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Plan Amendment to use Forfeitures to fund SH Contributions


401_noob
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Has anyone seen any successful document amendments for Plans to begin using forfeitures to fund SH contributions? 

I was hoping that FIS Relius would have released their good-faith amendments by now, but as I understand it they haven't.

https://www.relius.net/News/TechnicalUpdateDetails.aspx?T=P&1=1&ID=1103 

Thanks in advance! 

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401_noob: As you now know, the FIS version was out early last year and all our plans have been amended to include the new language.  Once has to ask why you did not ask FIS if they had issued the amendment?  It is one of the items listed on that page where they list the releases.  I expect you would have had an answer and a link within a day. FWIW.

Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC
President
Qualified Plan Consultants, Inc.
46 Daggett Drive
West Springfield, MA 01089
413-736-2066
larrystarr@qpc-inc.com

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15 minutes ago, Larry Starr said:

401_noob: As you now know, the FIS version was out early last year and all our plans have been amended to include the new language.  Once has to ask why you did not ask FIS if they had issued the amendment?  It is one of the items listed on that page where they list the releases.  I expect you would have had an answer and a link within a day. FWIW.

Actually, one does not have to ask.  One might instead say what I said which is that it needed to be signed in 2017.  Same message, no hurt feelings  :P

Austin Powers, CPA, QPA, ERPA

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6 minutes ago, austin3515 said:

Actually, one does not have to ask.  One might instead say what I said which is that it needed to be signed in 2017.  Same message, no hurt feelings  :P

Austin, now you have me confused.  It only needed to be signed in 2017 if you wanted it effective in 2017. For those that sign it in 2018, they have the old language for 2017 and the new language is effective for 2018 and on.  None of that speaks to why 401_noob didn't ask FIS if they had done the amendment instead of assuming it was not done, which is what he said in the initial posting.

Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC
President
Qualified Plan Consultants, Inc.
46 Daggett Drive
West Springfield, MA 01089
413-736-2066
larrystarr@qpc-inc.com

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Thank you everyone for your input. I don't have access to the Relius/Corbel document software and my colleague that does said that she hasn't seen any amendments to facilitate forfeitures used to fund SH and asked if I had. As I don't have access to the software/system I thought that this would be the best place for me to ask and you all answered my question.

Thanks again!

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Have that person add you as a user on the site.  It is super-easy, no additional charge, and you will receive their technical update emails which are awesome.  Among other valuable information you would have received the article in your original post when it was issued (and of course the amendment).

It should be as easy as submitting an "incident" and requesting access. 

Austin Powers, CPA, QPA, ERPA

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30 minutes ago, 401_noob said:

Thank you everyone for your input. I don't have access to the Relius/Corbel document software and my colleague that does said that she hasn't seen any amendments to facilitate forfeitures used to fund SH and asked if I had. As I don't have access to the software/system I thought that this would be the best place for me to ask and you all answered my question.

Thanks again!

That's kind of a big deal that she missed that.

William C. Presson, ERPA, APA, QPA, QKA, APR
bill.presson@gmail.com
C 205.994.4070
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Probably not the document person's fault if I had to guess.  I'd be looking up top for where to lay the blame.  If it were my firm for example I would be horrified with myself.  If you're running a TPA shop these are the sorts of things that you should be talking about and keeping up on.

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Austin Powers, CPA, QPA, ERPA

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