Retirement Plan Distributions Choices & Opportunities

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1 Retirement Plan Distributions Choices & Opportunities

2 Leaving Your Job: Things to Think About» What you want to do next Work full time? Part time? Retire? How much will your lifestyle cost?» Continuing health and medical benefits» Continuing an income stream» What to do with your employer retirement plan Preserve tax-deferred status Continue to seek investment growth Establish potential inheritance 2

3 Today s Agenda» Distribution alternatives from your retirement plan choices, taxes and procedures» Do you own employer stock in your retirement plan? Be aware of favorable tax treatment» After the rollover: accessing your IRA funds 3

4 Types of Employer-Sponsored Plans» 401(k) Plans» 403(b) Plans» 457 Plans» Profit sharing Plans» Pension (defined benefit plans) 4

5 Potential Distribution Alternatives from Your Plan» Monthly annuity option» Direct IRA rollover» 60-Day rollover» No rollover» Leave money in plan 5

6 Monthly Annuity Option» Guaranteed monthly payments based on your balance, age and marital status» Usually cannot be changed» Potentially less advantageous for heirs Payout option chosen will dictate amount left to beneficiaries Usually options with higher payouts are less advantageous for heirs» Check with your Human Resources department to find out your monthly benefit 6

7 Direct IRA Rollover 100% of Retirement Plan Account Goes to You» No withholding tax» Potentially more beneficial to heirs» No 10% penalty» Ability to defer income tax In thousands» Investments not offered in 401(k)» Planning and investment advice from a professional $654,072 $251,672 7 For illustrative purposes only. Assumes $100,000 lump-sum rolled directly to IRA and distributed to taxable account. Assumes 8% annual growth for 30 years, and 35% marginal tax rate. Distribution was subject to taxes and 10% early withdrawal penalty.

8 60-Day Rollover $100,000 Plan distribution ($20,000) 20% mandatory withholding* $80,000 Distribution received $20,000 Withheld amount replaced with your own funds $100,000 Total rolled over within 60 days *$20,000 may be refunded at tax time. For illustrative purposes only 8

9 No Rollover 20% Mandatory to the IRS Retirement Plan Lump-Sum 80% to You For illustrative purposes only 9

10 Converting to a Roth IRA» Employer plans (and Traditional IRAs) may be converted into a Roth IRA» Income taxes are owed on the converted assets but future Roth IRA distributions are income tax free if: Taken after age 59½ and five years from the first conversion» Adjusted gross income must be less than $100,000 to convert In 2010 the AGI limitation goes away» A conversion may be beneficial if: You use money from outside the IRA to pay the income taxes You have a time horizon of at least ten years You do not expect your tax bracket to drop significantly in retirement 10

11 Leave Money in Plan» Some plans will allow you to keep your money in the plan even after you retire» Potentially unfavorable for heirs» Questions to ask if considering this option: Do I have a diversified investment menu to choose from and am I receiving asset allocation advice? How quickly are distribution requests processed and are there any restrictions? Will my employer allow my heirs to maintain the tax-deferred status of the account or force them to take a lump sum distribution and pay tax? Does the plan offer attractive investments you can t get elsewhere? 11

12 Favorable Tax Treatment of Employer Stock» Net Unrealized Appreciation (NUA) Convert unrealized appreciation on low cost basis stock into long-term capital gains Pay ordinary income tax on average cost basis, not fair market value Pay capital gains on additional appreciation only when sold Objective: Minimize taxes on employer stock portion of the retirement plan balance 12

13 Employer Stock: Example of NUA on One Share Taking a Taxable Distribution (NUA) Rolling to an IRA Value of employer stock at time of retirement: $50 $50 Employer stock original cost basis: $10 $10 Taxes owed (1/1/2007): $3.50 $0 Value at time of sale (1/1/2008): $100 $100 Taxes owed on sale (based on $90 capital gain): $13.50 $35 Total taxes paid: $17.00 $35.00 Assumptions: Marginal tax bracket 35% Current long-term capital gains rates 15% 13 For illustrative purposes only

14 Retirement Plan Portability Guide Currently you have the ability to transfer retirement assets between many different types of plans Roll both before-tax and after-tax money between plans Rollover Chart contribution type eligible for transfer From IRA To IRA Before & After Tax Amounts Qualified Plans* Before Tax Amounts 403(b) Plan Before Tax Amounts 457(b) Plan Before Tax Amounts Qualified Plan* Before & After Tax Amounts Before & After Tax Amounts Before & After Tax Amounts Before Tax Amounts 403(b) Plan Before & After Tax Amounts Before & After Tax Amounts Before & After Tax Amounts Before Tax Amounts 457(b) Plan Before Tax Amounts Before Tax Amounts Before Tax Amounts Before Tax Amounts *Qualified 14 plans consist of profit sharing, employee stock ownership, money purchase, defined benefit & 401(k) plans

15 After the Rollover: Accessing Your IRA Funds

16 Avoiding the 10% Penalty» Distributions prior to age 59½ are subject to ordinary income taxes and possibly a 10% penalty» Upon reaching age 59½, you may withdraw as much, or as little, from your IRA without incurring the 10% penalty 16

17 Exceptions to the 10% Penalty» Pay ordinary income tax, but no penalty, if : First-time homeownership (lifetime limit $10,000) Qualified education expenses Death of IRA holder Disability Medical expenses exceeding 7.5% of AGI Health insurance after receiving unemployment compensation for 12 weeks or more Substantially equal payments» Individuals under age 59½ may take an income stream from IRA without penalty» May begin at any age, for any reason» Payments must last for five years, or until age 59½, whichever is longer 17

18 Required Minimum Distributions (RMDs)» Upon reaching age 70½, IRS requires Traditional IRA holders to take annual distributions» The first distribution can be delayed until April 1 after the year in which you turn 70½» RMDs may be satisfied from one or more IRAs» Failure to take RMDs will result in a 50% penalty on the amounts that should have been withdrawn» You may always take out more than your Required Minimum Distribution» Does not apply to Roth IRAs 18

19 Roth IRA» Selected Qualified Early Withdrawals prior to age 59½ and held for five years or more:» Tax and penalty-free when: Disability Distribution to a beneficiary after death of IRA holder First-time home purchase ($10,000 lifetime maximum)» Pay ordinary income tax and no penalty when: Qualified education expenses Substantially equal Payments Medical expenses exceeding 7.5% AGI Health insurance after receiving unemployment compensation for 12 weeks or more 19

20 Naming Your IRA Beneficiary» Unlimited Number of Options You may name spouse, children, grandchildren, other relatives, friends, trusts, and charities.» Spousal Beneficiaries Only the surviving spouse has the option to roll over inherited IRA into an IRA in his or her name. Withdrawals can be postponed until they reach 70½.» Non-spousal Beneficiaries Begin taking withdrawals by December 31 of the year following the death of the account owner. Payments from IRA are based on beneficiary s single life expectancy. 20

21 How We Can Help» Look at your retirement accounts as part of an overall financial plan» Consolidate retirement accounts Potentially lower fees (investment breakpoints) One asset allocation, one view, one statement Easier to update beneficiaries Easier to calculate RMDs» Tailored retirement portfolio Set overall asset allocation Create investment policy Broad investment selection» Portfolio monitoring Rebalancing Performance reporting Online account access The Laws Are Complex Get Competent Advice 21 Diversification does not ensure against loss

22 About Morgan Stanley Smith Barney Morgan Stanley Morgan Stanley Smith Barney LLC. Member SIPC. Morgan Stanley Morgan Stanley Smith Barney LLC and its affiliates do not provide tax or legal advice. To the extent that this material or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor. 22

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