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Husband and wife own the company and they have 4 children , the youngest is 12, the oldet is 16. If the plan has no age limit, can the children contribute to the plan? They were paid $5000 each and they want (the parents actually want) to put $2500 in deferral for each.The children did not receive W-2 ( I don't know how exactly got paid) ...what would actually be the best answer, I tried to explain they suppose to have W-2, otherwise, how you defer??? Can you have W-2 for a 12 year old?? And if so, can they defer???

A company currently contributes to a multiemployer plan. All employees will cease work for about two years. During such time, a new warehouse will be built. When the warehouse is built, all interested employees will be brought back. The current CBA extends beyond the time of the re-opening, so there will always be an obligation to contribute. However, there will be no actual contributions during the 2 year period.

Would this meet the second prong of the complete withdrawal test:

"permanently ceases all covered operations under the plan."

The cessation will not be permanent. The company fully intends to re-open the new and improved facility and start making contributions to the plan. It would obviously like to avoid making withdrawal liability payments during the temporary shut-down.

We have spent hours searching the case law, regulations, ... Any comments or suggested direction?

Plan is a Safe Harbor Matching calendar year plan. Terminated 6/30/05. Do they have to contribute the Safe Harbor Contribution in the year of termination? Also, are they only required to contribute the amount from 1/1/05-6/30/05? Or does it have to be the entire year?

if a plan has over 120 ELIGIBLE participants but lets say only 50 are actually participating, does this require an accountants opinion?

S Corporation distributions on allocated and unallocated shares can be used to make loan repayments. Because they are earnings and not contributions, they are not subject to the requirements of 404 or 415. However, are the shares released by using such distributions to make loan payments subject to 415? If not, and the company makes a contribution in addition to using earnings to make the loan payment, then are the shares released tracked by the source of the funding and only those released as a result of the contribution would be subject to 415? Seems like quite a loophole. Thanks for any responses.

Under HIPAA, how long does a medical clinic have to maintain a patient's records?

Anyone hear anything about a major firm outsourcing some/most of its actuarial work?

I do some work in benefits, so a friend approached me for advice about a situation. I'm hoping that some others may have ideas as well! Friend's husband had a medical condition that resulted in him receiving short term disability through his employer last year. Shortly after returning to work, his company was bought out by another company (Husband has remained in the same position throughout this ordeal). Several months later, New Company decided to consolidate benefits and moved all Old Company employees to New Company benefits, including STD. Husband then had a recurrence of medical condition and filed for STD. His claims was denied as pre-existing because New Company's policy states that it doesn't cover pre-existing conditions until the employee has been covered by the policy for 12 months. Based on initial conversations with me, Friend and Husband requested SPD, plan document, and any minutes, records, or resolutions during the company sale related to benefits. The company sent a certificate of insurance and the generic communication materials sent to employees (neither of which comply with ERISA SPD content requirements). They declined to send any corporate records; however, they recently told Friend that the broker was to have processed the benefits as a transfer and not a new group. So, now what? The insurance company is following the terms of the policy, the employer is not keen to get involved with the insurance company's decision, and I'm not sure how to help Friend and Husband from here--any thoughts?

1) Aver that DB plans are a scheme to enrich plan sponsors.

http://benefitslink.com/boards/index.php?showtopic=5997

2) Bring up tax law changes or IRS policy.

http://benefitslink.com/boards/index.php?showtopic=18334

http://benefitslink.com/boards/index.php?showtopic=18329

http://benefitslink.com/boards/index.php?showtopic=13702

3) Mention anything about insurance commisions or 412(i) plans.

http://benefitslink.com/boards/index.php?showtopic=27473

http://benefitslink.com/boards/index.php?showtopic=31208

4) Harp on ethics or the lack thereof.

http://benefitslink.com/boards/index.php?showtopic=25810

5) Find creative ways to avoid taxes.

http://benefitslink.com/boards/index.php?showtopic=3510

6) Discuss sports.

http://benefitslink.com/boards/index.php?showtopic=26212

7) Provide an opportunity for stress-relieving, innane babbling.

http://benefitslink.com/boards/index.php?showtopic=25886

http://benefitslink.com/boards/index.php?showtopic=23084

ADP test - told system to print correction report asked it to calculate related match

it told me "You selected correction report, but did not select a correction method"

thus, it doesn't calculate the related match amount.

