Florida1

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About Florida1

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    Female
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    Jacksonville Beach

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  1. Tampa Bay area 403(b) needs someone to handle VCP filing. Referrals very much appreciated. Thank you!
  2. Thank you. Things change and I have not worked as a TPA for a while, so thought I had better check. TY
  3. Short Version: A buys B in asset purchase. B has no plan. Can A amend to allow everyone employed on "x" date to enter plan, then revert back to requiring age 21 and 1 YOS? Long Version: "A" has a 401(k) plan requiring age 21 and 1 YOS. Dual entry: 1/1 and 7/1. A has 1 employee - Joe. Joe is very part time and would never be covered by plan. April 2016, "A" buys "B" in an asset sale. B has no plan. A hires all of B's employees. Some are under 21. A wants to allow Joe and all of the new B employees to enter the plan August 1st. After that, age 21 and 1 YOS are to apply to all new hires. If we simply amend to count service at B, Joe is still out. And, some B's are younger than 21, so they are still out. Any problem with amending such that everyone employed on August 1st is in, regardless of age and YOS, then revert back to age 21 and 1 YOS?
  4. Coverage ratio and average benefits failed. H=100% owner. W= owner by attribution (2 minor children). H=only employee on payroll. 20+ leased employees. More than half would be eligible for the plan (age 21 & 1 YOS = 1,000 hours). None of the leased employees would be HCEs. Small leasing co with no plan of its own. When plan was opened, H immediately deposited entire 2016 salary deferral amount. Advice as to how to proceed with client is much appreciated. TY.
  5. Client's old FA set up a calendar year non-SH 401(k) effective 4/1/2016 which excludes leased employees. Can it be converted to a SH-401(k) covering leased employees now? Client has leased employees that he is happy to include now that he knows he needs to in order to pass testing. Solutions much appreciated.
  6. 58 year old retired participant was receiving monthly pension payments. Then he accepts pension buyout lump-sum and rolls it to his IRA. CPA says he must do a 72(t) subequal on his IRA until attaining age 59 1/2 to avoid the 10% premature distirbution penalty on the prior pension distributions. Correct?