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Showing content with the highest reputation on 02/12/2021 in all forums
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SARSEP possible for Non-Profits?
NonProfit GC and one other reacted to Gary Lesser for a topic
It is a yearly determination as to whether it is "maintained;" so no. A more interesting question might be what happens if the organization ceased to be a non profit. Arguably, it could be resurrected. Should the plan be adopted by the non-eligible employer for such an eventuality. Just speculating.2 points -
W2 and K1 in a controlled group
Bill Presson reacted to Mike Preston for a topic
No negative numbers!1 point -
DB benefit calculation question
PDNguyen reacted to david rigby for a topic
I think Hojo is correct. In other words, the default provisions of the plan were triggered since there was no election.1 point -
Without any actual detail of the plan, this seems about right. Since your dad never made an election prior to his death then he would fall under the QPSA rules. Essentially he was a vested terminated participant who was assumed to have made an election the day before his death of a joint and 50% annuity. Then he dies and his surviving spouse is eligible for that 50% benefit as a single lifetime annuity.1 point
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A lot depends on the plan terms, the age of each of your parents and when the payments for each form of benefit were supposed to begin.1 point
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I agree. It's a valid SH Match under a QACA.1 point
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SARSEP possible for Non-Profits?
NonProfit GC reacted to Luke Bailey for a topic
NonProfit GC, IRC sec. 408(k)(6)(E) says a governmental or tax-exempt employer cannot "maintain" a SARSEP. The IRS usually interprets "maintain" as applying to plans in the present tense, on a continuing basis, not to simply the time of formation.1 point -
Yeah. And I'm not sure I agree that it can't be done. Did Dennis and Ilene have a cite(s) or were they just being cautious?1 point
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