Estate Planning: Incorporating Keogh Plans into Your Estate Planning

1. Introduction to Estate Planning and Keogh Plans

Estate planning is a critical process that involves the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. Among the myriad of tools and strategies available for estate planning, Keogh plans stand out as a unique option, particularly for self-employed individuals and small business owners. These tax-deferred pension plans allow for higher contribution limits compared to other types of retirement accounts, making them an attractive component of a comprehensive estate plan.

From the perspective of a financial advisor, incorporating a Keogh plan into an estate plan can significantly impact the future financial security of an individual's beneficiaries. It's a way to ensure that the wealth accumulated through a lifetime of hard work is not only preserved but also continues to grow even after one's passing. On the other hand, a tax consultant might emphasize the tax benefits associated with Keogh plans, as contributions can reduce taxable income and the earnings in the plan grow tax-deferred until withdrawal.

Here are some in-depth insights into how Keogh plans can be integrated into estate planning:

1. Contribution Limits: Keogh plans have higher contribution limits than IRAs or 401(k)s, allowing for substantial amounts of money to be put aside for retirement. For example, in 2021, the limit was up to 25% of compensation or $58,000, whichever is less.

2. Tax Implications: contributions to Keogh plans are tax-deductible, and the investment grows tax-deferred. This can be a significant advantage when considering estate taxes and the overall taxable estate.

3. Flexibility in Beneficiary Designations: Keogh plans offer the flexibility to name any person or entity as a beneficiary, which can be strategically used to direct assets to the intended heirs without going through probate.

4. required Minimum distributions (RMDs): Like other retirement plans, Keogh plans are subject to RMDs. However, strategic planning around these distributions can help in tax planning for the estate.

5. Combining with Trusts: Keogh plans can be combined with trusts to control the distribution of assets. For instance, a trust can be named as the beneficiary of the Keogh plan, providing more control over the disbursement of funds.

To illustrate, consider the case of a self-employed graphic designer who has a Keogh plan. Upon their death, the assets in the Keogh plan can be transferred to a trust established for their children, ensuring that the funds are used for education or other specific purposes, rather than a lump-sum distribution.

Keogh plans offer a robust vehicle for estate planning, especially for those who are self-employed or own small businesses. They provide a means to save for retirement in a tax-efficient manner while also ensuring that one's legacy is passed on according to their wishes. It's important for individuals to consult with financial and legal professionals to tailor an estate plan that best suits their unique situation and goals. Estate planning is not a one-size-fits-all endeavor, and the inclusion of a Keogh plan requires careful consideration of the individual's financial landscape and future aspirations for their estate.

2. Understanding the Basics of Keogh Plans

Keogh plans, named after Congressman Eugene Keogh, are retirement plans for self-employed individuals and unincorporated businesses. They offer a way to save for retirement with tax advantages similar to those of other qualified retirement plans. Understanding Keogh plans is crucial for anyone who is self-employed or runs their own business and is considering their estate planning options.

From the perspective of a financial advisor, Keogh plans are attractive because they allow for higher contribution limits compared to other retirement plans, such as IRAs. This means that individuals can set aside more money for retirement, which can grow tax-deferred until withdrawal. For estate planning, this can be significant as it allows for a larger portion of an individual's wealth to be transferred to beneficiaries in a tax-efficient manner.

From the standpoint of a tax professional, the benefits of Keogh plans in estate planning are clear. Contributions reduce taxable income in the year they are made, and the funds within the plan grow tax-free until they are distributed. This can lead to substantial tax savings over time, which is an important consideration when planning one's estate.

Here are some in-depth points about Keogh plans:

1. Types of Keogh Plans: There are two main types of Keogh plans – defined benefit plans and defined contribution plans. The former promises a specified monthly benefit at retirement, while the latter does not promise a specific amount of benefits at retirement.

2. Contribution Limits: For defined contribution plans, the contribution limit is up to 25% of compensation or a maximum of $58,000 (as of 2021), whichever is less. Defined benefit plans have higher limits, designed to fund a target benefit amount at retirement.

3. Tax Implications: Contributions to Keogh plans are tax-deductible, and the investment growth is tax-deferred. Taxes are paid upon withdrawal, ideally at a lower tax rate in retirement.

