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Showing content with the highest reputation on 09/21/2020 in all forums
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Front-loaded Funding – Defined Benefit Plan
Pete reacted to Mike Preston for a topic
Yes, and it should be.1 point -
Student loan repayment
Luke Bailey reacted to Mike Preston for a topic
I think the underlying methodology is subject to scrutiny. If it is really a matching formula, then you have a contingent rule violation, because it isn't legally a match.1 point -
Student loan repayment
Luke Bailey reacted to QP_Guy for a topic
if you exclude HCEs, i see no reason why this wouldn't just be fine1 point -
Front-loaded Funding – Defined Benefit Plan
Pete reacted to david rigby for a topic
Rather than advise you to re-read 404(o), I suggest you talk to a pension actuary who specializes in these small plans. That actuary may also advise you that the point of this plan (BTW, your client is the perfect candidate) is not to maximize investment return, but to maximize the deduction. Use a DC plan for aggressive investment strategy.1 point -
Front-loaded Funding – Defined Benefit Plan
Pete reacted to C. B. Zeller for a topic
415(b)(5) provides that the maximum annual benefit is prorated for less than 10 years of participation. In the first year the maximum benefit he can accrue is 1/10th of the annual dollar limit.1 point -
Student loan repayment
AKconsult reacted to Mike Preston for a topic
Not true.How about everybody in their own group.1 point -
Student loan repayment
AKconsult reacted to Luke Bailey for a topic
If your plan document provides for discretionary contributions allocated in a discretionary manner based on criteria broad enough to include (e.g., "any basis acceptable to the employer,"), sure this is OK.1 point -
This sounds familiar (crazy talk from the janitor who answered the phone at the IRS). I can tell you what I would do - start filing under the correct number and reference the old number where it asks.1 point