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About leighl

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  1. The plan has both safe harbor and QDIA notices, as well as fee disclosures.
  2. If a participant goes from a non-excluded class to an excluded class, is he still eligible for the contributions under the plan? Specifically, the plan excludes employees who "normally work fewer than 20 hours per week", and a full-time employee is going to a part-time position that would be excluded. Is he still eligible to receive benefits? Or is he now in an excluded class and not eligible for the plan?
  3. I am actually talking about instances when the asset information would be provided after the March 15th deadline, so earnings would have to be calculated somehow in order to avoid the penalty tax. I actually thought there was something in the regulations allowing for projection of earnings. You are correct that we would have the conversion assets, but we would not necessarily have the beginning year/end of prior year asset balance by participant.
  4. Specifically, if a calendar year plan files their 5500 prior to July 31st but they also have an extension (5558 was filed timely), when is the deadline for the SAR? Everything I've read says two months after the filing deadline including extension. Does that give the plan sponsor until December 15th to distribute the SAR? Many of my clients include the SAR in the annual filings even if they have filed before July 31st. Thanks!
  5. Can someone give me more details about calculating refunds for a takeover plan when the prior provider will not provide earnings information for HCE subject to refund? I know there is a provision that the refunds can be calculated on the time the assets were deposited to the new recordkeeper and projected to an annual rate. I'm just having trouble finding the source. Thank you.
  6. As a company, we have a policy of testing plan with comp exclusions for 414(s) first, then using that compensation for ACP testing. However, I do not believe that is necessary. Under IRS regulations, 415 compensation can be used for ACP testing, and, if the plan passes, no further action is needed. I remember seeing posts to this effect. Am I incorrect? Can someone give me examples of reasons 414(s) is needed for a plan with only a match that passes ACP on 415 compensation? Thank you!
  7. In a 403(b) plan, the plan excludes participants who normally work fewer than 20 hours a week are excluded as a class. If an employee who was previously a full time employee and not part of the excluded class is rehired, are they still eligible to participate in the plan? Or are they excluded because of their new class status? Thank you!
  8. We have a plan that converted in 2015, so obviously this is time sensitive. The prior recordkeeper reported the 457 tax exempt plan assets with the 403(b) plan assets. Except by amending all prior filings (we don't have the asset breakdown for prior years), how can we correct this issue? Can the assets be shown as a transfer out? I also cannot find a plan number for the 457 plan.
  9. I have a church plan that has elected not to be subject to ERISA. However, they have filed a 5500 for several years. If they want to continue to file in future years, are they automatically an ERISA plan? If so, and if they amend to be subject to ERISA, are the prior years when they filed 5500s considered operational failures?
  10. Hi! For total contributions, is a 457(b) governmental plan limited to $18,000 plus applicable catch-up as outlined in the document? I just want to be sure.
  11. Is there any restriction in completing a mandatory cash-out for a participant with less than $5,000 in vested account if he does not live iin the US anymore?
  12. I have a document which specifically references the definition of compensation in the Definitions. Unfortunately, this definition of compensation excludes commission and bonuses. Two questions -- do I have to perform 414(s) testing and then use that (hopefully passing) compensation for my ACP test? and, do I have a document problem since the definition of compensation is so rigid?