I am wondering from any practicing ERISA Attorneys if an LLM is necessary to get into the job market?

I am graduating soon and have over 7 years of HR experience with 5 years of Employee Benefits experience and I am wondering if an LLM is necessary or would give me any advantage in getting into the ERISA practice area. I have other graduate degrees and certificates in HR. I don't want to go to school forever, but I am wondering if the LLM is really something I should seriously consider.

I'm running some numbers on a sole-proprietor age-weighted profit-sharing contribution. The document is a prototype with a grafted-on amendment to the allocation formula (essentially individually-designed). (Have some dashes!)

Owner is 70. When calculating "points", what does your software do? Use current age (no discount), premium (age 65 - current age, an increase)?

I shouldn't have to ask, except that I wrote the software and spreadsheet. I can't double-check against myself.

Document says discount from NRA to current age. Silent on what happens after NRA is attained.

A corporation has 2 employees.

One of the employees is also on the board of directors.

Say the employee receives $100,000 as an employee and $30,000 as a director.

Based on the 414(s) statutory definitions of compensation would the director fees be part of pension compensation?

It seems since the employer is compensating the employee for services on behalf of the employer it would be part of compensation.

I presume the plan can actually include it or exclude it (based on the plan provisions) as long as there is no discrimination based on applying the statutory definition for testing purposes.

Logically, if the director fees were NOT part of the statutory definition of compensation then if the director is a HCE it only serves to help the NHCEs, since we would be using a lower comp for the HCE for testing purposes and thus result in potentially a higher ABP for the HCE.

Thanks.

I understand the employee is responsible to give the employer notice after the qualifying event. But, how much and what kind of notice is necessary? If the employer knows that a divorce occurred and starting providing benefits to the ex-spouse, is that enough notice? Or does the employee or his attorney have to write the employer and specifying tell them that a qualifying event occurred? Or is a telephone conversation enough? Does it matter if the conversation happened before or after the divorce?

How do you determine who should be a participant for a retiree medical plan?

§2510.3-3(d) states that it is the earlier of (A) the date designated by the plan as the date on which the indiv begins participation; (B) the date on which the indiv become eligible under the plan for a benefit subject only to occurence of the contingency for which the benefit is provided; or (CO) the date on which the indiv makes a contribution to the plan, whether voluntary or mandatory.

With respect to (B) - is the not working long enough the "contingency" so should every employee that meets the requirements as long as he/she stays in employment counted as a participant in the retiree med plan?

Thanks.

Various newsletter have suggested that Company's that match employee contributions with stock will have no income statement impact, they will only have a dilution impact. Is there any truth to this? My understanding is that there will be expense.

Any thoughts on how to treat after-tax contribuitons in a participant's account for the new automatic rollover rules? Are after-tax contributions part of the "account" when determining if it's under $5,000 (or $1,000)? If an account balance is subject to mandatory distribution and automatic rollover, and it includes after-tax amounts, are those required to be rolled over with the rest of the account, or distributed? The IRS notice isn't really clear on this.

Thanks all.

Doctor participates in SIMPLE plan and is currently deferring the maximum. Has unrelated self-emplpyment income and wants to set up a Solo 401k for this. What is the maximum that he can contribute to the Solo 401k? Are the deferrals here reduced by the SIMPLE contributions?

Minor child (age 8) beneficiary for her fathers Money Purchase Plan. He only had $27 in the Plan before he died. How do you pay this out to a minor? Or does it go to her guardian (the child's mother, but not a spouse) ? Thanks

On January 1st, one of our employee's dependents were dropped from insurance due to loss of dependent status. The employee did not notify the HR deparment until the end of March of this change. As it is now April, do we still send the COBRA information to the dependents and if so, what effective date should be used if they elect the coverage?

Particpant requests distribution prior to age 59 1/2. Plan pays out money....but for some reason participant isn't in receipt of money for 4 1/2 months at which time (surprise suprise) the participant has reached age 59 1/2.

Does the "year in which the even occurred" rule work for this scenario as it would in the separation from service at age 55?

Trust issued check using code "1" but told participant they are ok and no penalty applies...however, did not reissue a corrected 1099-R. I would think that if they were truly backing that interpretation they would reissue.

My guess is that the exception does apply for tax purposes as she did turn age 59 1/2 in year in which the distribution took place and the IRS is only concerned about where everything stands at 12/31. However, the plan processed an early distribution as they issued an in-service withdrawal of the participants account balance prior to the participant reaching age 59 1/2. Not seen any plan documents that say "in year...." so I would think a hard line approach is in order and 59 1/2 is 59 1/2 and not 59.475....

