The Art of the Qualified Plan Audit

Posted by Chris Ciminera

In my previous two blogs, I discussed qualified plan distribution options for my cousin Mike who is my contemporary, and my Aunt Mary, a Baby Boomer. Both had asked me questions at family gatherings regarding what forms of  distributions from their retirement plan accounts were available to them. Both were able to request a form of distribution based on their situation, age and longevity with their employers. But questions don’t come only at festive occasions. At my uncle’s funeral, my old Aunt Millie needed to know the distribution options available to her as the widow.

Death – A participant’s balance generally becomes 100% vested upon death unless the participant dies after terminating employment. When a participant is married at the time of death, the spouse is the beneficiary of the entire death benefit unless an election had been made to change the beneficiary. Generally, the spouse must irrevocably consent to waive any right to the death benefit. The consent must be in writing and witnessed by a notary or a plan representative and the beneficiary designation must acknowledge the specific non-spouse beneficiary. In some cases, the participant can elect a beneficiary other than the spouse without the spouse’s consent if the spouse cannot be located. Participants must generally fill out a beneficiary designation form supplied by the plan administrator. If a beneficiary has not been selected, the death benefit is paid in the following order of priority to a) the surviving spouse; b) children, including adopted children, in equal shares; if a child is not living, that child’s share will be distributed to that child’s heirs; c) surviving parents in equal shares. My Aunt Millie was the beneficiary of my uncle’s qualified plan account as well as several IRAs.

For the rules on Required Minimum Distributions after the death of the participant, I referred my aunt to two sources. The first one is a basic explanation of the rules written in understandable language on Wikipedia. And I also referred her to the IRS website which has numerous hyperlinks to Publication 590 and other sources that contain the computation of the required distributions.

My cousin Mike, Aunt Mary and Aunt Millie all took distributions from their respective retirement plans or the retirement plan in which they were a beneficiary. Mike and Aunt Mary requested a lump-sum payment (the most common form of payment in a defined contribution plan) in which a portion of the account or the entire account is paid in cash. Mike paid early distribution penalities. Aunt Millie took installment distributions through the rest of her life expectancy, to ensure a stable retirement income. Each utilized a type of distribution that can be taken once a specified event has occurred, such as the death, disability, termination, hardship or normal/early retirement of a participant. Simple, right? Well, I may include this primer in my Christmas letter to the family, but somehow, I’m sure I’ll still get questions.

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Posted by Chris Ciminera

In my previous blog, I discussed how my young cousin Mike was eligible for a hardship distribution or a terminating distribution, and that he would not be able to avoid the early distribution penalty because of his age. Similarly, my Aunt Mary asked me at a holiday event how she could go about taking money from her 401(k) account to pay for her daughter’s wedding. Unlike the case with my cousin Mike, the additional 10% penalty on early distributions from a qualified plan does not apply to my aunt, who is over 59½. The forms of distribution that are available to the baby boomers in my family are as follows:

Retirement Distributions and In-Service Distributions – Retirement Age definitions typically range from 59½ to social security retirement age. Profit sharing plans can allow an in-service distribution to participants who attain the age of 59½, even if they have not retired. A minimum number of years of service is sometimes required for an in-service distribution, but in-service distributions of “rollover” accounts are generally available to all employees at any time. Exceptions from the penalty are also granted for distributions that are a part of a series of substantially equal periodic payments made for the life expectancy of the employee or the joint life expectancy of the employee and beneficiaries; distributions used to pay medical expenses in excess of 7.5% of adjusted gross income; and payments to alternate payees pursuant to a qualified domestic relations order (QDRO).

Minimum Distributions - If a participant remains employed past Normal Retirement Age, they may generally defer the receipt of benefits until termination of employment, but not past age 70½ if they own 5% or more of the plan sponsor. For 5% owners, distributions must begin not later than the April 1st following the end of the year in which they reach 70½. Distributions in a minimum amount based on the applicable life expectancy table must be made by December 31st of each year. Benefit payments to beneficiaries if the participant dies in pay status will be discussed in the third installment of this distribution blog trilogy.

