Jump to content

Leaderboard

Popular Content

Showing content with the highest reputation on 11/27/2024 in all forums

  1. 1 point
  2. But might company A and company B be under common control or otherwise comprise one employer under Internal Revenue Code § 414(b)-(c)-(m)-(n)-(o)?
    1 point
  3. Curious, is there no trustee, I mean how can they move the assets without anyone signing off to it? Am I missing something here?
    1 point
  4. Ask your employer for a copy of the Summary Plan Description. That is a document that should have the plan provisions in easier to understand language.
    1 point
  5. Generally, not for profit entities refer to a retirement plan that is exclusively employer funded as a 401(a) plan. The employee funded plan is 401(k) or 403(b). With that said, an employer funded plan under 401(a) may have a one year wait for eligibility (pretty typical) but employee enrollment isn’t required. About the only thing a participant needs to do is complete a beneficiary form. But not doing that doesn’t keep one out of the plan. Whole thing seems a bit off kilter to me.
    1 point
  6. Does the plan file a Form 5500-EZ? If yes, then it is even more important to preserve the plan's EIN. EFAST2 will be looking for continuity and likely at some point will send out a penalty letter if it doesn't get a filing that shows a final filing and assets going to zero for that EIN. You may want to try to contact a compliance officer at the bank (not at the branch, and who hopefully know a smidgen about retirement plans), and have a discussion about the bank making an unauthorized change to the plan's EIN. You may want to salt the conversation by saying "IRS" and "compliance" a few times. You actually may be doing them a favor. If this does not go well, then definitely follow Lou and David's advice!
    1 point
  7. @Lou S. poses questions. It might be wise to interpret by changing the question marks to exclamation points.
    1 point
  8. Don’t assume; read the pooled employer plan’s participation agreement and all documents that affect relations and allocations of responsibilities between the PEP’s administrator and the participating employer. One might be surprised by how many responsibilities a PEP’s documents can allocate to a participating employer.
    1 point
  9. Move the funds before the conversion to personal?Get a new investment vehicle?
    1 point
This leaderboard is set to New York/GMT-05:00
×
×
  • Create New...

Important Information

Terms of Use