Client would like to know the latest time frame for filing suit against their former TPA. It relates to the administration that was completed for the December 31, 1998 plan year end.

What does it mean, with respect to the administration of a welfare plan, to have "control administration"? Is this a term of art?

Quick and Easy Question for Someone Smart:

What is meant by "control administration" with respect to the administration of a welfare plan?

Thanks in advance.

I have read as many threads and articles as I could find about this but I'm afraid I am still not confident about this.

Company A sells property and casualty insurance.

Company B sells life insurance, group insurance benefits, retirement planning and financial planning.

Company A owns 49% of Company B.

Both companies regularly refer clients to each other. There are no shared employees or expenses. The only connection between the two companies is the mutual referrals.

Is this an affiliated service group?

i have a top heavy 401k plan that failed the adp test. is the top heavy minimum contribution based on adp deferral percentage prior to distribution of excess contribution amounts? also if qnec is made to correct adp failure, would qnec contribution be counted towards top heavy contribution?

the question on top heavy funding relates to which hce adp deferral percentage would be used to calculate minimum top heavy funding requirement, the pre distribution adp % or post distribution adp?

Does anyone know where I can get copies of old 5500s? I have checked freeerisa.com and planeterisa.com and the most recent info is for 1998.

I have a takeover plan (PYE 5/31/01) and I am unsure of whether or not they filed the 2000 return for 2001 Plan Year end. The prior administrator recently passed away so I have limited information at my disposal.

All participants have self-directed accounts and I am trying to piece it all together but it would be nice to have a total balance to come back to just to make sure I have all the info. The employer has provided all info they have.

Where can I find out when the last return was filed and what the ending balance was?

Any thoughts would be greatly appreciated.

Thanks,

Connie

My husband and I have excess contributions to Roth IRAs in previous years and don't know how to get out of the 6% trap:

In 1998, filing jointly, we contributed $1000 each.

In 1999, filing jointly, we contributed $600 each.

In 2000, filing separately, we contributed $600 each.

In 2001, filing separately, we contributed $600 each.

In 2002, filing separately (we think), we have contributed $200 each.

We qualified for the contributions in 1998 & 1999 since we filed jointly and fell within the AGI guidelines. Since we elected to file separately in 2000, 2001 and 2002, the contributions are excessive.

We have filed Return of Excess Contribution Authorizations to get back the $200 each for this year, but don't know what to do with the $1200 each for 2000 and 2001 since the filing deadline has passed.

You may need to know that we have elected to file separately since my husband is now self-employed and filing separately netted us a larger refund :confused: I have been fairly comfortable completing our own tax returns but with his self-employment and these IRAs, I think it's time to get an accountant!

A Money Purchase 401a amended and restated the plan document to become a 401k Profit Sharing on 3-1-2001.

Question: Do they get 2 5500s (Final year for MP, start up for PS) or 1? If they get one, do both 2c and 2e get input on the plan charateristics? Does the required contribution amount for the first two months get put on the Schedule R?

Are there ANY existing guidelines for this? This is becoming more and more prevalent with the new laws.

Thanks for the assistance!

I've been reading about these new "Bennie" cards for use with an FSA. Anyone out there use them? Do they work with just the medical or Dependent care as well? Does anyone forsee problems? Either post or contact me directly. Thanks!!

I work for a CPA firm that administers defined contribution plans. We have a plan that is now subject to an ERISA audit.

The firm is considering the use of its audit department for the engagement.

The independence rules of the AIPCA permit CPAs to audit plans for which they provide participant recordkeeping services as long as they comply with certain stated requirements.

However, it appears the DOL has the opposite opinion. An accounting firm handling the recordkeeping may not perform the plan's audit (DOL Reg 2509.75-9).

I have been unsuccessful in finding examples of where the DOL has imposed penalties in this situation.

Has anyone had/know of the DOL's actual reaction in this situation?

Any comments would be appreciated.

One more try . . .

DB plans are prohibited from holding more than 10% of company stock - correct?

Are there maximum employer stock limits for DB plans?

What if the plan docs and trust agreement are silent? whats the limit then?

ANY guidance or relevant ERISA provisions would be greatly appreciated

Thanks

My company's part-time employees are currently eligible for health insurance benefits when they work 1000 hours in a year. Only a few actually have these benefits.

I am changing the criteria for eligibility so that the part-time employees must average 25 hrs per week for a 6 month period to be eligible for benefits for the next 6 months. This is, in effect, 1300 hours in a year.

Under Ohio law can I change the criteria for receiving benefits for the employees that already have benefits under the current rule?

Or can I only change it for the ones who don't have insurance yet or future employees?

I have a new client who is a not for profit community, non-federal governmental, hospital district in South Lousiana. Some years ago the uncompensated board members voted to include themselves as a separate, non-contributory class under the hospital's self funded medical plan. They have no waiting period, as do some of the other classes of employees, and they costs are paid in full by the hospital, while the employee's is contributory.

What is the taxation of the premiums paid by the hospital on their behalf and of the dollars paid to their families in benefits?

This structure of the classes appears not to meet the non-discrimination guidelines. From my understanding the coverage the board, exercising their discretion over the plan, put in place could be reportable as ordinary income to them and not only premiums but all the benefits received taxable.

What has been your experience in similar situations and if there is a better way for the hospital to structure benefits they would like to provide for their board members. I have advised the hospital administration to seek the advise of a tax attorney.

lets say an employer sponsors a SIMPLE IRA plan and turns out to have over 100 employees. does this somehow allow them to convert to traditional 401(k) mid-year to "correct" the problem?

If a cross tested Plan has a safe harbor 3% contribution, is the 3% safe harbor contribution required to be increased to a safe harbor 5% contribution if the gateway requires a 5% contributions?

Meaning: is the 2% Profit Sharing Contribution required to be fully vested?

I am an independent consultant in the retirement plan markets for non-profit employers and am routinely being asked how to locate TPAs that administer 457(B) plans - preferably on a national basis.

Any clue where I can find that information?

Thank you much!

I have a plan that deposited August 2001 deferrals less than $2000 7 days late (on September 28, 2001). I calculate lost earnings at $1.42 therefore the excise tax is about 23 cents. I have to put on the 5500 that the deposit was late. Is there ANYWAY I can get out of a 5330 since the excise tax on there would round down to zero? Anyone know of a "loophole" for me?

A 401(k) plan has a loan policy that permits a participant to have only 1 outstanding loan at a time. A participant is in the second year of a 2 year loan and would like to take out another 2 year loan to pay off the first loan and use the remainder for other purposes.

Is this permitted since the second loan (refinanced loan) is extending beyond the last scheduled repayment date of first loan?

Company A has a Plan year that runs 10/1 to 9/30. Plan has group annuity contract with large insurance (lets call them ML) company that files as a DFE. ML files as a DFE on a calendar year basis and produces its schedule D information it provides to A on a calendar year basis.

What does the Plan report on its schedule D. 9/30 values from its employer quarterly reports or 12/31 values from the ML schedule D data.

Thanks for any help!