Qualified Domestic Relations Order (QDRO) - A legal order subsequent to a divorce or legal separation that splits and changes ownership of a retirement plan to give the divorced spouse their share of the asset or pension plan. QDROs may grant ownership in the participant’s (employee’s) pension plan to an alternate payee, who must be a spouse, former spouse, child or other dependent of the participant. A QDRO may provide for marital or community property division between the participant and the alternate payee, or for the payment of alimony or child support to the alternate payee. QDROs apply only to employee benefit or pension plans subject to ERISA, the Employee Retirement Income Security Act, the American law governing private sector pensions. Comparable types of orders are available to divide military retirement pay and federal civil service retirement plans, and for state, county and municipal retirement plans in most states. QDROs must first be entered by the state domestic relations court and then reviewed by the plan administrator for compliance with ERISA or other applicable law and the terms of the plan. The QDRO may be a separate document or it may be part of the divorce decree as long as it meets the standards for a qualified domestic relations order.  The DOL has a publication about QDROs that you can access here. QDROs are not typical in my large Italian family.  An Italian marriage proposal is an offer that can’t be refused.

Personally, I’m not a huge advocate of taking large lump sums out of 401(k) plan accounts unless it is necessary for retirement expenses, but my aunt wanted my cousin’s wedding to be an event to remember, so a penalty-free distribution was her choice. Normal or early retirement is what we all strive for and is the main reason we set aside money each payroll to contribute to a retirement account. Taking minimum distributions for the entire length of our remaining life expectancy according to the generous mortality tables would be ideal. In our next and last blog in the distribution trilogy, I will discuss one last form of distribution that we all hope happens as late in life as possible: death distributions.

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Posted by Chris Ciminera

I grew up in a small family, but my sister and I enjoy a large extended family that always gathers for every celebration, large or small. Being an accountant at these gatherings means that everyone thinks I possess a unique knowledge that can somehow eliminate their tax liability, but I have explained that I work in the audit department, almost exclusively supervising and performing audits of retirement plans. Thankfully, my extended family has finally abandoned the tax questions in favor of questions about how to get money out of their retirement plans without any penalties. Their questions motivated me to write a multi-part blog about the basics of retirement plan distributions.

Let’s start with distributions from defined contribution plans, since they are most abundant. Defined contribution plans include profit sharing, 401(k), 403(b), and money purchase pension plans. Forms of distribution include lump-sums, installment and annuity payments. A Qualified Joint and Survivor Annuity (QJSA) is the default distribution alternative of Money Purchase Pension Plans, which became less prevalent after the Economic Growth Tax Relief Reconciliation Act (EGTRRA), but many 403(b) plans still offer a QJSA form of distribution in connection with their annuity products. When a plan’s default distribution alternative is a QJSA, the participant’s spouse must consent to any form of distribution that is not a joint and survivor annuity. The most common form is a lump-sum distribution, where participants withdraw their entire account balance or a portion of the balance in their account.

The first installment of my 3-part blog series begins with my cousin Mike. He is a good guy, but doesn’t have the best track record for work or money management. He lives in an apartment, paycheck to paycheck, with back rent payments and is considering leaving his job at a big national corporation. At a bachelor party, he asked me how he could take out a distribution from his 401(k) plan account. Retirement and financial planning considerations aside, the following distributions would be available to Mike from his retirement 401(k) plan:

Hardship Distributions – Retirement plans were never meant to be treated as a savings account that you can use because your budget is tight and you want to go on vacation or buy a nice car. However, the IRS did not want to deter participants from contributing, fearing that they could not access their funds in case of an emergency, so the Internal Revenue Code provided a narrowly construed set of instances in which a hardship distribution can be taken from the plan to fund specific hardships. Funds can be withdrawn for a financial hardship if the participant satisfies the hardship conditions stated in the plan, but the participant must first exhaust all other financing alternatives prior to taking a hardship distribution, including taking a loan from the plan, if loans are allowed. The Internal Revenue Code provides certain safe harbor definitions of a hardship including certain medical expenses, tuition and related educational fees, costs related to the purchase of a principal residence excluding mortgage payments, amounts necessary to avoid foreclosure or eviction, expenses for the repair of damage to a principal residence that would qualify for the casualty deduction, and funeral expenses. The hardship distribution amount can be grossed up to cover the taxes that will be owed, including the 10% penalty for early distribution. Typically, contributions must stop, usually for six months after the hardship distribution.

