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About CTipper

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  1. Based on our interpretation of the 2016 Form 5500 instructions, Safe Harbor Match is not a QMAC
  2. Sorry it took so long to get back to you. I can't find anything that calls for an aggregated SAR. You would need to do 10 of them. We're going to have to be doing the same with a few clean up take overs as well.
  3. Does the letter have a number on it "CP220"? If so, it's probably from the collections branch. They're possible catching up on old fines.
  4. The last thing I could find on this was that they pick up contributions were subject to FICA Is that still true? Christopher
  5. Tried to find this. Actually went to the 2009 instructions before I got on here. I'm also not sure if this should be a 5500 or DB question. At any rate, for 2009 do one man DB plans file a 5500 or an EZ with their Schedule B? Yes, I know it's supposed to be called something else. thanks Christopher
  6. Yup. You're right. I was only looking at Excess Contributions. Thanks Christopher
  7. This has helped tremendously. But, one more question. This only has to do with when the participant is taxed. Right? It has nothing to do with the 10% excise tax. (And if this was already answered in this post, forgive me) If the money comes out today it's taxed in 2010 instead of 2009 and there's no 10% If the money comes out March 16th it's taxed in 2010 like before and there's the 10% like before Is that right? thanks Christopher
  8. Anybody know when the SPDs need to be changed to reflect this? Christopher
  9. When I first saw this language I thought we were going to have to amend the Plan documents to reflect this change. Now that I've reread it many times, I've changed my mind. I'm wondering if my take on this is the same as everybody else's? 1. This is not optional. The Plan Sponsors must operate and administer their Plans according to this rule effective April 1, 2009. 2. The length of time the Participant has to inform the Plan Sponsor of the change is not a variable. In other words the Plan Sponsor can't pick 40 days or 70 days. The rule states 60 days. Correct? Thanks in advance Christopher
  10. I have been asked if an employer may withdraw from an existing deferred compensation plan and start their own. They are currently in a plan sponsored by an association they belong to. They want to start their own deferred compensation plan. (okay, this part I know they can do) Instead of continuing with 2 plans -- 1 with the association and 1 on their own -- they would like to transfer the account balances from the association plan to their own plan. The Joinder Agreement specifically states this is allowed under the terms of the plan. I'm trying to see if there are any negative tax implications from this. The Joinder Agreement describes one of the investment options as having stocks in it. I have no idea how they would do the accounting on this part, but the the only thing I can think of is that the employer would have any realized gain from the sale of the assets to fund the liquidation count as income for the year the funds are transferred. Or, am I making this too complicated? thanks Christopher
  11. QDROphile -- Huh? What are you talking about? What does registering the plan have to do with a securities lawyer? Isn't the whole point of a multiple employer (or do I mean multi?) to be able to have companies that aren't in a controlled group be in the same plan? And, if they're not a controlled group you test them separately, and if they're in a controlled group you test them together? Christopher
  12. That part's easy. Yes. You're over some sort of limit -- either the base 402(g) limit or some limit imposed by a test. In this case it's your failing 401(k) test. My question is -- do you get to use the $692 from 2006 as part of that year's catch up? Was the employee 50 in 2006? Did they use any catch up for the 11/30/2006 plan year end? Christopher
  13. Unless of course the plan document was set up as a multiple employer plan. Alex, was it?
  14. I have a potential prospect (yes, potential prospect, not potential client) that I've just been made aware of through a referral source. The potential prospect is referring to a good portion of his staff as temporary leased employees. Anybody have a good place to look at that clearly helps them understand the difference between the two? I guess a question I could ask is -- "Do new employees go to the Agency first or to them first and then sent to the Agency?" Thanks. I know I should know the answer. Christopher
  15. Have a client with an existing grandfathered 401(k) plan They want to have 2 different levels of eligibility for different employee classes One class of employee would come in right away The second class of employee would continue to wait 2 questions: 1. Can we have a municipal 401(k) plan with 2 different eligibility definitions? 2. I'm thinking that as we're only going to be considering employees who have zero compensation in the prior plan year, that all these employees would be NHCEs. Is that right? Or am I thinking to much like a for profit 401(k) plan? Thanks