The Endeavor Group
at Morgan Stanley Smith Barney
Financial Education for ACEP Members
Bret Sinak and Ron Portell
Financial Advisors
The Endeavor Group at Morgan Stanley Smith Barney
(800) 966-4407
bret.sinak@mssb.com ronald.portell@mssb.com
http://fa.morganstanleyindividual.com/theendeavorgroup/
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© 2012 Morgan Stanley Smith Barney LLC. Member SIPC.
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Biographies of Key Professionals
The Endeavor Group
at Morgan Stanley Smith Barney
Ronald Portell, Financial Advisor, First Vice President, Senior Portfolio Manager
As a Financial Advisor Ron advises individual and institutional clients on asset allocation and fixed income portfolio construction. Ron has
extensive experience in discretionary portfolio management and has developed a successful practice by building long-term relationships with
both institutional and individual clients. Ron’s approach is to assist each client in developing a customized strategy that reflects their portfolio
objectives, risk tolerance, needs and timeframe.
Ron has been in the financial services industry since 1992. Ron has a Bachelor of Science in Business Administration from Missouri Valley College
in Marshall, MO. Ron also played football while at Missouri Valley College.
Ron is married to his wife Pamela and has two children Michael and Sarah. Ron enjoys horses, golf, fine wine and travelling with his family.
Bret Sinak, CRPC®, Financial Advisor, Vice President, Portfolio Manager
As a Financial Advisor Bret advises individual and institutional clients on asset allocation, portfolio construction and risk management. Bret has
experience in discretionary portfolio management and this approach assists clients in synchronizing their investment strategies with their
liabilities, goals, financial objectives, risk tolerance and time horizon.
Bret has a B.S. in Business Administration from Drake University with a double major in Finance and Insurance. He also holds a M.B.A. from
Washington University in St. Louis where he completed a program in International Finance and Economics at the London City University. Prior to
his time in the financial services industry Bret spent 15 years at Fortune 500 companies in the areas of Corporate Treasury, Corporate Risk
Management, Field Sales, Marketing, Strategic Analysis and Operations with companies such as Monsanto and Ingersoll Rand. Bret attended St.
Louis University High School.
Bret is married to his wife Kathy and they have two children Blaine and Ashton. Bret is active in the community serving as a Parish Council
President, Chair of numerous Capital Campaigns, ICD Finance Committee and involved in charitable organizations such as Our Lady’s Inn, St.
Louis FoodBank, St. Vincent DePaul Society and others. Bret loves coaching and coaches various youth sports such as baseball, softball, soccer
and middle school golf. His hobbies are golf, softball and travelling with his family.
Erin O’Rourke, Senior Registered Client Service Associate
Erin O’Rourke is the Senior Registered Client Service Associate for The Endeavor Group at Morgan Stanley Smith Barney. Erin is committed to
providing clients with exceptional service. Erin has worked in the financial services industry since 1999 serving as a compliance officer with
Huntleigh Financial Services and has worked with Ron Portell and Bret Sinak as a client associate since 2001.
Erin has a BA in Economics and Management and a major in Sociology from Beloit College in Beloit, Wisconsin. Erin and her husband Dan have
two children, Caitlin and Aidan.
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The Endeavor Group
at Morgan Stanley Smith Barney
Planned Topics
 Types of Retirement Plans
 What’s My Number – Retirement Readiness
 How to Reduce Taxes and Save More for
Retirement with a Cash Balance Plan
 How to Protect My Retirement
 Investments/Markets
 Social Security Strategies
 How to Maximize Your Charitable
Contributions
 Topics You Want to Hear About
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The Endeavor Group
at Morgan Stanley Smith Barney
Financial Education for Emergency Physicians
“Choosing a Retirement Plan”
July 23, 2012
Bret Sinak and Ron Portell
Financial Advisors
The Endeavor Group at Morgan Stanley Smith Barney
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© 2012 Morgan Stanley Smith Barney LLC. Member SIPC.
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The Endeavor Group
at Morgan Stanley Smith Barney
Why a Retirement Plan?
 Longer life expectancy

Women – 1 in 4 age 94; Men – 1 in 4 age 92

1 in 4 – a spouse of a 65 year old couple reaches age 97
 Social Security

In 2012 projected Social Security will run a deficit
 Inflation

45% of retirees fail to factor inflation into retirement planning

92% of workers are concerned cost of Medicare premiums
will rise faster than inflation
•
152% - overall average increase in prices from 1981 to 2011
 Tax advantages

Employee pretax contributions and earnings are not taxed until distributed to the employee.