Relius response: calculat related match is actually a subreport of the refund to HCE, so you have to select both.

Something to watch out for - In the particular plan I have the system can not calculate the related match. it was a 50% match, but the match was stopped midyear. (Per payroll match rather than end of year match) so looking at the deferrals over the whole year it appears there was no related match. however, first in first out, so I have to dummy things up to show the related match. always something to watch out for.

also, it does not appear it helps to selct don't print soc sec number in plan specs, as these reports print them anyway. same hold for nondiscrim reports.

Relius response is that not all reports have bility to supress soc sec numbers. I was not aware of this.

If the only form of distribution under a DC plan is a lump sum how extensive must the RMD provisions be? It seems like the vast majority of the provisions that would otherwise be necessary are completely inapplicable. Take the model amendment for example. The only provisions that are applicable are those on the timing of the distribution. Is a minimalist approach okay?

The plan document allocates contributions as follows:

"Uniform dollar amount for each participant will be determined annually by the board of directors"

I've never adminsitered this type of allocation and have a couple of questions. The employer wants to make this determination quarterly. I don't see that they can do that and still meet the SH. Is this correct?

If the plan provides for contributions to be allocated on compensation only from entry date, how does that come into play w/ this type of formula. If a participant enters the plan 10/1 (calendar year plan), wouldn't his allocation still have to be the same dollar amount as all the other participants to meet this sh formula?

If the Employer has actually made this determination quarterly and because of this one participant (the guy who enters 10/1) gets a dollar amount different than the other participants, have we violated terms of the plan document? We also lose the SH allocation and if there are NHCE's we must test for nondiscrim?

Thanks

Here is my scenario:

A participant originally enrolled for a $1200 annual election in the Health FSA. 2 months into the plan year, the participant gained a dependent and increased their election to $2400. My problem is this - if the participant submits a claim for a date of service within the first 2 months of the plan (when the $1200 election was in effect), but the claim is for more than $1200, can they be reimbursed the full amount since the new election is $2400 (even though the new election was not in effect on the date of service of the claim)?

Also - can anyone direct me to documentation on this issue one way or the other?

Thanks for all your help!

Would a distribution made from a key employee to his ex-spouse pertaining to a QDRO be considered an in-service distribution on behalf of the key employee required to be added back for 5-years when determining the profit sharing plan's top heavy status?

What happens when a safe harbor plan does not meet the notice requirement? Is submitting to the IRS under VCR provisions of EPCRS the only way to resolve the issue?

The sponsor of a small non-standardized MP plan is having financial woes and is looking for ways to save $$$. They currently sponsor a 5% MP plan. The owner wants to maintain that plan, at that funding level, but would like to discontinue accrueing benefits for himself. Since roughly 70% of the annual contribution goes to him, this would be a significant savings. Assuming the document language allows for it, can he waive participation in the plan, even though he has previously met the eligibility requirements?

Thanks

Hi,

Does anyone know where i can find information about retirement plan (defined contribution) regulations in Canada. thanks.

I have been advised that I am to become the point person on international benefits. The problem is that while I know a little about the topic, I do not feel comfortable becoming "the expert" overnight. Can anyone tell me the name of a comprehensive reference work or a seminar I can attend so I can become substantially more knowledgeable about this area? H-E-L-P!!!!!!!

client put in more than 25% of pay before the end of the year.

10% excise tax unless return as mistake of fact by 3/15/06. There is no mistake of fact.

What do you do with the money? Allocate but it's not deductible? Hold till next year and include in allocation and deduction?

thanks