4. Eligibility: To be eligible for a Keogh plan, you must have net earnings from self-employment in a trade or business where your services are a material income-producing factor.

5. Withdrawal Rules: Funds can typically be withdrawn without penalty after age 59½, but withdrawals must begin by April 1 of the year following the year in which you turn 72.

6. Estate Planning Benefits: Keogh plans can be included in estate planning. They can be passed on to beneficiaries, who can then take distributions over their lifetimes, potentially stretching the tax advantages.

For example, consider a self-employed graphic designer who earns $100,000 annually. They could contribute $25,000 to their Keogh plan each year. Over 20 years, assuming a conservative annual return of 5%, this could grow to over $800,000. This sum could then be passed on to heirs as part of the designer's estate, providing a significant financial legacy.

Keogh plans are a powerful tool for both retirement savings and estate planning, particularly for those with high incomes from self-employment. They offer flexibility, tax advantages, and the potential for substantial growth of retirement funds, which can be a cornerstone of a well-structured estate plan. It's essential for individuals to consult with financial and tax professionals to fully understand the implications and benefits of incorporating Keogh plans into their estate planning strategy.

3. The Benefits of Including Keogh Plans in Your Estate

Keogh plans, also known as HR10 plans, present a unique opportunity for self-employed individuals and unincorporated businesses to create a retirement savings that is both tax-deferred and potentially expansive in its contribution limits. When considering estate planning, the inclusion of a Keogh plan can be particularly beneficial. From a tax planning perspective, these plans can offer significant advantages. Contributions to a Keogh plan are tax-deductible, reducing the taxable estate and thus potentially lowering estate taxes. Moreover, the funds within a Keogh plan grow tax-deferred until withdrawal, which can be a powerful tool for wealth accumulation.

From the standpoint of retirement and estate planning, Keogh plans can be a cornerstone for ensuring financial security. They allow for higher contribution limits compared to other retirement accounts, which can be especially advantageous for those who start their retirement planning later in life or wish to catch up on their savings. Additionally, Keogh plans offer the flexibility of choosing between defined benefit and defined contribution plans, allowing individuals to tailor their retirement savings to their specific financial goals.

1. Tax Advantages:

- Contributions are tax-deductible: By contributing to a Keogh plan, individuals can lower their current taxable income, which can be particularly beneficial for those in higher tax brackets.

- Estate tax reduction: Since contributions reduce the taxable estate, there is the potential for significant estate tax savings, especially for larger estates.

2. High Contribution Limits:

- Generous contribution caps: Keogh plans have higher contribution limits than IRAs and 401(k)s, allowing for more substantial tax-deferred growth over time.

- Catch-up contributions: For those over 50, Keogh plans may offer catch-up contributions, providing an opportunity to bolster retirement savings later in life.

3. Flexibility in Plan Types:

- Defined Benefit Plans: These plans allow for predictable retirement benefits, which can be ideal for those seeking a stable income stream in retirement.

- defined Contribution plans: These plans, such as profit-sharing plans, give individuals control over how much they contribute each year.

4. Loan Provisions:

- Borrowing against the plan: Some Keogh plans may allow participants to take loans against their account balance, providing financial flexibility when needed.

5. Asset Protection:

- Creditor protection: In many cases, assets held within a Keogh plan are protected from creditors, which can be an essential consideration for business owners.

Example:

Consider a self-employed consultant, Jane, who earns a substantial income and is in her late 40s. She has been focused on growing her business and has not prioritized retirement savings. By starting a Keogh plan, Jane can make large, tax-deductible contributions that not only reduce her current tax liability but also build a significant retirement nest egg. If Jane contributes $50,000 annually to her Keogh plan, assuming an average annual return of 7%, she could accumulate over $1 million in 20 years. This strategy not only secures her retirement but also lowers her taxable estate, potentially saving on estate taxes.

Keogh plans offer a robust framework for retirement savings that can play a pivotal role in estate planning. Their tax benefits, high contribution limits, and flexibility make them an attractive option for high-earning self-employed individuals and unincorporated business owners. By incorporating a Keogh plan into an estate plan, one can ensure a more secure financial future while optimizing tax efficiencies. It's a strategic move that can pay dividends for years to come.

