FishOn

I need some assistance determining the Vesting Percentage for a former Employee, please. This client has revolving door of employees and sometimes makes determining what service qualifies for vesting a little complicated and need some help in making sure I am counting vesting service correctly. The employee in question has Original Date of Hire was 6/25/2014 and he worked 1,000 hours in 2014. He termed in January, 2015 and was Re-Hired in November, 2016 so neither of 2015 or 2016 plan years did he work the 1000 hours. He termed on 5/20/2017 having worked his 1,000 required hours for the year 2017. He was Re-Hired on 9/18/19 but worked less than the hours required during the remainder of 2019. Now he has termed again on 7/1/2023. I believe he gets vesting service credit for 2014, 2017, 2020, 2021, 2022 and 2023. Does that sound right?

If this is adviser is licensed and has a broker/dealer, the adviser is required to first get approval from his B/D for any outside business activity. They do not have a sense of humor in disclosing after the fact or using the "I didn't know" routine.

I have a plan that was a start up plan in 2023. They just notified us through their annual compliance questionnaire that the owner had a soloK that he rolled into the start up plan that was set up with a different name and EIN. Upon further questioning as to why he did not tell us about this prior plan he stated because it was for his other company before he had employees. He did not make any contributions to it in 2023 - he only made contributions in the new start up plan along with his employees. He only mentioned it because his provider for his soloK told him that he had a problem because of the successor plan rule. What is the best way to correct this situation?

Have a plan that was top-heavy at 12/31/22 (62%). From my understanding the plan is top-heavy for 2023. The prior service provider calculate TH minimum contribution for the sponsor based on 2022 census/contributions but told them it would need to be deposited by March 15, 2024. Wouldn't the top heavy minimum be based on the 2023 census/contributions instead of 2022 census/contributions?

I have a plan where the plan sponsor mistakenly submitted census' for the plan that included some leased employees despite being excluded plan document. That caused safe harbor non-elective and profit sharing contributions to be made on their behalf for several years. Now that the plan sponsor has realized the mistake they want to move these employees out of the plan. I assume that we cannot forfeit the balances like the plan sponsor wants. Any idea on the correct way to handle this?

This plan is a 401k SHNE with New Comp.

We have a new plan where the trustee wants to take an in-service distribution of $300k. He is 43 years old. He wants to pay all the taxes on the distribution. I have never administered where it was allowed for anything other than 59.5 or early retirement. Can a plan allow in-service prior to 59.5 or early retirement?