Profit sharing plan omitted a participant in error.

Per APRSC guidelines, the participant should be credited with a contribution and associated earnings.

The plan has segregated accounts.

How do i credit earnings? Would an average of the rate of return on the seg. accounts suffice?

Thanks in advance!

Does anyone have a phone number that goes directly to the Employee Plans division at the IRS. I want to ask a question on a no-name basis. Figured it could take all day if I call a "main" number.

Thanks.

We are merging two plans. Is it necessary to amend the plan that is "going away" or just the remaining plan. My information so far indicates that for mergers that occured prior to 12/31/94, only the remaining plan needed to be amended for TRA 86. Seems there was some guidance then, but not now.

To whom it may concern:

My name is Dan Cottrell, and I am a student intern with the Boston Public Health Commission. I am seeking information regarding the costs to companies when employees take extended leave

due to illness or when employees die from illness. This information will be used to promote a policy enacted by the Mayor of Boston for city employees called the Four Hours Off Policy. This policy grants employees four hours off each year to receive cancer screening examinations. These

four hours do not count against one's sick, personal, or vacation time. The Mayor of Boston and the Boston Public Health Commission are currently trying to get other businesses in and around Boston to adopt this policy. To do so, we are looking for facts and figures that would help promote the concept.

Any information you may be able to provide me would be most helpful, or if you could direct me to where I might look that would also be appreciated. Thank you very much. I look forward to hearing from you.

Dan Cottrell

509 Park Drive

Boston MA 02215

Fax: (617)534-5358

(send faxes to Dan Cottrell c/o Janet McGrail, Director of Cancer Prevention and Control)

danmc@bu.edu

May a 401(k) plan validly exclude part-time employees? What effect does the minimum service crediting have on this issue if full-time employees are eligible for the plan after one full month of service?

Any advice on what letter to IRS should say

when filing Form 5500 C/R for 401-k Plan that was due 6/15/99 (this was extension due date-return due 4/1/99)? This is first filing

for Plan. Does IRS assess money penalties?

Thanks for help.

I have resigned from my work of four years and i haven't received any information of my benefits.It has been seven working days and noone seems to know that I have quit in our main office. One office says they sent it and one says they don't have it. My question is ...How long do they have to send me my final check and such.I have a family and no insurance and know we are able to receive Cobra...I resigned with two weeks notice but they didn't want me to stay..I signed all necessary paperwork to terminate my employment. This was not done on bad terms just to their surprise.

A C corporation that maintains a qualified profit sharing/401(k) plan converts to an S corporation. Loans of the participant/owners are not repaid. Two years go by. What are the corrective measures? Are the loans taxable distributions at the time of the conversion? Is there also a prohibited transaction tax due? Is this an issue for VCR? All comments welcome.

I am looking for a information regarding corporate credit union membership for an approximately 450 person organization. Perferably, I would like to find a credit union that could 'set up shop' onsite. Any recommendations or information is greatly appreciated!

Thank you.

We have a client who presently has a 401(k) with a discretionary profit sharing contribution option. It is a calendar year plan. The client would like to amend the profit sharing allocation from a straight allocation based on comp to a cross tested plan effective for the '99 year. We are using a standarized document. Isn't too late for the '99 year?

Husband-owner, wife primary beneficiary; husband dies and wife takes the check (constructive recpt) out of the dec. husbands IRA (dth distrib). She cashes the check. A week later walks the check over to another investment provider and wants to open a beneficial IRA and would like to now rollover the dollars. (CPA suggested this transaction) Can the spouse rollover beneficial dollars? Yes, it would be a better transfaction to move money from a beneficial IRA to a beneficial IRA as a transfer, but the client has already cashed the check.

Is the following assertion correct?