Can I get another opinion on this...am I being a bit stuffy in this interpretation?

IRC 129 provides for a exclusion of up to 5k for amounts paid or incured by an employer to a DCP program that meets the requirements of IRC 129(d). The definition of employer includes unincorporated businesses but has no aggregation requirement. Part III of Form 2441 provides for a deduction of up to 5k to a DCP program.

Q- Is 5k the maximum amount that can excluded by a married couple who file a joint return or can each spouse file a 2441 form and claim 5k? The instructions do provide any information on whether each spouse can file a separate 2441 since the IRC limit is a per employer basis.

The court apparently just ruled on this that IRA's can't be seized by creditors in bankruptcy proceedings. Also apparently not unlimited protection, the law shields them only to the extent "reasonably necessary for the support of the debtor and any dependent."

Don't know if anyone has access to documentation on this - if so, do you know where I can look at it on line? I tried the Supreme Court website, but I could only find the oral arguments. Thanks!

If non-key participants were given a top heavy minimum in a plan that had deferrals and the 4% safe harbor match only, would it okay to leave the top heavy contributions in the plan for participants.

I scheduled an appointment with the Social Security Administration on behalf of my sister (who had recently suffered a stroke) to determine what benefits she might me eligible for. When we entered the Federal facility, an uncle of mine who likes sticking his nose where it doesn't belong, decided to go to the appointment early and began explaining to one of the security guards assigned to the office, and others who worked in the office, that I wouldn't be a good person to help my sister because I was "on methadone," information that he'd gotten from my not completely mentally well sister on an earlier visit to her nursing facility. The truth is, I am prescribed methadone for chronic pain, and have been for a number of years. Has my uncle violated HIPAA regulations by arbitrarily devulging my prescripted medications in an attempt to marginalize my reputation with a Federal office? If so, is this actionable by myself? What woould be my next step? Thanks for any help.

I was wondering if a Roth IRA has anything to do with US citizenship and residency.

I am not a US citizen, but I work here (with a temporary permit). My status is "non immigrant resident".

I intend to open a Roth IRA but in a few years I might have to go back to Europe.

Would I be able to contribute from abroad and also collect the tax-free distribution if by then I am residing overseas?

I know it's a tricky situation, but before committing in what seems to me like a very convenient instrument in the long term, I have to work out any potential problem.

Thanks again,

Ric

I have both an IRA and an SEP IRA with one custodian. I am now 71 years old and will not be using either IRA for contributions, so I want to combine them into one IRA. Should I move the SEP IRA into the IRA? Or does it matter?

What you don't know can hurt you

Subtitle: I can't believe this happened to me!

Recently received letter from Bear Stearns concerning my Roth IRA opened in 1998: "Our records indicate that you opened the above IRA with Bear Stearns as custodian. We have not been able to locate a complete application with your signature on our records......"

Are you kidding me? After all, I got this on April 1. They have just discovered there is not application on file.... after seven years? I have a copy here of the key pages but who knows if that would be considered an official document.

I can't believe their record keeping is that shabby. If I had died in the past seven years, they would not know the beneficiaries for my Roth.

Unbelievable!

Just another reason not to trust your custodians to get it right. Check, double check - contributions, purchase/sells, beneficiaries, etc. I know many custodians include the beneficiary designation on either all monthly statements or once a year. Not Bear Stearns.

Remember that old TV ad, "do you know where your children are?". Who knew that it might apply to your Roth paperwork.

Hello,

i'm new to the forum and I have really appreciated the info given in the recent threads.

I just want to ask 2 questions because I am considering opening a Roth IRA.

1. I was under the impression that contribution to Roth IRAs are tax-deductible, but reading the instruction on my tax form it explicitely says that regular-IRA contributions are tax deductible and that ROTH IRA contributions are not! Can anyone clarify?

2. if I open it before april 15th, can i still deduct my contribution for 2004 taxes? if so, will the fund have enough time to send me the appropriate documentation to file with my taxes, or is it better not to rush it and open the IRA in 2005, or still open it but not deduct for 2004 taxes?

Thanks,

Ric

I have a plan with KEY employee who sold his ownership and is still working for the company. Now he turns 70 1/2. Doesn't want to take Minimum Distributions.

Is there a rule that he has to take minimums if he was key within last 5 years?

I can't find it but I seem to remember it or something like it...

Thanks for any clarification.