroll Professional
Give the payroll professional an overview of several different types of deferred compensation plans and how it affects payroll
- Review non-discrimination testing and why it is so important
- What is the difference between a Defined benefit plan and defined contribution plan
- Understanding annual contribution limits and catch-up limits
A basic review of the deferred compensation IRS section # and what they mean in regards to how plans must be run to keep the tax benefits.
Why should you attend?
- Understanding the difference between Defined Benefits Plans and Defined Contribution Plans
- Details around both qualified and non-qualified plans plus what is the difference of each
- How to properly report plans to the IRS and employees on the W-2
- What is discrimination testing and how it impacts a company?
- What is the importance of the annual limits?
Background of the topic:
Employers have a wide range of deferred compensation plans they can provide employees as a method to save for retirement. The impacts to payroll can range and understand the differences between all the different plans can be very confusing for the payroll professional. This webinar will help the payroll professional be better at understanding commonly used plans and how in payroll these plans affect them.
Areas Covered in the Session:
- Qualified Pension and Profit Sharing Plans (IRC 401 (a))
- Defined Benefit Plans
- Defined Contribution Plans
- Annual Limits
- Catch-up Contributions
- Discrimination Testing
- Cash or Deferred Arrangements (IRC 401(k))
- Tax Sheltered Annuities (IRC 403(b))
- Deferred Compensation Plans for public sector and Tax-exempt groups (IRC 457(b))
- Employee Funded Plans (IRC 501(c)(18)(D))
- Non-qualified Deferred Compensation Plans
Who will benefit:
- Payroll HR Professionals
- Accounting professionals
- Compensation Professionals
Presenter BIO
Dayna is currently the Payroll Tax & Garnishment Manager at PetSmart Inc. Dayna has been heavily involved in the payroll field over 17 years. Starting as a payroll clerk at a small Tucson company, Dayna moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. She also received several merit awards for Customer Service and Acquisitions and Divestitures. Dayna is no stranger to teaching she has taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference. Topics including Payroll Basics, Global/Cultural Awareness, Immigration Basics for the Payroll Professional, Multi-State and Local Taxation and Quality Control for Payroll, International and Canadian payroll. Dayna has her CPP (Certified Payroll Professional) through the APA. She also serves on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee). Dayna has received a Citation of Merit for her service along with being a Gold Pin member of the APA. Besides her payroll accomplishments Dayna is certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.
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