Employer contributions can be deductible from employer’s income
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The Endeavor Group
at Morgan Stanley Smith Barney
The Power of Compounding – Benefits of Starting Early
Steve
Diana
Saves $1000 each month
earning 6% from age 25 until
age 65
Postpones retirement saving
until age 35 and then saves
$1000 each month earning 6%
until age 65
Hypothetical Illustration
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The Endeavor Group
at Morgan Stanley Smith Barney
40 Years vs. 30 Years of Savings
Amount Accumulated ($)
Steve $1,991,490
Diana $1,004,510
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
25
35
45
55
65
Age
Hypothetical Illustration
The illustration does not take into account taxes due when assets are withdrawn from the tax-deferred account. The hypothetical returns are for illustrative purposes only and
are not intended to represent any specific investment offered or made available by Morgan Stanley Smith Barney. Returns on investments are not guaranteed and principal is
not insured by the FDIC or any other federal agency.
7
The Endeavor Group
at Morgan Stanley Smith Barney
40 Years vs. 30 Years of Savings – Another Way to Look at it
Monthly
Investment
Amount at Age
65
Total
Investment
Steve
$1,000 for 40
years
$1,991,490
$480,000
Donna
$2,099 for 30
years
$1,991,490
$755,640
In other words Donna’s decision to wait will require her to invest an
additional $275,640 over her 30 years to achieve the same amount as
Steve at age 65
Hypothetical Illustration
The illustration does not take into account taxes due when assets are withdrawn from the tax-deferred account. The hypothetical returns are for illustrative purposes only and
are not intended to represent any specific investment offered or made available by Morgan Stanley Smith Barney. Returns on investments are not guaranteed and principal is
not insured by the FDIC or any other federal agency.
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The Endeavor Group
at Morgan Stanley Smith Barney
Power of Tax Deferred Growth
Taxable vs. Tax Deferred
($)
$1000 a month at 6% in 25% Tax Bracket (Andy)
$1000 a Month at 6% Tax Deferred (Pam)
1,991,490
1,034,390
1,004,510
607,820
462,040
322,740
163,870
132,230
10 Years
20 Years
30 Years
40 Years
Hypothetical Illustration
For the purposes of this scenario, all earnings are taxed at 25%, regardless of the source of the earnings. The hypothetical returns are for illustrative purposes only and are
not intended to represent any specific investment offered or made available by Morgan Stanley Smith Barney. Returns on investments are not guaranteed and principal is not
insured by the FDIC or any other federal agency.
Amount has not been reduced for taxes or penalties that may be applicable upon distribution.
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The Endeavor Group
at Morgan Stanley Smith Barney
Choosing a Retirement Plan for Your Business
 Consider which factors are important to you
– Maximizing contributions
– Minimizing cost
– Source(s) of plan funding
– Employee eligibility requirements
– Administrative requirements
 Other factors may be important; consult your tax and legal advisors
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The Endeavor Group
at Morgan Stanley Smith Barney
Retirement Plan Limitations - 2012
Defined Benefit
$200,000
Defined Contribution
$50,000
Compensation Limit
$250,000
Social Security Taxable Wage
$110,100
401(k), 403(b) and 457(b) Elective Deferral
Limit
$17,000
401(k), 403(b) Catch-Up Contribution Limit
$5,500
SIMPLE Deferral Limit
$11,500
SIMPLE Catch-Up Contribution Limit
$2,500
IRA Maximum Contribution
$5,000
IRA Catch-Up Limit
$1,000
Defined Benefit Plans – promise a specific benefit at retirement, for example, $1,000 a month, or a percentage of pay, such as 60% of average compensation.
Employer contributions must be sufficient to fund promised benefits. Employees generally do not contribute to defined benefit plans.
Defined Contribution Plans – do not promise a specific benefit at retirement. Instead, employees or employers, or both, contribute to accounts maintained
Under the plan, sometimes at a set rate, but usually at a discretionary rate. At retirement, an employee receives the accumulated contributions plus earnings
(or minus losses).
