Is it possible to be ordered by the court to designate your soon to be ex-spouse to be the sole beneficiary of your retirement plan even if you were employeed prior to marriage and during marriage she got her bachalors degree in phsycology, she chooses not to work while I put my life on the line everyday as an officer.? help

If a person took five years of 72(t) distributions and then stopped taking them but also didn't reach age 59.5 (she's now age 58), any idea on how to correct this?

I beleive the IRS policy is to subject ALL pre-59.5 distributions to the penalty.

Does anyone know if the IRS have a system in place to check to make sure 72(t) distributions were all processed for the greater of five years or reaching 59.5? Probably the IRS system will catch up to this in 2 or 3 years? Do you know how kind the IRS is regarding fixing missed distributions?

The phone rang as we were sitting down to dinner. I

answered it and was greeted with, "Is this William

Wagenhoss?"

This didn't sound anything like my name, so I asked,

"Who is calling?"

The telemarketer said he was with The

Rubberband-Powered Freezer Company or something like

that. I asked him if he knew William personally and

why was he was calling this number. I then said, off

to the side, "Get really good pictures of the body and

all the blood."

I turned back to the phone and advised the caller that

he had called a murder scene and must stay on the line

because we had already traced this call and he would

be receiving a summons to appear at the local

courthouse to testify in this murder case.

I questioned the caller at great length as to his

name, address, phone number at home, at work, who he

worked for, how he knew the dead guy and could he

prove where he had been about one hour before he made

this call. The telemarketer was getting very

concerned and his answers were given in a shaky voice.

I proceeded to tell him we had located his position at

his work place and the police were entering the

building to take him into custody.

At this point, I heard the phone fall and the

scurrying of his running away.

My wife asked me as I returned to our table, why I had

tears streaming down my face and so help me, I

couldn't tell her for about fifteen minutes. My food

was cold, but oh-so-very enjoyable.

I have a client amending its plan to move from an individually-designed profit sharing plan to a prototype plan. Both the current and amended plans accelerate vesting of employer contributions in the event of a disability; however, for purposes of this rule, the prototype plan provides a different definition of disability.

The new 411(d)(6) regs address disability in the context of DB plans, but I cannot find guidance as to whether the foregoing amendment may violate 411(d)(6). Any thoughts on whether this is an issue would be greatly appreciated.

Let's say an ESOP loan provides for payments of principal and interest of $50,000 a year; and the employer can only contribute 30,000 for a year due to corporate loan restrictions. Is an option to come up with the 20,000 difference to use the existing cash in the ESOP which at one time may have represented an employer contribution to pay the lender, and then allocate the shares released with the 20,000? I did not think this was doable at least unless there was a loan default, and then I am not so sure you can relase shares based on the 20,000 payment, but this option has been suggested and I just wanted your reaction. The regulations talk about releasing shares based on and "employer contribution" which I interpret to mean a current contribution but it has ben suggested maybe not.

Owner over the age of 50, contributed 16,000 to the 401(k). Owner's financial advisor moved the 16,000 to her IRA. Claimed that the law allows for in-service distributions. Her plan does not allow for them. No other accounts were affected.

In filling out the Sched I, should I answer line 4d as yes "were there any non-exempt transactions with any party in interest" Do I also have to file a 5330?

The client's CPA is telling me that I don't. I am pretty sure that I do. I hate when CPAs make you second guess yourself.

Client is preparing to go through VCP once they figure out if financial advisor is going to pay the cost.

I have a collectively bargained plan with about 150 participants. Is an accountant's report still needed to be filed with Form 5500? I would assume yes, but I have an accountant who is saying no.

I have a calendar year PS/401k with a 3% non-elective SH. Eligibility to receive contribution is employed at end of year or work 501 hours if terminated.

Currently the employer contribution is integrated at 100% of the TWB. Can we change to a cross-tested formula for the 2005 plan year? Thanks.

I have a davis bacon plan that includes 401(k) and match for non-prevailing wage earners. The issue that I have this year is they let an owners child work during the summer earning prevailing wage! We have found that you can characterize the pw contribution as QNEC but are still failing ADP and Modified Facts & Circumstance safe/unsafe harbor. Any suggestions?

