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Showing content with the highest reputation on 01/05/2021 in all forums

  1. C. B. Zeller
    The 401(k) portion of the plan still has to be in effect for at least 3 months to be able to use a safe harbor. SECURE didn't change that. You are spot on about the BRF issue. The reg that is violated is 1.401(a)(4)-4. The right to make an elective deferral (at any rate) was not available to the NHCEs. It was available to HCEs. Boom - instant current availability failure.
    1 point
  2. Bill Presson
    Usually when the plan is set up with a recordkeeper (either a brand new plan or a takeover from another RK), the RK provides a form for the plan sponsor to sign. It lists everyone that gets access from the sponsor to the TPA to the advisor. It also lists what level of access they get. If you weren't on that original list, you'll need to talk to the sponsor and/or their contact at the RK to get the approval.
    1 point
  3. C. B. Zeller
    The option to electronically file a 5500-SF for a one-participant plan went away on January 1, 2021. If you filed during 2020 using the 2019 5500-SF, you should be fine.
    1 point
  4. C. B. Zeller
    Not related to your question, but This is not quite correct. To be a 5% owner you must own more than 5% of the company. Someone who owns exactly 5% is not a 5% owner. 416(i)(1)(B)(i)
    1 point
  5. Belgarath
    Muchas Gracias. Always nice to find out I'm not entirely senile.
    1 point
  6. chc93
    Not only that... with 90% deferral, net check would be essentially zero. That's gotta be noticeable.
    1 point
  7. Lisa.Q
    exactly. not like we're talking 5% to 9%. 5% to 90% is quite the leap.
    1 point
  8. Bill Presson
    Allowing access to see participant transactions is quite common. Allowing the advisor to execute transactions (other than investment trading) would be very uncommon, I would imagine.
    1 point
  9. Bill Presson
    How does someone ask for a 90% deferral and not notice for 3 months?
    1 point
  10. FORMER ESQ.
    The requirement is that advanced notice must be provided within a "reasonable time" prior to the beginning of the plan year. That requirement is "deemed" to be satisfied if it is provided no later than 30 days before the beginning of the plan year. Depending on the facts and circumstances, one can always argue on reasonableness of time.
    1 point
  11. C. B. Zeller
    Not sure I agree. The 30-day advance notice applies when you suspend or reduce safe harbor contributions mid-year. Since the year hasn't started yet, I don't see a problem (employee relations notwithstanding) amending out of safe harbor completely, effective 1/1/2021.
    1 point
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