Fisher

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About Fisher

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  1. Rather than amending to allow a range, would there be any issues with the plan being amended to eliminate the employee nonelective altogether
  2. If a Governmental organization has a "grandfathered" deferred compensation plan still in effect, if a modifcation to the terms change, would it then become subject to 457 rules? If so, could the assets then become part of a funded 457(b) Governmental Plan where the assets are now held in Trust? Or, if could only become part of an unfunded 457 plan, would it all become taxable since can not set up an unfunded 457(b) plan except for possibly a 457(f) plan?
  3. Can someone provide me the reasons why a Gov't Hospital would not choose to file or act as a 501©(3) organization besides not having to comply with the new Community Health Needs Assessment (CHNA). What reasons prior to CHNA would they have had besides possible UBIT. And if they did choose to act as one, other than wanting to have a 403(b) plans, what requirements would be needed to continue to act as a 501©(3) organization.
  4. What is maintaining a qualified plan? And is that only a plan under 401(a)/(k)? Not a 403(b)? I thought I had read something in the past that an employer could establish a SEP using the Model 5305 SEP provided no employee was receiving contributions to both plans in the same year.
  5. What is maintaining a qualified plan? And is that only a plan under 401(a)/(k)? Not a 403(b)? I thought I had read something in the past that an employer could establish a SEP using the Model 5305 SEP provided no employee was receiving contributions to both plans in the same year.
  6. If an employer is using the 5304 SIMPLE, can they require particpants to only have one investment selection at any given time for their ongoing contributions? I think they should be able to but still allow an employee to change investments but can not split contributions to go to 2 or more providers
  7. If someone processes a request for distribution from their IRA a few days prior to turning age 59 1/2, does that mean there could be a 10% penalty or does the date of receipt of the funds mark the date if not received until after 59 1/2?
  8. It is my understanding that a ITG is not eligible to participate in a 457(b) plan. Therefore, as they are covered under 414(d) and can have a Governmental Plan, could they have a 414(h) pick-up feature in their 401(a) plan.
  9. So Carol - If the picked up amount in the DB is tested separately under 415©, does it have to be aggregated with any other 401(a) DC plans the participant may be in with that employer?
  10. Can 2 unrelated employers recognize both past and future service with each other for vesting purposes? I know service is recognized within a Controlled Group and/or Affiliated Service Group. However, if there is a relationship or similar business interest between 2 separate unrelated tax-exempt organizations, could service after separating from one be recognized for vesting purposes if immediately go to work for the other? Both Company A and B will be recognizing service for eligibility, contributions and vesting with each other, but what if an employee terminates company B and goes to work immediately for company A, if the employee is not fully vested in B, can they recognize service with A for vesting service credit and not create a forfeiture until such time as they may terminate from A or vice versa?
  11. Public universities in NC and SC. Looking for someone to provide plan document and annual actuarial work.
  12. Does anyone know of an actuarial firm that specializes in small Governmental DB plans
  13. Nun

    In a Church Related Organization, have a Nun that has taken a vow of poverty. She "earns" over $150,000 for which she passes on to the convent. This is with respect to a 403(b) plan that is subject to discrimination tests since it is not a 3121(w)(3)(A) or (B). Should she be included in the ACP test as an HCE? If is included, seems as though her not deferring anything, and therefore not receiving any match, would actually benefit the other HCE's by having a higher ACP?
  14. I am confused as to how to complete Form 8606. I have no previous IRAs and do not qualify for a Roth IRA contribution. However, I made a non-deductible IRA contribution of $5,000 for 2011. Shortly thereafter i converted $5,020 it to a Roth IRA. I know $20 is taxable and seems as though in Part 2: #16 on the form should be $5,020, #17 should be $5,000 and #18 being the $20. Do I even need to complete Part 1? If so, it just doesn't seem to work out following the instructions. What am I missing?
  15. My understanding of the exclusive benefit plan rule is that an employer can not maintain a SIMPLE if they maintain a quailfied paln in the same year for which contributions are made. I realize there are 2 exceptions: possiblity inion and non-union plans and in the event of an acquisition/merger. Question I have is, does contributions to the qualified plan mean for ANY employee or, that contributions can not be made to both plans for ANY GIVEN eligible employee.