4. How Keogh Plans Work Within an Estate Planning Framework?

Keogh plans, named after the congressman who helped create them, are tax-deferred pension plans available to self-employed individuals or unincorporated businesses for retirement purposes. Within an estate planning framework, Keogh plans serve as a valuable tool for asset protection and wealth transfer, offering a way to reduce estate taxes and provide for beneficiaries. They are particularly advantageous for high-earning self-employed individuals who wish to save more for retirement than is allowed under traditional retirement accounts.

From the perspective of estate planning, Keogh plans can be integrated into one's estate in several ways:

1. Beneficiary Designations: Just like IRAs and 401(k)s, Keogh plans allow the account holder to designate beneficiaries. This means that upon the death of the account holder, the assets in the Keogh plan can pass directly to the named beneficiaries without going through probate.

2. estate Tax benefits: Contributions to a Keogh plan reduce the taxable estate because they are made with pre-tax dollars. This can be particularly beneficial for estates that may be subject to federal estate taxes.

3. Stretch-Outs: Beneficiaries of Keogh plans have the option to "stretch out" distributions over their own life expectancies, potentially deferring taxes and allowing the investments to grow tax-deferred for a longer period.

4. Required Minimum Distributions (RMDs): Account holders must begin taking RMDs by April 1 following the year they turn 72. However, if the account holder passes away before this age, the beneficiaries may have different options for distributions, which can be strategically planned for tax advantages.

5. Asset Protection: In many states, Keogh plans are protected from creditors, which can be an important consideration for business owners who want to shield their retirement savings from potential lawsuits or business debts.

For example, consider a self-employed consultant with a high income who is looking to both save for retirement and reduce her taxable estate. She opts for a Keogh plan, which allows her to contribute significantly more than a traditional IRA or 401(k) would. She names her adult children as beneficiaries. Upon her passing, her children can choose to take distributions over their lifetimes, which not only spreads out the tax liability but also allows the funds to continue to grow tax-deferred.

Keogh plans can be a powerful component of an estate plan, offering tax benefits, asset protection, and the ability to pass wealth to beneficiaries in a tax-efficient manner. When used strategically, they can help ensure that one's retirement savings are preserved and passed on according to their wishes, making them an essential consideration for self-employed individuals and small business owners in the context of estate planning.

5. Tax Implications of Keogh Plans for Estate Planning

Keogh plans, named after Congressman Eugene Keogh, are tax-deferred pension plans available to self-employed individuals or unincorporated businesses for retirement purposes. As part of estate planning, understanding the tax implications of Keogh plans is crucial because they can significantly affect the value of the estate and the tax burden on heirs.

From the perspective of an estate planner, Keogh plans are attractive because they offer tax-deferred growth, meaning the investments in a Keogh plan grow without being subject to tax until withdrawals begin. This can result in a substantial nest egg that can be passed on to heirs. However, it's important to consider that distributions from Keogh plans are taxed as ordinary income. Therefore, if large balances are left to beneficiaries, they could face considerable tax liabilities.

1. Required Minimum Distributions (RMDs):

Keogh plans are subject to RMDs, which are mandatory withdrawals that must begin by April 1 following the year the account holder turns 72. The amount of the RMD is based on the account balance and the beneficiary’s life expectancy. If the original account holder passes away before RMDs have begun, the entire balance of the account may need to be distributed within five years, potentially leading to a significant tax bill for heirs.

2. estate Tax considerations:

The value of a Keogh plan is included in the estate for estate tax purposes. If the total estate, including the Keogh plan, exceeds the federal estate tax exemption amount ($11.7 million in 2021), estate taxes may be owed. This can reduce the amount passed on to heirs.

3. Beneficiary Designations:

Keogh plans allow the account holder to designate beneficiaries, which can bypass probate and go directly to the named individuals. This feature provides an opportunity to plan strategically for how the assets will be distributed.

4. Spousal Transfers:

If a spouse is named as the beneficiary, the Keogh plan can be transferred to the surviving spouse's own retirement account, which can defer taxes further and provide for a more tax-efficient transfer of wealth.

5. Non-Spousal Heirs:

Non-spousal heirs, such as children or grandchildren, have different options. They can take a lump-sum distribution, subject to income tax, or transfer the assets into an inherited IRA and take distributions over their lifetime, spreading out the tax liability.

