For purposes of filling the Form 5330, how would you determine the amount involved in the following situation?

Empoyee deferral could have been placed in the plan on 7-1-06. Correction was not made until 10-1-07.

Would I need to file a 5330 for 2006 and 2007? How do I compute the amount involved for each year? (i.e. if I use an interest rate, where do I find the rate to use?) Also, since the correction wasn't made until 2007, does that mean that the 100% excise tax applies for 2006? Thanks for any and all input!

Does anyone have or know of a good section 115 trust form that complies with GASB 43/45?

Does anyone know if these limits are posted anywhere yet?

Can a Governmental Money Purchase Plan allow hardships?

I was thinking that the Title I exemptions for gov't plan allowed for them.

I'm not extremely familiar w/ all the nuances of filing Schedule A. Nationwide Ins. is telling us Schedule A is not needed because the investments are a mutual fund product outisde of an annuity contract. I am NOT looking to File Sched. A if I don't have to but I need to be sure this is correct. The instructions say that Schedule A must be filed if any benefits under the plan are provided by an insurance company (Nationwide is an insurance company, right?) unless the ocntract is an ASO, MTIA or 103-12 IE.

Anyone else have not filing Schedule A for these investments w/ Nationwide? TIA.

I have an employee who had a car accident months ago. She has been under the care of drs since then. She told me the insurance company won't reimburse her for co pays etc. They told her they take that into consideration for the settlement. Since these amounts are being considered in the lum sum settlement would that disqualify them from being reimbursed from her FSA? Thanks

if you have multiple lines of coverage with different policy dates how do you know what the plan year is to file the 5500?

We have a small DB plan with about 40 total participants and our plan year is the calendar year. Do we still have to distribute a Summary Annual Report for PYE 12/31/06 and a PBGC Underfunding Notice? Is there anything new to be distributed this year?

What notices will we have to provide during 2008?

Is there a web site I can go to read a summary of the rules?

I know there was a similar post below, but in this case, the cycle A deadline was missed (for no good-faith or excusable reason). Is a VCP submission required? Is the plan's qualified status in jeopardy? Can/should we file off cycle as soon as possible? I can't find any information with respec to the consequences of missing the deadline.

I'm pretty sure it can't be done, but I'm at a loss as to where I would find a statute, regs, or case law which says so.

A multiemployer fund wants to provide a benefit only for those participants who are actively paying their union dues. I don't know if this would fall under labor laws, but I thought ERISA also required benefits to be provided to similarly situated participants and therefore this would violate ERISA. Does anyone have an idea?

If a 5500EZ must be amended to a 5500(owner hired an employee and did not inform us), does the $750 late filing fee apply? Thanks.

Linda Michals

My understanding is that PPA now allows a cash balance plan to define the accrued benefit and present value of the accrued benefit to be the hypothetical account balance.

Of course the account balance is converted to an act equiv. QJSA as normal form of payment.

And of course the balance cannot exceed the 415 lump sum limits and likewise the annuity cannot exceed the 415 limits.

Finally when computing current liability.

Does it make sense to again use CL as being the account balance or is the suggested practice to determine the act equiv life annuity and then use CL assumptions to calculate the CL?

Thanks.

I wwork with old documents that say that hours of service will be credited for an unpaid leave of absence, provided that the company's leave of absence policy is administered in a nondiscriminatory manner. This would apply to all unpaid leave of absence, not just maternity/paternity.

Is this allowable?

Also, some of the plans say that hours are credited only in the year in which the unpaid leave of absence begins. And some say that the hours are credited only if the employee returns to work at the end of the leave.

Does any of this make sense?

Today marks the 50th anniversary of both the original Sputnik and the premiere of "Leave it to Beaver".

Coincidence?

An employee has a retirment account from the Public Employee Retirement System (Ohio). Can these dollars be rolled over into our 401(k) Plan? Is there a specific reg that addresses this type of rollover?

Thanks in advance

My software (Relius) has the option to use several mortality tables. There are several years to choose from, individual or group and male and female to choose. The 1983 Group Annuity Male seems to be the default. Any thoughts?

In Plan specs and in nondescrim testing assumptions, there is an option to choose nearest birthday or last birthday. Can anyone tell me which is the best choice to use for crosstesting?

I think that in Plan specs, Plan Entry Requirements, I want to follow the document for Plan Entry. And I think I want age nearest in testing assumptions for Cross testing. Any thoughts?

If you aren't a baseball fan, read no further!

Hopefully this post will be active until the end of the month. Nice game by Beckett last night. And we'll hope for a Cleveland win in the series against the Yankees. Part of me wants the excitement of a Sox/Yankee matchup, but another part of me can't bear the agony if the Sox lose to the Yankees. We also have two employees in our unit with the unmitigated gall to be Yankee fans, so they will be insufferable if the Yankees were to defeat the Sox. So go Tribe!

Under PPA, does the 90 day revocation apply to all EACAs or does the EACA have to be a QACA?

I have seen quite a few posts here on what happens when someone rolls over their entire account balance in a year when they should have first received a RMD (excess IRA contribution, etc.) Most of these examples seem to relate to correcting something that has already happened. So I want to get some thoughts on the following current situation:

We have a participant who has elected a Direct Rollover of his account balance, but also needs to take his initial RMD for 2007. We informed him of the fact that he needs to take the RMD and that the remainder of his account balance may be rolled over. However, the participant (who also happens to be one of the Plan's Trustees) is insisting (quite strongly) that 100% of the account balance be rolled over to his IRA and that he will take the RMD from there. The IRA custodian has indicated that they "do this all of the time" and it's not a problem.

Naturally, my concern is from the standpoint of the Plan and our administration of it. It seems to me that the RMD is not an eligible rollover and to go ahead and process it as a rollover may be putting the Plan unnecessarily at risk. Upon an audit of the Plan, I doubt the reviewer is going to look at whether the participant eventually received his RMD out of his IRA, but rather the fact that the Plan improperly rolled over a RMD.

Any thoughts on what should be done here and what the Plan/TPA's responsibility is with respect to this situation? Thanks.

BTH