Termination – If Mike does terminate his employment with the large corporation, he will be entitled to receive a terminating distribution in the amount of the vested percentage of his/her account balance. Because he would not roll over the distribution to another qualified plan or  individual retirement account, his taxable distribution would be also subject to a 10% early distribution penalty because he is not 59 ½ or older. Participants who, unlike Mike, would like to keep their funds in their former employer’s retirement plan, can do so if their account balance exceeds $5,000. Depending on the plan’s provisions, the former employer can force a mandatory distribution of account balances less than $1,000, or select an IRA product for mandatory distributions of balances between $1,000 and $5,000, absent a participant’s specific instructions regarding the distribution of his/her account balance that does not exceed $5,000. Please see our previous blog entry Playing It Safe with Rollovers of Mandatory Distributions for more details on the mandatory distribution rules.

The main difference between hardship distributions and terminating distributions is the fact that hardship distributions can be taken by participants while currently employed, whereas terminating distributions are made only to former employees. My cousin Mike can take a hardship distribution while he is working at the large corporation if he meets the criteria, or he could terminate his employment to become entitled to a terminating distribution. Because of his age, both the hardship distribution and the terminating distribution would be subject to taxes and penalties, since he would not choose to roll over the terminating distribution to an IRA, given that he lives paycheck to paycheck. Contrary to the popular saying indicating that the apple doesn’t fall far from the tree, Mike’s mother, my Aunt Mary, avoids penalties on her distributions at all costs. Stay tuned to hear about her story in the next installment of the plan distribution blog series.

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Posted by Chris Ciminera

My previous blog, Compensation: The Missing Link – Part 1, stressed the importance of ascertaining a solid link between the definition of compensation in the plan document and the one used operationally. An understanding of the components that make up eligible compensation and utilizing those components in practice, as defined in the plan document, is crucial to calculating the correct deferrals, match and profit sharing contributions. Understanding the definition of compensation also includes other important factors including the timing and nature of payments within different service periods.

Difficulties can occur based on the timing of payments. For example, does compensation earned by December 31st for a calendar year employer, but paid in the months following the year count as eligible compensation? In general, Treasury Regulation Section 1.415(c)-2(e) states that compensation:

“…must be paid or made available to an employee (or, if earlier, includible in the gross income of the employee) within the limitation year.” 

Also, compensation:

“…must be paid or treated as paid to the employee prior to the employee’s severance from employment…”

Generally, this means that the payments included in a person’s W-2 are the payments considered in a calendar plan year. Payroll tax reports are the relevant measurements. We recommend to our audit clients and their third-party administrators to create a spreadsheet that reconciles gross wages per the W-3 (or K-1′s, if applicable) to the definition of eligible wages per the plan documents. Plan sponsors who have different definitions of compensation for different plan features should complete a separate spreadsheet for each plan feature.

Additional issues can be created with compensation paid after an employee’s termination from employment. Compensation that is earned during the period that is paid after termination is included in compensation if:

• the payments are made by the later of 2 ½ months after termination or
• the end of the limitation year including the date of termination

Further, post-termination plan compensation may include amounts that are payable after severance but that would have been paid or usable had the participant continued in employment, such as accumulated unused sick, vacation or other leave.

Generally, amounts paid after severance of employment or solely because of severance are excluded from compensation.

It is important for plan sponsors to work closely with their third-party administrators to ensure that there are no missing links between the definition of compensation in the plan document and the one they use operationally.

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Posted by Chris Ciminera

Compensation, you might think, should be easy to quantify. However, in a retirement plan, determining compensation can actually be quite complex. Not only can plan sponsors easily make mistakes in the calculation, but highly trained and experienced third-party administrators and auditors can get tripped up trying to decipher what the calculation should be to arrive at accurate plan compensation.

What, then, is eligible compensation?  The answer is: “IT DEPENDS!”

The plan document defines compensation for each plan feature. As such, each plan document can have a different definition for eligible compensation used to determine elective deferrals, matching, and/or profit sharing contributions.

Many plans use the statutory definition of compensation in Treasury Regulation Section 1.415(c)-2 for all plan features. The general statutory definition in the Treasury Regulation Section specifically includes the following:

“…commissions paid to salespersons, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits, and reimbursements or other expense allocations under a nonaccountable plan…”

Listed later in the Treasury Regulation Section are items not to be included in compensation:

• profit sharing contributions,
• amounts realized from the exercise of a nonstatutory option,
• amounts realized from the sale, exchange, or other disposition of stock acquired under a statutory stock option,
• other amounts that receive special tax benefits such as premiums for group-term life insurance (only to the extent that the premiums are not includible in the gross income of the employee and are not salary reduction amounts described in Section 125), and any other similar items.

