Leaderboard

Work we did on September 11, 2001 and soon after in managing some consequences from that day’s deaths, injuries, casualties, and other harms remains a deep reminder about what matters in every aspect of our lives and faiths.

Mistake or not, the participant's actual election was executed, so I say have them fix it going forward and deal with it. Why is it always the collective "we" - plan sponsors, advisors, TPAs, RKs - that are asked to bend over backwards to accommodate a participant's mistake, poor judgment, or lack of attention? When is the participant held accountable for not doing what (s)he is supposed to and then months or years later comes looking for help on situation (s)he could have rectified almost immediately had (s)he paid the slightest attention? I'm sorry, but if I intended to make a PRE-TAX deferral from my pay and my income tax withholdings remained the same, I would have noticed and said something - if not after the first pay period, certainly within a few. Sorry for the rant, and I don't do this administration so I don't deal with these situations - but you all do - and don't you have enough work and have enough plan sponsor and advisor administrative "issues" to fix already? OK, I'm done. Also, it's 9/11, so let's remember those we lost that terrible day and from its aftermath.

My recollection is that the regs regarding non-profit entities (501(c)(3) ?) suggest a controlled group concept involving shared Board members and control by one entity over the other. That's my recollection without looking it up. But Peter is right, Carol is the person to ask and I have worked with her firm in the past.

"By the way, a lady in a bar told me I had a mistake of face once. No respect!"

Do the other companies have existing 401(k) plans?

Ok, not sorry!

If your client needs to sort out whether the foundation and the school district might be treated as one employer for the purposes Internal Revenue Code § 414 refers to regarding § 403(b) or § 457(b), or whether the foundation’s employees might participate in a non-ERISA governmental plan with the related school district (even if the foundation is not a part of the same employer as the school district), it could engage Carol Calhoun, a leading national expert on those issues and a lead author of Governmental Plans Answer Book. https://www.venable.com/professionals/c/carol-v-calhoun?accordion=credentials

CuseFan, how many times the clients told us that "oh by the way I have a SEP that I funded" after adopting the DB plan?