Guest bmurphy Posted July 13, 2005 Report Share Posted July 13, 2005 Company with SIMPLE paid one-time bonus to EE's a few months back. Apparently the executive director deferred a good chunk into his SIMPLE without executing a deferral agreement. Also the rank & file were not informed of their ability to defer any of their bonus. A few questions: 1. Is it permissable to execute a separate SRA to deal with deferral of a one-time bonus? 2. If so wouldn't it have to be done in conjunction with the plan's election periods (in this case calendar quarter)? 3. If done outside the allowable election period does the deferral need to be returned to ER & run back thru payroll? 4. Since the rank & file weren't informed of ability to defer does that fact invalidate the ED's deferral? Or the fact that no SRA was executed? Any assistance is appreciated. Thank you. Link to comment Share on other sites More sharing options...
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