I have a 412i plan that was installed at the end of 2004. The plan document defines the accrued benefit as the value of the contracts. Insurance policy and annuity cash values are -0- at 12/31/04. Can I take this literally and say that nobody benefits for 04? Seems like a cheap way out of coverage and top heavy.

Yankees = 205 million

Tampa Bay = 38 million

so far this year, Tampa Bay leads the series 10 - 4

3.8 million / win vs 51.25 million / win

gotta love those numbers!

plus Tampa Bay has prevented the Yanks from being in first.

gotta love that as well.

Are buy/sell insurance agreements typically included as part of the plan document language, or are they separate arrangements made outside of the plan & trust, drafted by competent attorneys, I presume? I believe that plan documents only need to allow for insurance but do not need to address buy/sell agreements, but I was hoping someone could confirm this. Thanks for any comments.

Can a DB plan allow a distribution partially as a lump sum and partially as an annuity? For example, say that the normal form is 100% J & S. Can the owner, assuming he hits the dollar limit, choose to receive his benefit 50% as a lump sum and 50% as an annuity? If the answer is yes, can you fund the benefit based on this scenario (provided, of course, that he puts his intent in writing)?

An individual is receiving payments from a DB plan as a retiree. They are subsequently rehired. We have been counting them as a retired individual in pay status on line 7b. Do we now start counting them as an active participant on line 7a (instead of counting them on line 7b)? Does it matter whether their benefit payments stop upon rehire or whether they accrue additional benefits after rehire? Thanks.

We have a trust set up years ago for the care of a severely disabled patient. The trust is in good order and its legalities are not in question.

The trust employs people to care for the patient - round the clock nurses, an administrator of the trust (several million dollars), workers on a farm owned by the trust, and the mother is an employee who is the main drive behind the good care for her son.

QUESTION: May this trust establish a profit sharing plan for the benefit of these employees? There would, of course, be a separate retirement trust to hold plan assets.

Any thoughts?

Thanks.

Employer wants to start a 401k plan and wants to have life insurance as an option. He has money in an IRA that he would like to rollover into the plan, and use either some, most, or all of the rollover to purchase a life insurance policy. Is it allowable to purchase insurance with rollover money, and is it discriminatory if only he purchases the insurance (ie, no one else wants insurance)?

Thanks

Have situation where father is custodial parent who pays all child care expenses. Under court order, child spent 7 weeks with mother this summer.

Can father change his election to reduce because he had no child care expenses for 7 weeks???

Employer has asked if it can front-load the 3% safe harbor contribution. Without looking at the plan doc a number of issues come to mind. 1. 3% of what number? 2. what if participant terminates early in the year or their comp. for whatever reason is less than last year's comp. ? E/ee will want all $$ earmarked for him/her 3. if total comp. is less than last year's e/er can't get the money back 4. plan doc. issues Anyone looked at this previously or have other issues? Thanks.

Health and welfare multi-employer plan subject to collective bargaining agreement. Trustees want to negotiate increase in employer contribution mid-contract. If employers do not agree to increase, and option to voluntarily withdraw from plan is given, are employers subject to withdrawal liability? If so, is this complete or partial withdrawal?

As a pension Plan administrator, I am in the process of calculating a pension for a recent retiree. Said retiree is divorced with a Divorce Judgement on file. According to this document, the ex-wife shall receive the sum of $800 per month for the lifetime of the retiree. I was contacted by the ex-wifes' attorney recently and he informed me that the two parties in the Divorce judgement now have an oral agreement stipulating that the ex-wife will receive $300 per month as opposed to $800 per month. The lawyer requested information on the retiree's pension amount in order to 'calculate' the amount owed to wife and draw up a QDRO. Which, is very confusing considering they agreed to a set dollar amount, eliminating the need for calcuating a percentage of his pension.

At any rate, his pension will begin soon, should I retain $300 per month in anticipation of the forthcoming QDRO? Or $800 per month as per the Divorce Judgement? Or nothing until receipt of QDRO? Because this is a NON-ERISA Plan. does the 18 month QDRO determination period apply?