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The Endeavor Group
at Morgan Stanley Smith Barney
Retirement Plans
 Profit Sharing Plan
 401(k) Plan
 Safe Harbor 401(k) Plan
 SEP
 SIMPLE IRA
 SIMPLE 401(k)
 Defined Benefit Plan
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The Endeavor Group
at Morgan Stanley Smith Barney
Retirement Plan Choices
Situation
Plans to Consider
New Company
- No Employees
SEP, Profit Sharing Plan, 401(k) plan, Roth 401(k) plan
- With Employees
SEP, SIMPLE, Profit Sharing Plan, Age-Weighted Profit Sharing
Plan, Safe-Harbor 401(k) Plan, Roth 401(k) Plan
Established Company
- No Employees
SEP, Profit Sharing Plan, 401(k) plan, Roth 401(k) plan, Defined
Benefit Plan, Combination Defined Benefit Plan/Defined
Contribution Plan
- With Employees
SEP, SIMPLE, Profit Sharing Plan, Age-Weighted Profit Sharing
Plan, Safe-Harbor 401(k) Plan, Roth 401(k) Plan, Defined Benefit
Plan, Combination Defined Benefit Plan/Defined Contribution Plan
Employee Funded Only
401(k)Plan, Roth 401(k) Plan
Contributions Weighted
Toward Older Employees
and Owners
Defined Benefit Plan, Combination Defined Benefit Plan/Defined
Contribution Plan
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The Endeavor Group
at Morgan Stanley Smith Barney
Defined Contribution Plans
 Do not promise a specific amount of benefits at retirement
 Benefits are based on accumulated contributions plus earnings
(or minus losses)
 Employer contributes to accounts maintained under the plan, sometimes
at a set rate, but often at a discretionary rate declared annually by the
employer
 Employees may have a pre-tax salary deferral option and/or an after-tax
contribution option
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The Endeavor Group
at Morgan Stanley Smith Barney
Defined Benefit Plan
 Promises a benefit at retirement, determined by plan formula
 Annual contributions determined by a variety of factors, including
– Compensation
– Investment performance
– Years until retirement
– Life expectancy
 Allowable compensation used to calculate benefits is $250,000 in 2012
 Maximum Benefit: Lifetime annual income at retirement of $200,000 (for
2012) or highest three year average compensation, whichever is less
 Vesting schedule differs from defined contribution plans
– 5 year cliff vesting
– 3-to-7 year graded vesting
 Certain plans may incorporate a salary deferral option
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The Endeavor Group
at Morgan Stanley Smith Barney
Defined Benefit Plan
Advantages:
Disadvantages:
 High contribution limits
 Usually fully funded by employer
 Favors older, more highly-paid
 Requires sufficient cash flow each
employees
 Amounts forfeited by terminated
employees may be automatically
applied to reduce future contribution
requirements
year to meet minimum funding
requirements
 Plan’s actual investment
experience may affect the level of
future contributions
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The Endeavor Group
at Morgan Stanley Smith Barney
Plans for Owner-Only Businesses
SEP
 Easy to administer
 Contributions up to 25% of compensation (or 20% of net self-employment
income) not to exceed $50,000 (for 2012)
 Funds can be distributed at any time (may be subject to 10% penalty)
 No loans available
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The Endeavor Group
at Morgan Stanley Smith Barney
Plans for Owner-Only Businesses
Profit Sharing Plan
 Same contributions as SEP
 Loans available
 Ability to exclude employees working less than 1,000 hours per year
 Must have triggering event to distribute assets
 Form 5500 filing required if plan assets exceed $250,000
(determined including all plans you sponsor), and upon plan
termination (regardless of asset level)
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at Morgan Stanley Smith Barney
Plans for Owner-Only Businesses
“One Person” 401(k)
 May allow for higher contributions than SEP and Profit Sharing plans
 25% of compensation (20% for unincorporated businesses)
 Salary deferral of $17,000 ($22,500 if age 50 or older) in 2012
 Maximum contribution cannot exceed $50,000 ($55,500 if age 50 or older)
 Roth 401(k) option available
 Loans available
 Form 5500 required if plan assets exceed $250,000 (determined including
all plans you sponsor), and upon plan termination (regardless of asset level)
 Must have triggering event to distribute assets
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The Endeavor Group
at Morgan Stanley Smith Barney
Plans for Owner-Only Businesses
Defined Benefit Plan
 Older business owners closer to retirement
 Wish to contribute more than 25% of compensation
 Need to “catch-up” for not having saved enough
 Are able and willing to make ongoing annual required contributions
 Annual 5500 filings if plan assets exceed $250,000 (determined including all
plans you sponsor), and upon plan termination (regardless of asset level)
 Actuarial certifications may be required, as well as additional costs
 Distribution only upon triggering event
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The Endeavor Group
at Morgan Stanley Smith Barney
Choosing a Retirement Plan for Your Business
Employer Contributions
Requirements
Type
Permitted
Type1
Discretionary
% of compensation
No
N/A
Mandatory
% of compensation
No
N/A
Discretionary
% of compensation
or match
Yes
Pre-tax or Roth
Mandatory
Non-elective
or match
Yes
Pre-tax or Roth