To achieve their specific goals, plan sponsors have the ability to exclude specific items in the definition of compensation such as fringe benefits, compensation exceeding a certain dollar amount, bonuses, commissions, overtime, etc., by making the relevant choices in the adoption agreement or through an individually designed plan document. Operationally, plan sponsors sometimes exclude items from plan compensation that the adoption agreement does not show as exclusions. In these cases, there is a missing link between the plan provisions and the plan operations. It is important for plan administrators and sponsors to compare the definition of compensation in the plan document to what is being used operationally. One of the top ten findings in IRS audits of qualified plans is that the plan administrator is using the wrong definition of compensation. Needless to say, it is also one of the most common findings during our audits of retirement plan financial statements.

An understanding of the components that make up eligible compensation and utilizing those components as defined in the plan document is crucial to calculating the correct employee and employer contributions. Our recommendation is for sponsors to create a spreadsheet that starts with gross compensation, a reconciliation to the wages on the W-3 plus K-1s as applicable, and an additional column for each separate exclusion, so that control totals can be compared with control totals on the original payroll documents. These reconciliations of control totals with original source documents will also ensure that the census data submitted to the third-party administrator is complete and accurate. Plan sponsors must continually reconcile the payroll data to the census data to the plan document to ensure there are no missing links between their plan documents and their plan operations.

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Posted by Kathy Dean-Bradley, CPA

Similar to ‘three strikes and you’re out’ in baseball, there is little opportunity in life to get multiple chances for a pardon. So when it happens in the Internal Revenue Code, you should take notice. Below are the three chances you get for complying with the rules for RMD from your IRA.

STRIKE 1: You didn’t take your Required Minimum Distribution (RMD) by December 31.  This is the minimum you are required to withdraw from all employer-sponsored plans, including profit-sharing plans, 401(k), 403(b), and 457(b) plans.  They also apply to traditional IRAs and IRA-based plans, such as SEP and SIMPLE plans.   Begin distributions no later than April 1 in the year following age 70 1/2.

STRIKE 2: You didn’t take a distribution in January 2013 and you didn’t elect for it to be treated as an RMD for 2012.  See our blog post How Does the American Taxpayer Relief Act Affect Nonprofits that was posted recently in our The Belfint Nonprofit Ledger.

STRIKE 3: You didn’t file FORM 5329 along with your individual income tax return (FORM 1040).  Among other penalties, this form is used to report the excise tax of 50% on the excess accumulation in qualified retirement plans (including IRAs).  If your RMD is $10,000 and you took none of it, then the tax is $5,000.

File FORM 5329 and attach a letter to request a waiver and you may get a pardon.  The IRS can waive part or all of the excise tax if there is reasonable cause for failure to comply and you took steps to remedy the situation.  If you don’t file the form, the statute of limitations doesn’t start.  Under most scenarios the statute of limitations for a tax return doesn’t exceed 3 or 6 years.  Not so for the RMD penalty.  If you fail to file FORM 5329, this gives the IRS free rein.

There are many reasonable causes of a missed RMD that are acceptable to the IRS. Consult your tax advisor to help you file the form and ask for a waiver of the penalties. In the future, set the RMD on autopilot with your custodian and have it paid out monthly, quarterly, or on a specific date. These steps will help you stay in the game and not strike out.

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Posted by Maria T. Hurd, CPA

With the fiscal cliff negotiations behind us and impending federal tax reform legislation, Congress will now turn its attention to the debt ceiling and federal spending. ASPPA believes that tax expenditures, including the deferral for retirement savings, will be on the negotiating table. Regardless of whether additional revenue is part of deficit reduction, tax reform is on the agenda. Broadening the base to lower the rates means all tax deductions could be curtailed, including deductions for retirement plan contributions. Inevitably, there will be increased Congressional scrutiny of the employer-based retirement system tax incentives. Many of the proposed changes, including proposals to reduce the deduction for employer contributions to retirement plans and limit the tax benefit of deferrals for long-term retirement savings, could have a devastating impact on the employer-sponsored retirement plan system. Devastating, because the single most important factor in determining if a worker is saving for retirement is whether there is a plan at work. In fact, participation rates by moderate income ($30,000–$50,000) workers who have an employer plan is 71.5% while only 4.6%, less than 5%, of workers save for retirement if they don’t have a workplace plan.

