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TPA Bob last won the day on February 22 2013

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About TPA Bob

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  1. We have reviewed the document and cannot find any reference to the time period for which the match is calculated. Will put into our document (Sungard) and will specify there. My reference to payroll v payroll is the way the plan sponsor has determined match in operation.
  2. Plan has a discretionary matching contribution. The Plan Sponsor is wanting to eliminate the matching contribution for the rest of year. Notification required to participants should include (not limited to just these) Date the matching contribution will cease How to change future deferral elections with form Explanation of how match through March 15th will be determined (payroll v payroll) Question - the Plan Sponsor is under the impression that they are required to provided a 30 day notice. While I believe may be in their best interest I do not believe a 30 day notice is required. Any thoughts would be greatly appreciated.
  3. Thanks very much MoJo.
  4. MoJo Not certain what "carefully" means. My only concern is if he receives income from life insurance sales that have not been subjected to the "statutory" employee rules and thus earned income (and would have to pay self employment tax) is this income available for a separate plan? One of things that keeps coming up in reading the rules.
  5. I have a life insurance salesman who has a significant part of his revenue paid to him as a statutory employee and is covered by the insurance company's retirement plans. Additionally he has other commissioned income that is not considered statutory income by the payers. In addition he has his own employee that he pays W-2 compensation. He wants to establish a separate retirement plan covering his non statutory income and the employees income. I have not been able to find anything definitive. Would seem for retirement plan purposes he could establish a Plan for his non statutory income and that of his employee. Any thoughts greatly appreciated.
  6. Sorry for opening a can of worms. Two events. When we receive a "draft" of a QDRO to review before it is provided to the court for approval or when someone in ownership or a fiduciary to the Plan is going through a divorce we proceed with extreme caution. Understand everyone's concerns and will be more aware going forward. For the most part we never become aware until the QDRO is received.
  7. In IRS / DOL reviews in the past I have never encountered an issue regarding pursuit of loan collections. Not saying this makes it right.
  8. All interesting responses and based on my review and discussions there is a lot of disagreement. I agree that this could be an issue with plan operation. Our policy in the past has been once the Plan Sponsor becomes aware of a divorce proceeding any unusual transaction needs to be scrutinized and in some cases have required the participant to obtain approval of loans, distributions, etc. I understand that this goes beyond the rules but has avoided issues down the road. Thanks to all.
  9. 401(k) Plan. Loans per loan policy repaid through payroll withholding. Participant going through divorce and wants to cease the withholding for loan payments and default. Prior threads (found one from 2008) show no guidance offered and I have not found any guidance. Any thoughts would be welcomed.
  10. Will be a question we will be asking.
  11. Thanks to all. Flyboy - we have not "engaged" by the client as of now although we will be shortly. They are in a squabble with the existing provider that needs to be resolved first. We will quote them a fee to do a no activity return for 2015. We hope that the prior provider did an extension of time to file. Plan will fund a non elective profit sharing contribution for 2016. Thanks again.
  12. Have a new client that established a 401(k) plan in 2015. There were no contributions for 2015 (no idea why)(no deferrals) and to date in October 2016 still no assets. I cannot find guidance on this. Presume that there is a filing requirement for 2015. Any thoughts?
  13. Have a client that wants to add a Automatic Contribution Arrangement (ACA) and not an EACA or QACA. They want to do as soon as possible. Do we have to wait until the beginning of the next plan year to adopt? Or can we amend mid year. Seems clear to me that an EACA and QACA must be at beginning of year but have conflicting view points on ACA. Thanks in advance.
  14. Have a new client that owned 50% of an insurance agency (S Corporation), his brother the other 50%. He was paid as an independent contractor his commissions from insurance sales to a separate LLP (single member LLP tax as a sole proprietor). The agency has a CEO and CFO separate from either brother. Client has been max funding a SEP for as long as he can remember only on his independent contractor income - no other participants. The insurance agency has a separate retirement plan that she (Client) did not participate in. Do not meet the controlled group rules as do not own more that 50%. A-Org - 1st impression is FSO is the insurance agency, A-Org is my client. Since agency is a corporation appears that it would not be a FSO. B-Org - appears likely Having second thoughts on whether related - sure seems that it should. Conversation greatly appreciated.
  15. No doubt it was a mistake - but looks like to me that non deductibility is not considered a mistake in fact on its own.