Discretionary
% of compensation
No
N/A
SIMPLE IRA
Mandatory
Non-elective
or match
Yes
Pre-tax
SIMPLE 401(k)
Mandatory
Non-elective
or match
Yes
Pre-tax or Roth
Defined Benefit
Mandatory
Actuarially
Determined
No2
N/A
Profit Sharing
Money Purchase
401(k)
Safe Harbor 401(k)
SEP
1
2
Employee Contributions
Certain plans may allow for other types of voluntary after-tax contributions.
New rules under PPA allow salary deferrals under certain circumstances.
21
The Endeavor Group
at Morgan Stanley Smith Barney
Getting Started
Our relationship begins with learning
more about you and your practice.
Here are possible next steps:
 Give us a call or send an email to
set up a time for us to learn more
about your situation, goals, needs,
etc.
 We’ll discuss your unique needs
 We will help you select the plan that
is right for you and your practice
PHONE – (800) 966-4407 (ask for Bret Sinak, Ron Portell or Erin O’Rourke)
EMAIL – bret.sinak@mssb.com ronald.portell@mssb.com erin.orourke@mssb.com
WEBSITE – http://fa.morganstanleyindividual.com/theendeavorgroup/
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The Endeavor Group
at Morgan Stanley Smith Barney
Financial Education for Emergency Physicians
To review this or any future webinars or download the slides:
www.acep.org/fiscalrx
23
The Endeavor Group
at Morgan Stanley Smith Barney
Appendix
What follows is more information on the specifics on Defined Contribution Plans
regarding Eligibility, Vesting, Distributions, Loans, Filing Requirements and
Plan Fiduciaries.
There are also more specifics on various plan types that includes requirements,
limitations, advantages and disadvantages of the following plans: 401(k) plan,
Safe Harbor 401(k) plan, Roth 401(k), Profit Sharing plan, Simplified
Employee Pension Plan (SEP), Simplified Incentive Match Plan for
Employees (SIMPLE), SIMPLE IRA and SIMPLE 401(k).
24
The Endeavor Group
at Morgan Stanley Smith Barney
Qualified Defined Contribution Plan Features
Let’s review some basic features of qualified defined contribution
retirement plans:
 Eligibility
 Vesting
 Distributions
 Loans
 Filing requirements
 Plan fiduciaries
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Eligibility
Can exclude employees:
 Under age 21
 With less than one year of service
– Defined as 1,000 hours (or less) during a specified 12 month period
– May have a two years of service requirement with immediate vesting
 Covered under a collective bargaining agreement, if a separate
retirement arrangement was a specific subject of negotiation under the
CBA
 Who are non-resident aliens with no U.S. source income
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Vesting
 Vesting determines the percentage of a plan participant’s account the
participant actually “owns” and can take when he or she leaves the employer
 Employee contributions must always be 100% vested
 Most types of employer-funded defined contribution plan contributions are
eligible for either
– Three-year cliff vesting
– Two-to-six year graded vesting (at least 20% each year starting with two
years of service); or
– Any vesting schedule that is faster
 Forfeitures occur when employees separate from service and are not fully
vested. These amounts can be used by the employer to reduce future
contributions, pay plan expenses, or they can simply be reallocated to other
plan participants
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Distributions
 Must have a triggering event:
– Death
– Disability
– Separation from service
– Plan termination
– Meet requirements for in-service withdrawal
 Ordinary income tax and an early distribution penalty may apply (10%)
– Age 55 exception to 10% penalty (not available in IRAs)
 20% withholding unless directly rolled over or transferred into an IRA or
another qualified plan
 RMDs generally required by April 1st of the year following the year in which
the participant attains age 70½
– Qualified plans may allow postponement until April 1st of the year
following the year of retirement
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Loans
 Participant loans may be permitted under the terms of the plan document
 Loans are generally limited to the greater of
– 50% of the participant’s vested balance, up to a maximum loan amount of
$50,000; or
– 100% of the participant’s vested balance up to $10,000
– These loan limits may be reduced based on outstanding loans during the
previous year
 Loan terms (repayment period, interest rate, etc.) are arranged in a separate
loan agreement
 Loan repayment period cannot exceed 5 years (except if the loan is for
certain home purchases)
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Filing Requirements
 Form 5500 required annually by the Department of Labor
 1099-R tax reporting is required to report distributions to participants
 5500 filing usually handled by a Third-Party Administrator; 1099-Rs may be
as well
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Plan Fiduciaries
 Generally, those individuals or entities who manage an employee benefit
plan and its assets
 Plan fiduciaries may be
– Plan sponsor
– Trustees
– Investment advisors
– Other individuals exercising discretion in the investment and/or
administration of the plan
 Status is based on the functions performed by the individual
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The Endeavor Group
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What Is a 401(k) Plan?
