Lyrics for: When The Levee Breaks – By Led Zeppelin

If we keep on filin’, MYPAA’s goin' to break,

When MYPAA Breaks I'll have no place to pay.

Mean old MYPAA taught me to weep and moan,

Got what it takes to make a pension man leave his home,

Oh, well, oh, well, oh, well.

Don't it make you feel bad

When you're tryin' to file your form,

You don't know which way to file?

If you're filin’ by email,

There ain't nothing you can do;

If you ain’t filin on time,

There's DC to call or P-Jail to do.

Cryin' won't help you, prayin' won't do you no good,

Now, cryin' won't help you, prayin' won't do you no good,

When MYPAA breaks, mama, you got to move.

All last night tried MYPAA and moaned,

Thinkin' about my forms and my happy home.

Going, going to P-Jail... Going to P-Jail... Sorry but I can't take you...

Going down... going down now... going down....

In honor of MYPAA's being down the morning of 9/27/07

A taxpayer wants to know if he can remove a limited partnership investment from his IRA account and substitute an investment of equal fair value, without generating tax consequences. My guess is that the removal of the LP from the IRA would be considered a taxable distribution and the addition of another investment would be considered an IRA contribution, potentially in excess of contribution limits. However, it's hard to know where to go to confirm this answer.

Under the amended EXPRO program (PTE 96-62, as amended in 2002), an applicant can rely on a transaction that's received final authorization under the EXPRO program within the last 5 years. The EBSA site has a list of EXPRO exemptions with very brief descriptions of the transaction authorized (for example, "Sale by Plan of Common Stock").

Does anyone know whether these EXPRO exemptions that have received final authorization are printed in a bit more detail somewhere, or can I just pick one off this list that has a brief description that is substantially similar to my proposed transaction? Seems to me I'll need to provide more information on the authorized transaction under EXPRO than just the brief description provided on the DOL website, but I'm not finding the authorized transactions printed anywhere.

Thanks....

May a state retirement plan sponsor a 403(b) for eligible education employees of local school districts. Since such employees are not employed by the state, but by the local school district, could a state retirement system be considered an eligible employer in order to offer a 403(b) plan to such employees?

We have come across a plan that it appears that they did not sign their post EGTRRA amendment for 401(a)(9) by the end of 2003 and the Mandatory Distribution Amendment by the end of 2005. What would they need to do to correct this?

We have encountered a plan that did not sign their 401(a)(9) post EGTRRA amendment by 12/31/2003, or their Mandatory Distribution Amendment by 12/31/2005. What steps do we need to do to fix this?

Participant stopped making repayments to the plan about a year ago. Now, Plan Administrator has JUST determined that the loan is to be defaulted and a 1099 issued, but Plan Administrator is adamant that automatic loan repayments from the participant's compensation are to continue.

Once a deemed distribution occurs repayments can't continue to be made, can they?

If I have a 403(B) that has salary deferrals, match and profit sharing (non elective) contribution on a vesting schedule. Do we need to file the 5500 including schedule I or just the 5500?

Can someone point me in the right direction to find out where in the Regulations does it say that in order to receive a QNEC, you must have worked over 500 hours?

A client wants to offer an insurance product through the cafeteria plan that has a different enrollment year than than the cafeteria plan's plan year. All other insurance products offered through the cafeteria plan have the same plan year. I advised the client that because the insurance product has a different plan year it could not be offered through the cafeteria plan. Are there any alternatives? Thank you.

I have used the search function here, but did not get my answer. I was brought here from http://www.roth401k.com/index.htm

My Father and I have a car dealer partnership. Just us 2, no employees. This is a "side job," we both have full time jobs.

He is 50 years old and all ready has an established retirement account. However I am currently 24. I would like to start a Roth 401k plan under this car dealership, but it seems when I go to financial institutions, they want to get me a regular 401k plan.

Does anyone know what companies would be willing to offer a Roth 401k for our small company?

What would be one of the best companies to go with?

Or am I going about this the wrong way?

The Senate version of the minimum wage bill passed in early '07 contained a provision that would have extended the definition of "covered employee" under 162(m) to include anyone who had ever been a covered employee. Under current law, the defintion only applies to active employees.

If passed, the effect would be to make any annual distributions to covered employees (basically the proxy group) from SERPs or NQDC in excess of $1M non-deductible to the company.

Fortunately, the provision did not make it into the final bill, but I've heard "through the grapevine" that it may rear its ugly head in some bill in the future.

Does anyone out there have better information or an authoritative source that would support this belief?

Thanks,

Joe

I have a calendar year plan that has an effective date of 3/1/2006. What limits do I pro-rate for the year if any?

Is the only available option to exclude bonuses to restate the plan to a Non-standardized prototype and submit to the IRS for determination?

Anyone ever provided diversification rights to an alternate payee? I realize there are a ton of issues here, but I was more curious if anyone is doing this?

Get your copies here:

http://benefitslink.com/taxregs/td_9359_circular_230.pdf

Individual purchased an immediate annuity at age 70, payable over his lifetime, using 100% of his IRA balance. Does this satisfy the minimum distribution requirements rules? Any help is greatly appreciated.

If an employer deposits a contribution late, am I right in saying that the contribution is no longer deductible - in any tax year. We have an employer who contributed his 2005 contribution in July 2007. We understand that the contribution was not timely and is not deductible on the 2005 Corporate Tax Return. Am I right in saying the contribution is no longer deductible - for any tax year - because it did not meet the requirements of IRS 406?

Thank you!!!

Is anyone aware of anything in the new 403(b) regs that would prevent an individual from particpating in both a 403(b) plan and a SEP, or an employer from sponsoring both an ERISA 403(b) and a SEP? I've been searching but so far have been unable to find an answer either way.

Thanks!

Has anyone had to "cancel" a separate interest QDRO once payments had commenced to the AP? I assume that you can request an amended order that supersedes the prior QDRO with respect to future amounts payable, but I'm just not sure how you can return payment to the participant. The parties would have to make up outside the Plan the amount of any previously distributed benefits, so I'm really just worried here about prospective payments...thoughts?