Example:

Consider a self-employed graphic designer, John, who has accumulated $500,000 in his Keogh plan. Upon his death, his daughter, the sole beneficiary, must decide how to handle the inheritance. If she opts for a lump-sum distribution, she could be pushed into a higher tax bracket, owing a significant amount in taxes. Alternatively, if she transfers the funds into an Inherited IRA, she can take smaller distributions based on her life expectancy, potentially reducing the immediate tax impact.

Keogh plans can be a powerful tool in estate planning, but it's essential to navigate the tax implications carefully. consulting with a financial advisor or estate planner can help ensure that the Keogh plan is integrated into the estate plan in a way that minimizes taxes and maximizes the value for beneficiaries.

6. A Step-by-Step Guide

When considering estate planning, incorporating a Keogh plan can be a strategic move for self-employed individuals or unincorporated businesses looking to secure their financial future. A Keogh Plan, also known as an HR10 plan, allows for higher contribution limits compared to other retirement accounts, making it an attractive option for those with higher incomes seeking to minimize their tax burden while maximizing retirement savings. The process of setting up a Keogh Plan involves several steps, each requiring careful attention to detail to ensure compliance with IRS regulations and alignment with one's estate planning goals.

From the perspective of a financial advisor, the importance of a Keogh plan in estate planning cannot be overstated. It not only provides a robust vehicle for retirement savings but also offers tax-deferred growth, which can significantly enhance the value of the estate. On the other hand, legal professionals might emphasize the need for proper documentation and adherence to legal requirements when establishing a Keogh Plan to avoid complications in the future.

Here's an in-depth, step-by-step guide to setting up a Keogh Plan:

1. Determine Eligibility: Ensure that you qualify as a self-employed individual or own an unincorporated business. For example, a freelance graphic designer with a steady income stream would be eligible to set up a Keogh Plan.

2. Choose the Type of Plan: Decide between a defined-benefit plan, which promises a specific payout at retirement, or a defined-contribution plan, where contributions are made regularly. For instance, a small business owner might opt for a defined-contribution plan for its flexibility in contribution amounts.

3. Create a Plan Document: Draft a formal document outlining the plan's features and funding methods. This document serves as the foundation of your Keogh Plan and must be IRS-compliant.

4. Set Up a Trust for the Plan's Assets: This trust will hold and manage the plan's investments. It's crucial to appoint a reliable trustee—often a financial institution or a professional trustee.

5. Establish a Recordkeeping System: Accurate records are vital for tracking contributions, earnings, and distributions. Utilizing software or hiring a plan administrator can streamline this process.

6. Inform Eligible Employees: If you have employees, they must be informed about the plan and their rights within it. clear communication is key to ensuring that all eligible participants are aware of their options.

7. Make Contributions: Decide on the contribution amount, which can vary each year within the limits set by the IRS. For example, in 2021, the limit for a defined-contribution plan was up to 25% of compensation or $58,000, whichever is less.

8. File Necessary Reports with the IRS: Submit annual reports using Form 5500 or Form 5500-EZ, depending on the plan's specifics.

9. review and Update the plan Regularly: Keep the plan current with any changes in tax laws or personal financial circumstances. An annual review is recommended.

10. Plan for Distributions: Understand the rules for distributions, which typically begin at age 70½, and consider how they will integrate with your overall estate plan.

For example, let's consider a consultant named Alex, who earns $120,000 annually and wants to maximize retirement savings. Alex opts for a defined-contribution Keogh Plan and contributes the maximum allowable amount each year. Over time, these contributions, combined with tax-deferred growth, result in a substantial nest egg that becomes a key component of Alex's estate plan.

In summary, setting up a Keogh Plan is a multi-faceted process that requires a strategic approach and careful planning. By following these steps and seeking professional advice when necessary, individuals can effectively incorporate a Keogh Plan into their estate planning, ensuring financial security for themselves and their beneficiaries.

7. Keogh Plans vsOther Retirement Plans in Estate Planning

When considering estate planning, the integration of retirement plans is a pivotal element that can significantly influence the financial legacy one leaves behind. Among the various retirement plans available, Keogh Plans stand out for self-employed individuals and unincorporated businesses due to their higher contribution limits and tax benefits. However, comparing keogh Plans with other retirement options such as 401(k)s, IRAs, and Roth IRAs is essential to understand their unique advantages and potential drawbacks within the context of estate planning.