 A salary reduction plan that permits employees to save for retirement on a
pre-tax basis
 Employee contributions can include
– Pre-tax employee contributions
– Roth 401(k) contributions
– Catch-up contributions for employees age 50 and older
 Employer contributions can include
– Matching contributions
– Profit sharing contributions
 Maximum contributions
– Pre-tax and Roth contributions cannot exceed $17,000 in 2012, or $22,500
for employees age 50 or older
– Total contributions (including matching, profit sharing, and employee)
 Lesser of $50,000 (or $55,500 if age 50 or older) or 100% of compensation
in 2012
32
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401(k) Plan
Employer Advantages:
 Means of attracting and retaining valuable employees
 Tax-deductible contributions
 Flexible plan design features
33
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at Morgan Stanley Smith Barney
401(k) Plan
Employer Disadvantages:
 Filing requirements
 ACP and ADP testing requirements
– Consider automatic enrollment feature or Safe Harbor 401(k)
34
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at Morgan Stanley Smith Barney
401(k) Plan
Employee Advantages:
 Pre-tax savings
 Tax-deferred growth
 Easy payroll deductions
 Flexibility and control
 Contribution limits
35
The Endeavor Group
at Morgan Stanley Smith Barney
401(k) Plan Candidates
Any Business that Wants to:
 Replace a costly traditional pension plan
 Offer a “big company” retirement program
 Attract and retain valuable employees
 Take advantage of tax-saving opportunities
 Receive a tax deduction for contributions
36
The Endeavor Group
at Morgan Stanley Smith Barney
What Is a Safe Harbor 401(k) Plan?
 A salary reduction plan that permits employees to save for retirement on a
pre-tax basis
 Employer matching or non-elective contributions required for Safe Harbor
 Allows for
– Employee contributions
– Catch-up contributions for employees age 50 and older
– Employer discretionary contributions
37
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Safe Harbor Employer Contribution Requirements
 A dollar-for-dollar match on salary deferrals up to 3% of compensation and
50 cents on the dollar for salary deferrals between 3% - 5% of employee
compensation for all eligible non-highly compensated employees
or
 Non-elective contributions of 3% of compensation for all non highly
compensated employees, regardless of whether or not they make
elective deferrals
 Employer matching and non-elective contributions used to satisfy safe
harbor are always 100% vested
38
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Roth 401(k) Contribution Feature
 Available to all participants regardless of income
 Must be maintained in separate plan accounts
 Subject to 401(k) ADP discrimination testing
 Contributions are taxed when deferred from salary
 Earnings are tax-exempt if distributed at least five years after
beginning Roth contributions and a qualifying event has occurred
39
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Profit Sharing Plan
 Flexible annual contributions
– Up to 25% of eligible compensation
– Self-employed individuals limited to 20%
– Compensation not to exceed $250,000 for 2012
 Individual limit is lesser of 100% of compensation or $50,000 per eligible
employee for 2012
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Profit Sharing Plan
Advantages
Disadvantages
 Tax-deductible contributions
 Fully funded by employer
 Discretionary contributions
 Filing requirements
 Allocation formulas
(e.g., Social Security Integration)
41
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at Morgan Stanley Smith Barney
Profit Sharing Plan Candidates
Any Business That:
 Has variable profit patterns
 Has seasonal employees
42
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Simplified Employee Pension Plan (SEP)
Definition and Eligibility
 Employer-funded IRA
 Flexible annual contributions
 Contribution formula equal for eligible employees or can be
integrated with Social Security
 Employee eligibility requirements
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SEP
Advantages
Disadvantages
 Discretionary contributions
 Immediate 100% vesting
 Allocation formulas (e.g., Social
 Employer contributions only
Security Integration)
 No loan provision
 Tax-deductible contributions
 Tax-deferred growth
