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The documents I've seen 5.4% are written something like 80% of the TWB + $1 or 80.01% of TWB. As far back as I can recall exactly 80% limits you to 4.3% disparity, even back in 1995.

Per EOB, "the employer for IRC §404 purposes is the partnership, not the individual partner, so an extension on the individual partner's federal tax return has no effect on the deadline for making deductible contributions for the taxable year of the partnership, even for contributions made on the partner's behalf." However, there is no citation provided and 404(a)(6) makes reference to "taxpayer" not "employer." Hmmm ... Edited to Add: Rev. Ruling 81-114 makes reference to "the time prescribed for filing the employer’s income tax return" so the intent was to align the deadline to the deadline for filing the employer's tax return.

That made me chuckle...

1. If I had become and enrolled actuary, I would have saved a lot of money in outside actuarial fees. 2. Most important, how are you going to get new business? It is a relationship business and you or someone has to be great at this end of it. 3. All you list are challenges you will face, which is the "biggest" will vary depending on what's going on at the time. When times are good, attracting and retaining good employees is a challenge while the business rolls in. When times are slow, bringing in new business is paramount. 4. Best things about being an owner - get to do it your way, it makes you a better pension consultant to other business owners as you will share the same experiences. You should make more money than as an employee and hopefully you are building equity that you can eventually convert to cash. You end up on the good side of the tiered gateway allocation. 5. I would do it again in the time period I did it. I don't know if I would do it again now. The race to the bottom on fees is making this a much tougher business. Other - if you do own the business, remember it is an investment from which you should derive an appropriate risk-adjusted return. You should budget for a profit in addition to a compensation for yourself that is equivalent to what it would cost you to hire yourself in the market. We targeted a 20% profit - but it took us a number of years to get there. Be sure to go to the NIPA BMC every January. There are other organizations such as Vistage that provide support for business owners. You can hire technical help, but you need to define the vision for your firm and drive to fulfill that vision. Try not to borrow a lot of money otherwise the lenders own you and control you. Design your fees and billing such that you get paid as the work is done, not after the fact. Enforce a strict policy on collections and stop providing additional services when a client is in arrears. Always carry E&O insurance, it is a cost of doing business so budget for it.

Monica, as long as the state insurance dept & the ERPA groups have both approved the class, then it counts for both.