1. Contribution Limits: Keogh Plans allow for higher contribution limits compared to traditional IRAs and 401(k)s. For example, in 2021, individuals could contribute up to $58,000 or 25% of their compensation to a Keogh Plan, whereas the limit for a 401(k) was $19,500 plus a catch-up contribution for those over 50.

2. Tax Treatment: Contributions to Keogh Plans are typically tax-deductible, reducing taxable income in the contribution year. This contrasts with Roth IRAs, where contributions are made with after-tax dollars, but withdrawals during retirement are tax-free.

3. Investment Growth: The tax-deferred growth of investments in Keogh Plans is a common trait shared with other retirement accounts. This allows the investments to compound over time without the immediate tax liability.

4. Withdrawal Rules: Keogh Plans have required minimum distributions (RMDs) starting at age 72, similar to traditional IRAs and 401(k)s. However, Roth IRAs do not require RMDs, which can be advantageous for estate planning as the account can continue to grow tax-free for heirs.

5. Estate Tax Benefits: The value of Keogh Plan accounts can be included in the estate for tax purposes. However, beneficiaries typically have options for distributions that can spread the tax liability over time, similar to inherited IRAs.

6. Flexibility in Beneficiary Designations: Keogh Plans offer flexibility in naming beneficiaries, which is crucial in estate planning. This allows the account holder to control the distribution of assets beyond their lifetime.

For instance, consider a self-employed consultant with a Keogh Plan who has accumulated $500,000 in their retirement account. By carefully designating beneficiaries and understanding the tax implications, they can ensure that their heirs receive the maximum benefit from these funds while minimizing the estate's tax burden.

While Keogh Plans offer distinct advantages for the self-employed with higher contribution limits and tax deductions, it's important to weigh these benefits against the rules and features of other retirement plans. Each plan type can play a strategic role in estate planning, and the choice often depends on individual circumstances, goals, and the potential tax environment at the time of retirement and beyond. Estate planning professionals can provide valuable guidance in selecting the most appropriate retirement plan to incorporate into one's estate plan.

8. Managing and Updating Your Keogh Plan as Part of Your Estate

Managing and updating your Keogh plan is a crucial aspect of estate planning, particularly for self-employed individuals or small business owners who have taken the initiative to secure their retirement through these tax-deferred pension plans. As with any component of an estate, a Keogh plan requires regular review to ensure that it aligns with your current financial situation, life changes, and estate planning goals. It's not just about setting up the plan and then forgetting it; active management is key to optimizing its benefits for both your retirement and your estate.

From the perspective of an estate planner, the Keogh plan is a valuable tool for wealth accumulation and transfer, offering tax advantages that can significantly impact the value of the estate. Financial advisors often emphasize the importance of beneficiary designations, as these dictate who will inherit the assets in the Keogh plan. It's essential to review and update these designations periodically, especially after major life events such as marriage, divorce, the birth of a child, or the death of a previously named beneficiary.

Legal professionals might highlight the need for integrating your Keogh plan into your will or trust to ensure that it is handled according to your wishes. Without proper alignment between your Keogh plan and other estate documents, there could be conflicts or delays in executing your estate plan.

Tax advisors, on the other hand, would focus on the tax implications of distributions from the Keogh plan, both during your lifetime and after your death. They can provide guidance on the most tax-efficient ways to manage and distribute your Keogh plan assets, which can be complex due to the interplay of estate taxes, income taxes, and potential penalties for early withdrawal.

Here are some in-depth considerations for managing and updating your Keogh plan:

1. Beneficiary Designations: Regularly review your beneficiary designations to ensure they reflect your current wishes. Remember that these designations supersede any instructions in your will regarding the Keogh plan.

2. Contribution Limits: stay informed about the annual contribution limits, as these can change with tax laws. Maximizing contributions can significantly enhance the value of your Keogh plan for your beneficiaries.

3. Investment Choices: evaluate the investment options within your Keogh plan. As you approach retirement or undergo life changes, you may want to adjust your investment strategy to align with your risk tolerance and estate planning objectives.

4. Required Minimum Distributions (RMDs): Understand the rules regarding RMDs, which are mandatory withdrawals that must begin at a certain age. Failure to take RMDs can result in substantial penalties.

