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Showing content with the highest reputation on 03/25/2019 in all forums
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NQSOs issued to a director - reported on a 1099?
ERISAgeek111 reacted to jpod for a topic
It must (on a 1099-Misc as non-employee compensation).1 point -
Failed to suspend deferrals after h'ship--now what?
Luke Bailey reacted to ratherbereading for a topic
I think you will find your answer here … https://www.irs.gov/retirement-plans/correct-common-hardship-distribution-errors1 point -
Marijuana Dispensary
stephen reacted to RatherBeGolfing for a topic
Cool. Will be interesting to find out more for sure. The announcement didn't really go into if they feel they have figured out a way around the risk of forfeiture and money laundering issues that have been a concern, or if they have simply decided to do it because they feel they are on solid legal footing and are willing to be a test case if the feds come after assets or proceeds.1 point -
Marijuana Dispensary
stephen reacted to Bill Presson for a topic
My friend, Kirsten Curry with Leading Retirement Solutions, announced this earlier this week: https://www.seattlechamber.com/HOME/membership/member-news/detail/new-cannabis-401(k)-plan-levels-the-playing-field-for-cannabis-companies1 point -
Did anyone check the sale and purchase agreement? Typically, the disposition of any employee benefits plans is part of the normal due diligence process, and the sale and purchase agreement would specify what is happening to the plan(s) and who is responsible to do it. At least in theory. But that may not help. What Kevin said!1 point
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Unfortunately, intentions don't terminate a plan, actions do. With a stock purchase, if the plan wasn't terminated, it belongs to the new owner now. If the new owner terminates the plan, there is guidance on your vesting question in GCM 39310. There could also be fiduciary issues if partially vested participants are paid while the plan termination is under serious consideration, but not yet in effect.1 point
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plan termination and vesting of terminated participant
stephen reacted to david rigby for a topic
At the risk of going off target, there have been many questions posed on these Message Boards that misuse the word "sold". If the company was sold (complete stock sale, not asset sale), that does not require the plan to terminate (probably), and may not result in a plan termination. The original poster should make sure to know the true nature of the transaction.1 point
