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Tax-Favored Retirement Plans

This is the second Action Assignment in this course. For this lesson, you are asked to match the different types of retirement plans first with different types of businesses and then with specific businesses you know. It may be necessary to refer to Ohio National's Comparison of Tax-Favored Retirement Plans (Form 1789) to answer some questions.

  1. A 401(k) plan can be used with all the following types of business organization, EXCEPT:

    1. A Sole Proprietorship
      2.
    2. A Closely Held Corporation
      3.
    3. A County Government Agency
    4. A Professional Partnership

  2. A closely held corporation has a 56-year-old owner. All other employees are in their 30s and early 40s. There is no qualified retirement plan in place. Assuming the owner is willing to expend whatever amount is necessary to provide herself with a meaningful retirement benefit at age 65, which of the following options would fund the largest possible benefit for the owner?

    1. Traditional 401(k) Plan
      2.
    2. SEP IRA
      3.
    3. Age-Weighted Profit Sharing Plan
      4.
    4. Fully Insured Defined Benefit Pension Plan

  3. While the suitability of any plan type cannot be fully determined until a detailed analysis of the business and businessowner's needs is completed, matching plan types to the type of business or businessownership is a starting point for discussion. Match up businesses you know with the type of plan that best suits each. For each of the following types of plans, write the names of three (3) or more businesses or businessowners that are a good match for it. Names can be used with more than one plan type. Be prepared to discuss with your General Agent or trainer a sales plan for how you might approach some or all of these businessowners.

    Plan Type:

    Business/Businessowner Name:
    Traditional 401(k)


    Safe Harbor 401(k)


    SIMPLE 401(k)


    SIMPLE IRA


    SEP IRA


    Traditional Profit Sharing


    Cross-Tested Profit Sharing


    Age-Weighted Profit Sharing


    Target Benefit


    403(b)


    Government 457(b) Eligible


    Traditional Defined Benefit


    Fully Insured Defined Benefit Pension Plan


Please print this Action Assignment using the "Printer Friendly" button at the top of this page. Once it is complete, sign it and submit it to your General Agent for his or her signature. Give one signed copy to the General Agent and fax/send another copy to Field Development Operations at the corporate headquarters — (513) 794-4515.

Unit XXI: Qualified Retirement Plans
Section II Action Assignment Satisfactorily Completed

DATE: __________

 SIGN OFF
General Agent/Trainer:
Sales Associate:
Firm (Print):


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