Can someone give me a definition of "Casual Employee"? I looked it up in Tripodi's ERISA Outline book, but can't find one.

Thanks!

i know an ESOP must report on the 5500 the income distribution it receives as an S-Shareholder. where/how is this reported on the 5500?

Our client has a Top Heavy 401(k) Profit Sharing Plan with a new comparability profit sharing formula. Onc employee out of the 7 HCE/Key employees has a life insurance policy in the Plan. This client traditionally makes large employer contributions to the Plan.

However, due to cutbacks in reimbursement for services (doctor group) by health insurance companies, they are in a crunch for cash. The plan sponsor has already paid the life insurance premium for the policy, which is about 4.57% of the HCE/Key ee's projected annual compensation. The sponsor has also funded about $25K (they advance fund during the year).

My first thought is that the client is on the hook for at the very least 3% for non keys and 4.57% for the remaining keys in the other HCE/Keys's group.

Is there any other way out of funding more than $25,000 based on the fact that the plan sponsor paid the life insurance premium ?

Thanks for any thoughts on this problems.

Plan is a multiemployer plan in the lumber industry with very low level of active participants. Plan still has union employees, but is not collectively bargained. Does it cease to be a multiemployer plan? Has it experienced an ERISA 4041A(a)(2) termination?

I've just taken over a 401(k) plan and I found that no schedule p has ever been filed for it... It was my understanding that all plans need to file a Schedule P signed by the trustee. Now I deal with mostly db plans, so maybe this is common for 401(k)'s. btw... the company is a normal s corp

Hello,

Can I collect NYS Workers' Compensation & Social Security Disability at the same time?

I am an RN who was injured in 2002 on a previous job.

I currently have an opened Workers' Compensation case. Though I have submitted and been approved for reimbursement of multiple medical bills, I have not yet lost any time from work related to these injuries.

In April 2005, I became medically sick and have not yet returned to work. My medical condition, alone &/or in combination with my WC injuries, will require that I apply for Social Security Disability.

Many thanks in advance for your replies.............BLB

what is the compensation for members of an LLC taxed as a partnership? the members were given "W-2" compensation (incorrect, but that is what happened)and had losses on their K-1s for their share of the company's loss. does it make a difference if they are investor only or managing members?

I have a client who wishes to encourage those dependents who are eligible for coverage through their employer to take that coverage. In order to succeed in getting dependents to take coverage through their employer, there will likely need to be some financial incentive offered. Does anyone have any experience in doing this? What has worked? Are there any problems or pitfalls to avoid when doing this?

If NY co reincorporates but does not change its name, does it have to terminate its benefit plans and establish new plans under new entity?

I recently read that the conversion rules changed for 2005. According to the article, individuals are no longer required to include RMDs when determining Modified Adjusted Gross Income.

Where would I find the official IRS guidance on this?

I see a post from 1999 regarding using social security retirement age as the normal retirement age when doing cross testing.

Do current software packages that do cross testing, either for an average benefit test or a general test, provide the option of using the normal retirement age as defined in the plan or social security retirement age? Whichever provides the best results?

Thanks

Just got the case of a client who worked for a company with a defined benefit plan. He separated from the employer in 1998 and received a lump sum distribution in 1999 of his account balance (rolled over to IRA). His next employer was later taken over by the same company and he then participated in the same plan from roughly 2000-2003 and then retired. Another lump sum distribution was made of his account balance in 2004 (also rolled-over). The plan reps contacted him by letter in July, 2005 and claimed the second represented an erroneous distribution and demaned a return of the entire balance---providing no detail of accrued benefits. The plan reps waited only 9 days before filing a Federal suit to seek return of the entire second distribution and a restraining order against alienation of the funds. My client doesn't have good personal records to figure this out (there may well be some overlap in the second distribution, but how much??) and is now faced with the expense of defending a federal lawsuit and a hearing on the restraining order in one week.

Questions (1) anyone with any similar experinces and suggetions: (2) was the plan required to attempt some alternate dispute resolution before filing a federal suit?; (3) what is the most efficient way of resolving this matter?

Any thoughts are appreciated.

i know the ESOP must report on the 5500 the income distribution it receives as an S-Shareholder. where/how is this reported on the 5500?

what exactly is an 11-k? Is a plan required to file if it offers company stock as an investment option?

We always understood that the actual grant of partnership profits interests were not immediately taxable, but now have documentation of a grantee making a Section 83(b) election at time of grant.

Are we missing something? If the grant is not taxable because fo the character of the property (partnership proftis interest), not the restriction, is it eligible for an 83(b) eleciton?

A spouse is entitled to a death benefit under a 412(i) plan. The plan states that the death benefit is the amount available under the insurance contracts. Is this amount includible in income by the surviving spouse? May the surviving spouse roll it over? Please let me know if any of you have experience dealing with this. The plan does allow for rollovers and the contract was paid for entirely by the employer. Thanks.

I cannot find this anywhere in the Form 5500 instructions, but I have been told that a final 5500 cannot be extended. Is this true?

Thanks in advance

New client just informed us that the prior TPA incorrectly calculated and deposited contributions to participant accounts for 2004 profit sharing. Some received too much and others recieved to little. Since the plan is is conversion to us now, we have been elected to help fix it. Can we jsut give and take as appropriate? What do we do with the difference? Any sites on how to correct this would be appreciated.

An employee embezzles a large sum of money from the employer (not from the plan). The employee has a significant balance in the company's 401(k) plan, but it's my understanding that the employer cannot attach the plan.

I guess the next best thing would be to have the employee sign over the distribution check, but the 20% withholding rule means that the employer will not get a chunk of what he's entitled to.

The only other thing I can think of is to have the employee roll the money into an IRA and then take the distribution from there to avoid the 20% withholding.

Does anyone have any other suggestions for getting the employee's money from the plan?

We are trying to do a one person DB val on Relius using an assumed retirement age that is earlier than the NRA under the plan.

So far, as we have it set up, the system is treating the projected benefit at assumed retirement age as if it were also payable at that age rather than at NRA.

My colleague (much more experienced in Relius than I) believes there is no simple way to do what we want without a lot of hand calculation and many system overrides.

I would like to hear from anyone who has accomplished this in Relius with some hints as to how they proceeded.