I'm back in the retirement plan field after many years of being out of it. Can anyone give me an idea of what materials or firms provide good participant education materials? I'm looking for both printed and possibly video delivery. In the past, there used to be a company called Newkirk where you could order customized materials from but they appear to be out of business. The firm I'm with has been preparing materials in house and they appear outdated and unprofessional. Any ideas would be greatly appreciated.

I was looking back in the volumes of CARES Act webinars and other material on discontinuing safe harbor match mid year and I think I know the answer to this one, but just want to double check that I did not miss something along the way. 

If a plan discontinues the safe harbor match mid year due to financial downturn, can they amend before the year to a safe harbor non-elective (as permitted under the SECURE Act).  The information that I have from when the CARES Act first came out was that this was not permitted, but again, there have been so many updates I just want to be sure this is still a "No".

Thanks very much.

Company went out of business, terminated its plan and all assets are liquidated.

Problem is, the 2019 3% SH was never deposited.

What do they do if the owner cannot afford the $32,000 3% Safe Harbor?

Am I thinking this one through correctly?

Company A is owned 45% Husband, 45% Wife, 10% adult child.

Company B is owned 100% by adult child.

If I attribute the mom's ownership to the adult child, then adult child owns more than 50%, so would then be attributed Dad's ownership, therefore being 100% owner of Company A?

Adult child now has 100% common ownership and 100% identical ownership so Company A and Company B are a controlled group?

Thanks very much.

So I have a plan that terminated and their final Form 5500-SF and Form 8955-SSA are due 6/30/20.  We are waiting for them to pay our final bill before filing.  Because of the automatic extension, if I filed it between 7/1 and 7/15/20, do I have to check any box on the form?  Or just send it in like normal?

Thanks for your help!

If an employer improperly provides an incentive to a Medicare-entitled employee to waive employer-based coverage or otherwise violates the Medicare Secondary Payer rules with respect to that employee and Medicare learns of this, is there any potential adverse consequences to the employee for such violation?

I am looking for TPA to partner with. I am a CPA and looking to grow the TPA side of my business. Please message me directly if interested.

Thanks

Hi

Having a bit of brain freeze.

Looking into adding a DB to an existing 401k plan.

Sponsor FYE is 6/30 however the 401k plan is a calendar plan. Definition of compensation is plan year. Not designed by me, takeover.

If a DB is designed the same way i.e. effective 1/1/2020 and plan year compensation will be used, can the deduction be taken for 6/30/2020 corporate year end? Of course, we will have to wait next year until the salaries are established. The design is important both plan are going to be tested together.

In the past I have always used the salary paid for the FYE within the PYE, never salary paid for the plan year in with FY ends.

What am I missing/not seeing here?

Thank you,

I know the subject of reinstatement of forfeitures on plan termination has been covered before, but I don't believe it was ever in the context of amounts that were forfeited under 1.411(a)-4(b)(6) for missing participants.  The PBGC seems to believe that a plan termination does not extinguish a participants right to claim a reinstatement of such forfeiture.  What about the IRS though?  Does the IRS expect all amounts previously forfeited for missing participants to be reinstated when a plan is terminated?  

Can the plan sponsor use the proceeds from the forfeiture account to pay the excise tax due on late ADP corrections?  I understand they will need to pay it directly and the potential get reimbursed from plan.

A participant received a 2020 RMD on March 1, 2020 (the individual is a terminated, non-5% owner who reached required beginning date many years ago). The CARES Act later waived the RMD for the 2020 year and the participant wishes to repay/roll this RMD back into the qualified plan from which it was distributed within 60 days (or by July 15th pursuant to IRS Notice 2020-23). However, the terms of the qualified plan document only permit incoming rollover by "employees." Since this individual is no longer an "employee," can the individual actually roll over such amount back into the plan as an indirect rollover?

Client completed paperwork to received lump sum distribution based on benefit estimate.  Long story short - by the time the paperwork was processed and check was issued, IRS issued new interest rates used to calculate lump sum.  Plan sponsor applied new interest rates, resulting in lower distribution than shown on benefit estimate.  When client received distribution check for lower amount, he began claims process to dispute benefit calculation (the appeal process is currently on-going).  He never cashed the distribution check, which is now stale.  Due to the passage of time, the applicable interest rates have again changed, but now in my client's favor.  If his benefit was calculated today he would receive more than the original estimate.  My question is this - what effect, if any, does the fact that he went through the process to request a distribution and received a check (but did not deposit it) have on his right to start over with the distribution process and request a new distribution based on the new interest rates?  

For Terminating plans I believe we can turn off the revenue credit getting posted into the plan, however will this require any plan amendment? 

Does anyone know of a phone number to call to see if a 5500-EZ was filed? 

I have a large plan and the auditor caught the fact that a participant who died 2 months after he was terminated was paid out at 100%. Should have been paid out  40%.  The 2 beneficiaries have already received their money.  Any options other than asking for the non-vested portion back from the beneficiaries, which likely will not work at all? 

I have a client that did not remit some salary deferral contributions deducted from  participant paychecks on a timely basis to the plan.  The excise tax was calculated, Form 5330 filed and the excise tax was paid.  It was subsequently discovered that the excise tax paid to the IRS was over stated by several thousand dollars.  Apparently close to half the late contributions were actually allocated to the plan on time.  Has anyone dealt with this issue before?  Can the excise tax over payment be recovered from the IRS?  Thank you.

Looking into a DB plan. Owner, spouse and an employee.

Owner is a financial advisor and has CLU, ChFC credentials.

I just cannot locate where it says covered/not covered. I remember reading something about this being an issue a few years back.

If you have any thoughts/references, would appreciate if you could share.

Thank you

If the participant has terminated service with the company and has a disability, what would be the correct code for the loan offset? The participant is under 59 1/2.

Thank you.

Is software needed to file a small plan form 8955-SSA, even if it is a paper form?  The IRS website has a pdf file but clicking on it the message comes up stating that my pdf viewer may not be able to display this type of document.  It then gives a link for the latest adobe, which I did and downloaded, and still will not display.  

Any thoughts or solutions are appreciated.

Below is the allocation formula for a profit sharing only plan provided to us by a plan sponsor.  The tiers are based on job classification.  The Tiers range from Tier 1 = trainees to Tier 9 = those who report directly to the board of directors.

What testing is required here - general testing?