5. Plan Amendments: Keep your plan updated with any changes in the law to maintain its tax-advantaged status and ensure it operates according to the latest regulations.

6. integration with Other Estate planning Tools: Work with your attorney to ensure your Keogh plan is considered within the broader context of your estate plan, including wills, trusts, and powers of attorney.

7. Tax Planning: consult with a tax advisor to explore strategies for minimizing taxes upon distribution, such as Roth conversions or timing distributions to coincide with lower-income years.

For example, consider a scenario where a business owner updates her Keogh plan beneficiaries after her children reach adulthood. She might also adjust her investment allocations within the plan to shift from growth-oriented investments to more conservative options as she nears retirement, ensuring a stable value that can be passed on to her heirs.

In summary, the management and updating of your Keogh plan are dynamic processes that require attention to detail and collaboration with various professionals. By staying proactive, you can ensure that your Keogh plan serves its intended purpose as a cornerstone of your retirement and estate planning strategies.

9. The Future of Estate Planning with Keogh Plans

As we look toward the horizon of estate planning, Keogh Plans stand out as a beacon for self-employed individuals and small business owners seeking robust avenues for securing their financial legacy. These tax-deferred retirement plans not only offer substantial benefits during the contributor's lifetime but also present unique advantages when integrated into estate planning strategies. The versatility of Keogh Plans allows for a tailored approach, accommodating the diverse needs of estates of varying sizes and complexities.

From the perspective of a financial advisor, Keogh Plans are a powerful tool in the estate planning arsenal. They allow for larger contributions than traditional IRAs, which can significantly bolster an estate's value over time. For the self-employed, this means the potential to leave behind a substantial nest egg for beneficiaries.

Legal professionals often highlight the importance of designating beneficiaries and understanding the implications of passing on Keogh Plan assets. Unlike other assets that may go through probate, Keogh Plans can transfer directly to named beneficiaries, bypassing lengthy legal processes and potentially reducing estate taxes.

From a beneficiary's standpoint, inheriting a Keogh Plan can be a double-edged sword. On one hand, it represents a valuable financial resource; on the other, it comes with tax considerations that must be carefully managed. Beneficiaries must decide whether to take a lump-sum distribution, which could result in a significant tax burden, or opt for an ira rollover or other strategies to spread out the tax implications over time.

Here are some in-depth insights into the future of estate planning with Keogh Plans:

1. Increased Contribution Limits: As of my last update, Keogh Plans allowed for contributions of up to 25% of compensation or a maximum of $57,000 annually (subject to inflation adjustments). This high ceiling provides an opportunity for substantial growth of retirement assets, which can be a cornerstone of an individual's estate.

2. tax-Efficient wealth Transfer: Keogh Plans offer tax-deferred growth, meaning the assets within the plan are not subject to tax until they are distributed. This allows the estate to grow more efficiently and can result in a larger inheritance for beneficiaries.

3. Flexibility in Beneficiary Designations: Keogh Plan holders have the flexibility to name multiple beneficiaries and specify the proportions of the estate each shall receive. This can include not only family members but also trusts, charities, and other entities, allowing for a diverse and strategic distribution of assets.

4. Potential Pitfalls and Complexities: Beneficiaries inheriting Keogh Plan assets must navigate complex rules regarding required minimum distributions (RMDs) and potential tax liabilities. Proper planning is essential to minimize the tax impact on inherited retirement assets.

5. Case Study Example: Consider the case of a self-employed consultant with a Keogh Plan who unexpectedly passes away. The consultant's estate plan includes a trust as the primary beneficiary of the Keogh Plan, designed to provide for their minor children. The trust stipulates that the children will receive distributions for educational expenses and living costs until they reach a certain age, at which point they gain control over the remaining assets. This strategic use of a Keogh Plan within an estate plan showcases the plan's flexibility and the importance of thoughtful beneficiary designations.

Keogh Plans offer a potent combination of high contribution limits, tax-deferred growth, and beneficiary flexibility, making them an invaluable component of estate planning for those who qualify. As we move forward, it is essential for individuals to work closely with financial and legal professionals to fully leverage the benefits of Keogh Plans and ensure a secure financial future for their heirs. The landscape of estate planning is ever-evolving, and Keogh Plans will undoubtedly continue to play a significant role in shaping the legacies of tomorrow's retirees.

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