I am revising our company car policy. Specifically, we want to define either a class of vehicle, a specific vehicle, or cost range for a vehicle. This benefit is for the President and Vice Presidents only. I am interested in hearing from people who have set this type of guideline and would be willing to share them with me.

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Stuart Marcus, SPHR

Manager, Human Resources

NEC Research Institute

Which is it for application of various testing options?

Again, recently told my job would be "advertised"...and that I should begin "looking for other employment".

This happened 3 weeks ago, and I was told at the time, I would be "kept abreast" of how hiring for my position was going.

This happened 3 weeks ago, today! Today (7/20), at 3pm, I was told that Friday(7/23) will be my last day of work, that my replacement will begin on the following Monday.

Seems to me, that if I would have "QUIT", I'd have had to give a company, as a courtesy, 2 weeks notice. In this case, sure, they TOLD me 3 weeks ago, that my job would be replaced, and that while I'm working for them full time, it would be good to begin looking for other employment.

Does 3 days sound like "keeping abreast"?? Should this company be required to pay me ..something?? Or, am I being bitter?

Terisu

posted 07-20-99 20:00 ET (US)        

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I use Quantech and am moving to cash basis statements (eventually to daily val) but am uncertain how to handle discretionary contribution receivables. On the one hand, I need to allocate the contribution based on compensation from one year. On the other hand, with cash basis statements, it seems like I don't want the contribution to show up until it is deposited, usually in the following year. I can't visualize how to accomplish the allocation based on one year's data yet not have it show up until the next year's participant statements.

I'd appreciate insights from those of you who are doing cash basis statements.

I am moving to cash basis statements (eventually to daily val) but am uncertain how to handle discretionary contribution receivables. On the one hand, I need to allocate the contribution based on compensation from one year. On the other hand, with cash basis statements, it seems like I don't want the contribution to show up until it is deposited, usually in the following year. I can't visualize how to accomplish the allocation based on one year's data yet not have it show up until the next year's participant statements.

I'd appreciate insights from those of you who are doing cash basis statements.

Background:

I am fully vested in a 401K plan valued at $5500. I am 58 Years of age. I am faced with putting two sons in college this year, one of which is getting married next month and I am faced with our share of expenses of the wedding and need funds to meet these expenses.

The 401K is through a company that went through bankruptcy procedings and has been bought by another Telecomunications

company. All employees were terminated by the former company on June 30,1999. I was one of the rehires on July 1,199 of the new company and was offered the same posistion that I previously held (Same Job, Same Desk?).

The plan with the former company terminated with the buyout, and because of this reason the loan option is not available. As an employee, the ability to roll this plan into the 401K Plan of the new company is awaiting approval by the IRS.

Being that I am fully vested, the current 401K plan has closed, and have 60 days after a distribution from that plan to reinvest in the new 401K, or into a self directed IRA, why can't I take a distribution under these facts? Also, can I take a hardship distribution

based on putting two sons in college and the wedding expenses if I want to?

Jim

I need funds ASAP.

PSP maintained by employer is currently integrated with Soc. Sec. ( 5.7% of TWB). If PSP is amended to add allocation groups, must any changes be made with respect to the integration provisions??

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Does any one know of a good Cobra Administration Software. Just became nominated to handle clients Cobra Administration and am looking for help.

Does anyone have any information on the PLR being referenced in 7/19/99 Wall Street Journal article? The article didn't seem to say anything that hasn't already been beat to death, but I would like to read the ruling. An expected publication date, or even better a reference number would be helpful.

A controlled group sponsors a 401k plan and a 403b plan. For the plan year ending 123198 the 401k plan fails to satisfy 410b.The transition rule expired 123197. A 403b plan connot be aggregated with a 401a plan to allow the 401a plan to satisfy any compliance requirement of 401a. How do we handle this situation?

For purposes of Code Sec. 411(d)(6), can the right to a discretionary employer contribution be said to have accrued before the contribution deadline (12/31 for this 403(b)plan), where the employer actually makes the contribution on a payroll to payroll basis? Employer has traditionally contributed 5% of contribution but wants to reduce this level retroactive to 1/1/99.

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We are filing for a determination upon termination for a 401(k) plan. The sponsor would like to make distributions to terminated participants at this time. The company is still viable and these are participants that have been terminated for some time (nothing to do with plan term).

I don't think they should make distributions until the termination has been approved. This is the common sense approach. What is the legal approach?

Looking for "boiler plate" disclaimer language to put into a summary plan description indicating if there is a discrepancy in information, the master plan document will be considered correct.

Do the new regulations in effect after 12/31/98 that prohibit rollover of 401(k) contributions apply to pre-1988 earnings from that source?

I have a client with a DB plan that pays a $1000 "death benefit" to a beneficiary designated by every participant who dies after reaching normal retirement age. This is intended to be a sort of burial benefit. Is there some advantage to having this contained within the DB plan? Why not provide for this outside of the plan? If there is no good reason to have it in the plan, I would prefer to take it out (assuming that it is not a protected benefit under Section 411(d)(6) since it is an ancillary benefit). Any thoughts would be appreciated. Thanks in advance for your response.

Any limit on how far in advance employer can provide 204(h) notice, assuming amendment has been adopted and is effective at a date in the future, e.g., plan year ends Dec 31, 1999 and employer amends on July 1, 1999 to freeze contributions beginning Jan 1, 2000?

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Is it necessary to have employees sign a waiver if they are declining medical benefits offered by their company? Are we legally required to obtain this waiver?

Is there any guidance on how far ahead a 204(h) notice can be provided to participants, assuming the plan amendment has already been adopted, e.g., plan year ends December 31, 1999 and employer amends on July 1, 1999 to freeze contributions beginning Jan 1, 2000 ?

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MPPP has a last day of the plan year requirement with respect to allocation of contribution. Plan year ends October 31. Employer required to contribute 8%. Employer going to amend plan to:

1) Amend contribution formula to 0% of compensation for plan year ending Oct 31, 1999; and

2) Freeze MPPP by having 0% of compensation formula apply to all following plan years.

1) above is O.K. because of last day of the plan year requirement, i.e., no §411(d) cutback because no accrual until Oct 31, 1999.

With respect to frozen plan, plan operates as if ongoing plan except for fact that no further contributions will be made, unless, perhaps, employer decides to turn it on again. Thus, vesting, etc. applies as it normally would.

Any comments or suggestions??

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Does anyone know what the anticpated medical inflation rate is expected to be for this year? For PPO plan and dental plans and perscriptions?