A taxpayer can recharacterize his Roth IRA (which was the result of a conversion in 1998) to a traditional IRA by October 15, 1999 as long as he filed a timely return, even if he was not over the $100,000 limit or did not mark his return "married filed separately." (i.e. taxpayers can recharacterize by October 15, 1999 for any reason, as long as they filed a timely return)

Is it permissible for a DB plan to allow retired ees, in pay status, to return to work on a part-time basis and continue to draw on their pension? Are there any restrictions on the age of the re-hired ees? What about the general rule (which I've often seen stated but never seen a citation) that DB plans may not allow in-service withdrawals?

How are participant loan repayments applied to recordkeeping sources (e.g., pretax, employer, aftertax)?

Are loan repayments typically made back to the same sources the loan originated from?

I know loan repayments can be directed into different funds than the loan came out of; what methods of repaying by source are open to a plan sponsor?

Where a plan participant has received inadvertant overpayment of retirement benefits, can plan fiduciaries obtain a prejudgment writ of attachment with regard to the overpayment? By virture of holding the writ, can they conduct extraordinary discovery regarding the participant's use of the overpaid benefits??

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72(p)applies to direct and indirect loans to participants. If a participant in a wide open participant directed plan wants to make a loan to a family member, say an adult child, would that be considered an indirect loan to the participant subject to 72(p)? Assume that the loan is made at commercial rates such that it is not a below-market gift loan. I have not been able to find any rulings on this issue, although my feeling is that the IRS would treat such a participant investment as an indirect loan to the participant and a deemed distribution.

any thoughts or comments would be welcome

Kurt

Kurt

hopefully you won't have as much 'fun' as I have had trying to get your reports set up for conversion to 5.0.

anyway, this is the scoop from the National Council Meeting just held:

ALL custom reports must be modified to Oracle. This is true whether you have been running Gupta or Oracle! ALL custom reports have 'remnants' of Gupta, simply because of the way the system works. Surprise, surprise.

At the meeting it was strongly recommended that you modify the reports before converting to 5.0. In fact, the term 'MUST' was used, although by the close of the meeting, it was stated that there might be a way to do this process after converting - a method was being tested.

all that being said, converting has been anything but easy - from my point of view. Lack of adequate documentation.

1. you may have to edit your ODBC and ODBCINST to remark out references to Gupta.

2. there is a 4 page step by step walk through of modifying custom reports available. obtain this from Quantechland.

3. make sure while modifying your reports you either save under a different folder or under a different name. speaking from experience I have modified some reports that can no longer be opened. Thank goodness I renamed the originals.

4. Most of my SQL Tables after conversion end up simply as (example) PLANEE, but a few end up as SYSADMIN.PLANSTAT

The original instructions I was given was to set the location on PLANSTAT a second time to get rid of the SYSADMIN

If I DON'T do that, my report is still useable at 4.1 If I reset the location for PLANSTAT I can no longer use that report.

and all this before converting to 5.0! I have sent a few reports to Quantechland for them to try at 5.0 before I go further, so that is the best I can tell you at this time. Hopefully more information shortly.

At 5.0, a number of tables have been eliminated, and new tables created. This means you will have further adjustments to be made to the reports at 5.0. The original documentation was not the greatest - there should be some better documentation available soon from Quantech.

(Your National Council Members at work for you!)

my apologies if I have left something out!

I was just informed by my CFO that we are being audited by the IRS. Among other things, they are requesting us to provide our COBRA Procedures Manual when they visit. We don't have a "Procedures Manual", but have always followed the same guidelines that our agent uses with his other clients. Where can I get some help on this? Obviously, I need this information quickly.

For employees (non-key, non-highly compensated) who take out hardship withdrawals, should they still receive 3% mandatory Top Heavy employer contributions?

Thanks

I was wondering if anybody has ever heard of an employer assisting it's employees with student loan reimbursement after graduation. My employer pays for tuition costs to attend school - however, I started working for them during my last year of school. I am trying to get them to pay my student loans off in the same manner as they pay for my tuition costs since I am using the education that they would have paid for anyway. If you have ever heard of this kind of program, or know of somewhere I can search for information about this, let me know. Thank you.