 Easy to establish and maintain
44
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SEP Candidates
Any Business That:
 Is incorporated or is owned by an individual (self-employed)
 Has few employees
 Wants a simplified alternative to a profit sharing plan
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Savings Incentive Match Plan for Employees (SIMPLE)
Eligibility
 100 or fewer employees with compensation of at least $5,000
 No other employer-sponsored plan
(except if for collectively bargained employees)
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SIMPLE IRA
Requirements
 Cover All Eligible Employees
– Earned at least $5,000 in two prior years
– Are expected to earn $5,000 in current year
 Mandatory Employer Contributions
– Dollar-for-dollar match up to 3% oforcompensation to each eligible
participant (can be reduced to as low as 1% in two of five years)
– 2% non-elective contribution to all participants (compensation limited
to $250,000 in 2012)
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SIMPLE IRA
Employer Advantages:
 Tax-deductible contributions
 Simplified administrative requirements
48
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SIMPLE IRA
Employee Advantages:
 Pre-tax employee contributions up to $11,500 for 2012
 “Catch-up” contributions for employees age 50 and older up to $2,500
for 2012
 Immediate vesting
 Easy, convenient payroll deductions
 Tax-deferred growth
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SIMPLE IRA
Disadvantages:
 Mandatory employer contributions
 Immediate 100% vesting
 No participant loans
 25% penalty tax on distributions within first two years
 Cannot be maintained if employer maintains another qualified plan, 403(b)
Plan or SEP
50
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SIMPLE IRA Candidates
Any Business That:
 Has 100 or fewer employees
 No other employer-sponsored plan
 Is interested in establishing a salary reduction plan
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SIMPLE 401(k)
Eligibility
 100 or fewer employees with compensation of at least $5,000
 No other employer-sponsored plan (except if for collectively
bargained employees)
52
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SIMPLE 401(k)
Requirements
 Cover all eligible employees
– Complete one year of service
– At least age 21
 Mandatory employer contributions
– Dollar-for-dollar match up to 3% of compensation to each eligible
employee (cannot be reduced)
– OR 2% non-elective contribution to all eligible employees
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SIMPLE 401(k)
Employer Advantages:
 Retirement plan alternative for small businesses
 Attractive to employees
 Tax-deductible contributions
 Plan testing not required
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SIMPLE 401(k)
Employee Advantages:
 Elective employee pre-tax contributions
 Catch up contributions for employees age 50 and older
 Immediate 100% vesting
 Easy, convenient payroll deductions
 Tax-deferred growth
 Loans permitted
55
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SIMPLE 401(k)
Disadvantages:
 Cost
– Mandatory employer contributions
– Filing of Form 5500
– Administration
 Immediate 100% vesting
 Employee contribution maximum less than a traditional 401(k)
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SIMPLE 401(k) Candidates
Any Business That:
 Has 100 or fewer eligible employees
 Is interested in establishing a plan with a salary deferral feature
 Wants a loan provision
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Tax laws are complex and subject to change. Morgan Stanley Smith Barney
LLC, its affiliates and Morgan Stanley Smith Barney Financial Advisors do
not provide tax or legal advice and are not “fiduciaries” (under ERISA, the
Internal Revenue Code or otherwise) with respect to the services or activities
described herein except as otherwise agreed to in writing by Morgan Stanley
Smith Barney. This material was not intended or written to be used for the
purpose of avoiding tax penalties that may be imposed on the taxpayer.
Individuals are urged to consult their tax or legal advisors before establishing
a retirement plan and to understand the tax, ERISA and related
consequences of any investments made under such plan.
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