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Showing content with the highest reputation on 06/10/2022 in all forums
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ER deposited 'elective' profit sharing
Luke Bailey and one other reacted to BG5150 for a topic
Someone mentioned just calling it bonus pay, under which some people decided to defer the entire thing and others to not do that.2 points -
ER deposited 'elective' profit sharing
Bill Presson reacted to Lou S. for a topic
I think the plan was probably deferral and match only and there were a number of eligible employees who did not elect to make 401(k) contributions and did not have any balance in the plan. At least that's how I read the OPs post but maybe I'm wrong.1 point -
ER deposited 'elective' profit sharing
Luke Bailey reacted to Mr Bagwell for a topic
I'm trying to understand the scenario.... didn't have an account...meaning the employee was eligible and didn't have a plan account open? Or the employee wasn't eligible and didn't have an "account"? Sorry for the confusion....1 point -
ER deposited 'elective' profit sharing
Luke Bailey reacted to Bri for a topic
I might suggest it being deemed a QNEC to avoid putting any sort of vesting schedule on it. But yeah, your conforming amendment is going to need data on who actually got the CODA option versus who was just given the 1,000 unilaterally as a plan contribution versus those who got it unilaterally as a bonus.1 point -
Virta and COBRA
acm_acm reacted to Brian Gilmore for a topic
I'm not familiar with Virta, but it certainly sounds like a medical expense. If so, the employer's coverage of the expense creates a group health plan subject to COBRA. Excepted benefits avoid the HIPAA portability provisions and ACA market reforms--but they don't avoid COBRA.1 point -
I don't see a problem with that.1 point
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In-Plan 401(k) Roth Conversion
Luke Bailey reacted to pmacduff for a topic
From the ever popular Google search: "Can you undo a Roth conversion in 2021? You can't reverse your decision Today, recharacterization of converted Roth funds is prohibited by the Tax Cuts and Jobs Act. In other words, there's no going back once the conversion is done."1 point -
In-Plan 401(k) Roth Conversion
Luke Bailey reacted to CuseFan for a topic
Agree w/Lou, thought that was prohibited a few years back.1 point -
In-Plan 401(k) Roth Conversion
Luke Bailey reacted to Lou S. for a topic
Pretty sure conversions were made irrevocable some time ago by law. Forget which law.1 point