The defined contribution plan system is significantly more progressive than the federal income tax system. For example, 62% of the tax incentives benefit households with Adjusted Gross Income less than $100,000. While tax reform and deficit reduction are necessary in these tough economic times, any proposal that reduces tax incentives for 401(k) or other workplace retirement plans could have a significant negative impact on the retirement savings of millions of middle-class workers. Over 60 million American workers are covered by a 401(k) plan, or similar plans called 403(b) or 457(b) plans. Specifically, 80% of 401(k) participants come from households making less than $100,000 in income. An analysis by the Employee Benefits Research Institute shows that reduced limits for 401(k) plans would result in lower account balances at retirement for all income groups. In fact, younger workers in the lowest income quartile could expect a 14% reduction in their account balance at Social Security normal retirement age.

Coverage statistics based on all workers claim that current tax incentives have failed because of low coverage, but the retirement plan system was designed to cover full-time workers and data shows that 78% of full-time workers are covered by a workplace retirement plan. Due to the increased use of these plans, retirement savings now represents over 65% of American families’ financial assets. Additionally, the tax incentives for 401(k) plans are different than other deductions, because plan participants are subject to income tax when they take money out of the plan.  The tax incentive is simply a deferral of the tax to a later date, not an elimination of the tax revenue.

As all TV networks focus on Washington this week, if you are interested in bringing retirement savings to the top of the tax-reform agenda, visit Save My 401(k) and send a letter to your Representatives urging them to protect retirement savings by voting against any measure that would reduce tax incentives for retirement savings.

For a more fun twist to the seriousness of this important initiative, play the “Protect my Piggy” game on the site. Have fun helping to protect your retirement security.

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Posted by Maria T. Hurd, CPA

Contrary to the retirement plan industry’s fears, the American Taxpayer Relief Act of 2012 (Act) did not reduce the contribution or compensation limits for retirement plans. Instead, it targeted additional government revenues by relaxing the In-Plan Roth Conversion rules. Additionally, the Act extended the qualified charitable rollover deductions through December 31, 2013.

In-Plan Roth Conversions

Effective January 1, 2013, the Act changed the In-Plan Conversion rules to allow conversions of pre-tax balances in a retirement plan to a qualified Roth account within the same plan, even if a distributable event has not taken place.

Under the old rules, In-Plan Roth Conversions were only permitted for amounts eligible for distribution from the plan. For example, a participant must generally be over 59 1/2 or terminate employment to be able to request a distribution from a plan that does not allow in-service distributions.

In an attempt to generate government revenues, the new rules allow In-Plan Roth Conversions of a participant’s account balance, regardless of whether the participant is eligible to receive a distribution. Roth accounts are appealing to individuals who want tax free distributions at retirement because they expect one or more of the following future events to hold true:

a)     Their account will appreciate in value

b)     Their tax rate will be higher when they retire

c)     They would like to leave their retirement accounts to their heirs

To elect the conversion, participants must first make sure that their employer’s plan offers a Roth option. Such conversions are taxed in the year the funds are converted from pre-tax retirement funds to a qualified Roth account. For that reason, individuals who elect to convert their pre-tax balances must take into account the tax consequences of their decision and have enough assets to pay the tax in the year of the conversion.

More guidance is expected to outline the process by which a plan amendment will allow In-Plan Roth Conversions. Interested plan sponsors will have to amend their plans as soon as the guidance is issued, but they can make a good faith effort to comply with the new legislation prior to executing any plan amendments. Absent any additional extensions granted by the IRS, the deadline to adopt this optional amendment will be the last day of the plan year in which it is effective.

Unlike IRA Charitable Rollovers discussed in the next section, In-Plan Roth Conversion provisions are permanent.

IRA Charitable Rollovers

Through December 31, 2011, individuals who received distributions from IRAs or retirement accounts could choose to donate the amount received to a charity and avoid paying taxes on the distribution while receiving a charitable contribution deduction. The qualified charitable rollover provisions were extended through December 31, 2013, when they are scheduled to expire again.

