I belive that the company I work for is doing everything wrong. We have taken verbal abuse as well as working long hours, long weeks and working Holidays. The owner seems to be dipping in the company funds and complanning that we are hurting. Last week 4th of July, we were told that we are getting the week off with no pay. Our accountent was not able to tell use what time off we have avallible. There is no policy nor a employee manual. There seems to be many thing wrongs with the running of this company. Can anyone help? He also tells us that we have stocks in the company, there is no documentaion and we are not public so how can there be stocks?

My question is this: If I open a new Roth IRA and start making contributions, will I also be able to convert traditional IRA funds to the Roth?

I appreciate your response.

What are peoples' reactions to the IRS' new rules on submitting GUST determination letters and the ability, in some cases, for nonstandardized M&P and VS plans to rely on the opinion/advisory letter? With all the various exceptions, it seems like it will be easier just to file them all, with Schedule Q. Any thoughts?

I put in $2000 into my ROTH IRA for year 2000.

Now this account is worth only $1400.

I want to take a $600 tax deduction (itemized under misc. deduction).

How do I do it.

Do I have to withdraw this entire amount and close the Roth IRA account?

Will I get any form showing the loss amount?

thank you.

I am a CPA with limited experience in the administrative end of 401(k) Plans. My client has been approached by a plan participant requesting a sizeable hardship distribution for medical expenses. My client is sure that medical expenses are not the real reason for this request. I wll tell the client to require a loan before the hardship distribution (the plan permits both). However, I was wondering what the administrator's responsibility was here. Under the safe harbor test, is a written statement from the participant that the amount withdrawn does not exceed the medical need enough? Any comments are appreciated.

where can i find the procedure for using the VCP self correction program in order to correct the failure to amend for TRA 86?

I recently went through a costly divorce, along with using poor judgement on some expenditures. I am 34 and living with my parents and am anxious to get out on my own. I wanted to borrow against my 401K to give me capital to do this and my employer would not allow me to. So after 10 years with the same company I quit and took another job so that I could access the 401K money I have. My former employer seems to be in no hurry to release the money to me, it's been about 40 days now. Can anyone tell me what their legal obligation is to me? I know I'm entitled to the money and don't they have a time frame in which they have to release it to me? Also, what is my recourse if they don't?

James

What is the appropriate welfare plan code for AD&D coverage? Stop loss coverage? I am asking in the context of item 8b on the main 5500 schedule.

I am a broker and have just won a bid for a hospital 457 plan. The mutual fund company does not require a third party administrator. What is involved in the administration?

Also, the hospital offers the 457 to everyone, isn't only legal to offer to "highly compensated employees"?

THank you.

Under the minimum contribution gateway test in the final regulations, NHCEs must receive a 5% minimum allocation if the plan is to be allowed to cross test. The preamble makes clear that an NHCE is a kind of "employee," and that an individual is an "employee" only if, among other things, the individual is "benefiting" under the plan. Are employees who get a top heavy contribution of 3%, but no other contribution (because, for example, they do not have 1000 hours of service during the plan year) considered to be "benefiting," and thus must receive a 5% contribution in order for the plan to cross test?

Is the Deficit Reduction Contribution of IRC 412(l) subject to pro-ration for a short plan year?

We have a client who added the Safe Harbor feature to their plan effective with the 2000 Plan year. They have chosen the match contribution to satisfy the safe harbor requirement. Prior to the 2000 Plan year they were making match contributions subject to a vesting schedule. Our firm assumed responsibility for this client at the tail end of the 2000 Plan year.

The client had approximately $10,000 in match forfeitures available for use throughout the 2000 Plan year. Their plan document provides for match forfeitures to be used to reduce future match contributions. During the 2000 Plan year, the client used these forfeitures to reduce the amount paid out of their Corporate checking account towards their safe harbor match contribution.

Any thoughts on problems associated with using non-safe harbor forfeitures to reduce the amount paid out of pocket for a safe harbor match contribution? We have always used available forfeitures in this situation to reduce contributions of the same source (match forfeitures from match subject to vesting used to offset future match contributions subject to vesting).

I have a participant claiming reimbursement of purchase of a home computer for a child with cerebral palsy.

He has submitted a physician's letter stating the child has limited use of the hands (he cannot turn book pages or write by hand), and the computer assists him in writing and reading.

I could argue that the computer alleviates a physical defect, but am unsure whether this passes the "but-for" rule.

What do you think? Reimburse or not?

A plan participant dies and his wife is his beneficiary. She rolls his plan money into an IRA. She dies and leaves all monies in an estate (including her IRAs). Her children are the beneficiaries of the estate. Is there anyway to escape the estate taxes to the children?

From reading other posts, I understand that I can withdraw my basis from the roth IRA with no-tax and no-penalty consequence.

Can I later put back my withdrawal?

Example

1999 contribute 2000 to Roth IRA

2000 contribute 2000 to Roth IRA

2001 withdraw 4000 from Roth IRA (tax-free and no-penalty)

Later in 2001, contribute 6000 to roth IRA <-- is this ok?

(6000 is for the 4000 withdrawal plus the 2000 contribution for 2001).

Sample leave of absence policies and procedures needed. This includes both paid and unpaid LOA's: FMLA, Personal leaves, a section on company disability policy, etc. This could be e-mailed to my personal e-mail address, which is jabarma@home.com.

My Longterm Disability Co. uses any and every pretext to continue to deny my LTD benefits (wrong date to see IME). (I have received SSDI for years now.)

Is there any recourse, such as bad faith, or non-feasance? Thank you!

I have had a medical Flexible Spending Account with my company all year. So far I have had about $750 deducted from my checks.

My company was sold 3 months ago with the note that our Flex plan would be transferred to the new company which took over on July 1. Today I received an email saying the transition and transfer did not work so the Flex plan has ended and we would not be able to be reimbursed.

1. Is this legal? they have my money...don't they have to pay me back once I send bills in?

2. There was no pre-notification that this was ending and therefore bills had to be submitted before June 30.

I need some help. Do I have any recourse? This is a large national company. We were a subsidiary of Staples, Inc.

Thanks a lot.

Andrea Rose

OK guys. I'm young amature and need a little help if you don't mind. I have a city-owned utility that wishes to terminate its DB plan which is over funded by about 66%. Their plan doc states that any excess funding must be proportionately distributed to employees upon plan termination. If they desire, can the city require employees to roll those all distributions to the new 457?

Also I've never terminated or started a new plan. Do I need to get an IRS approval letter to terminate and start-up? How involved is that process?

Thanks everyone!

:confused:

Client's plan using safe harbor language for both the "needs" and the "necessary" tests. Participant A received a hardship withdrawal for purchase of a principal residence approximately one year ago. The plan administrator knows that the money was not used for this purpose. This same participant is again requesting a hardship to purchase a primary residence. The plan administrator is asking for advice here. They do not believe that the withdrawal will be used for this purpose, but since this is a safe harbor hardship provision should they go ahead and approve and not concern themselves?

Thanks