As discussed in our Belfint Nonprofit Ledger blog titled How Does the American Taxpayer Relief Act Affect Nonprofits, a Required Minimum Distribution (RMD) made in December 2012 that is donated to charity in January 2013 is eligible to be considered as a charitable contribution made on December 31, 2012. Also, January 2013 RMDs transferred directly to charity may be considered as made on December 31, 2012, but this tax treatment is an election, it is not automatic. In most cases, such elections will be made in situations where the taxpayer did not take out the proper amount of RMD in 2012, since the election to have the January distribution treated as a 2012 distribution will cure the shortfall and avoid the imposition of the 50% penalty. As such, eligible and interested individuals need to act quickly to take advantage of the infrequent opportunity to get a double tax benefit by donating their retirement plan distribution to charity.

Individuals interested in the In-Plan Roth Conversion or the qualified Charitable Rollover should consult their accountant and plan administrator to ensure compliance with all the intricate rules of these two provisions.

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Posted by Saaib Uppal, CPA

Think back to your early childhood when your parents would try to get you to open your mouth and take in a spoonful of food. “Choo! Choo! Here comes the train!” That might be one of the last instances you remember of someone requiring you to take something. So quickly the tables turn and you are required to give, rather than take. Chores, homework, and bills are just some examples that I can think of. It will not remain that way, however. The IRS has made sure, through Required Minimum Distributions (RMDs), that you must take from your retirement accounts once you meet certain criteria, whether you wish to take them or not.

So what are the details on these RMDs? Well, it depends whether you hold an Individual Retirement Account (IRA) or an account in a qualified plan such as an employer sponsored 401(k), 403(b), or 457(b). If you are the owner of an IRA, you are required to take your first RMD by April 1st of the year after you turn 70 ½. Your second RMD must be made by December 31st of that same year and going forward, your yearly RMDs must be made by December 31st. The amount of your RMD is computed based on the total of your IRA accounts, but you may withdraw your entire RMD from one particular account or allocate it as you wish.

The rules are similar if you are dealing with other qualified plans. However, one exception with other qualified plans is that you have the option of delaying your RMDs until the year you actually retire if it is after you turn 70 ½, as long as you do not own more than 5% of the employer that sponsors the plan. If you do, you have to follow the rules that apply to IRAs. Unlike IRAs, you must calculate and make a RMD for each individual qualified plan separately.

Now, the IRS wouldn’t want you to wait too long and not be able to take advantage of your savings later on in your life. Not buying it? I didn’t think so. The truth is that the IRS is looking to stop people from accumulating retirement accounts and then passing the funds onto their beneficiaries through inheritance (and in the process defer taxation). The RMDs ensure that these distributions occur during your lifetime and that they are they create taxable events.

So now you know the situations that lead to a RMD, but how do you know the calculation? You must use IRS tables that are published in Publication 590. These tables calculate your RMD based on your prior December 31st balance and take into account a life expectancy factor. (Bet your parents didn’t do that when they were loading you up on spinach!) Your plan administrator or available online tools should be able to assist you with this feature, if necessary.

You can, of course, withdraw more than the calculated RMD. By definition, the reverse is not true. If you don’t withdraw the amount calculated for your RMD as a minimum, you face federal penalties that can be 50% of the amount that should have been withdrawn. This would be in addition to your ordinary income taxes.

As a plan sponsor, it is important that you recognize those participants who are due for RMDs so that they can avoid these penalties. Your plan administrator must be aware so that the necessary paperwork and other work required for these distributions can be a smooth process. Whether it will be as smooth as the spoon that was going into that participant’s mouth in childhood, we don’t know. What is certain is that a bumpy ride on this distribution process holds larger consequences than a messy shirt.

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Posted by Christopher J. Ciminera

We are closing in on the New Year and just in time to help you meet your New Year’s resolution to meet all your deadlines, attached is a list of important dates in administering your retirement plan (for 12/31 year end plans)!

Benefit Deadlines 2013

Charts used to help prepare this list (which include more extensive information) can be found at:

http://www.irs.gov/Retirement-Plans/Plan-Sponsor/401(k)-Resource-Guide—Plan-Sponsors—Filing Requirements

http://www.asppa.org/document-vault/pdfs/asaps/2012/12-28.aspx

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