austin3515

LAdies and Gentleman, I am OUTRAGED by this insane requirement that the SSA extension now requires a signature, where for years this was not a requirement. Oh and by the way, since we do 5500's and SSA's at the same time, that basically means signature is requireed on ALL extensions because I have not at that time determined if I even NEED an SSA. (OK maybe I'll make it a point to figure that out, but I'd prefer not to have to go there). And apparently it's not even clear if as a TPA I can sign the extension?? So now the client needs to actually sign the extension and mail it?? REally?? All this extra effort for an informational return?? I ask you, what purpose is served?? I want to organize a march on Capitol Hill - who's with me?? Calling ASPPA - defeat this insane requirement!

May an employee exceed the $49,000 415 limit by BOTH the 402g7 catch-up AND the 414v catch-up?

Not sure if I still count as an auditor, but that is how I did it So maybe we only neeed two more auditors...

They just never had TPA's before. It's amazing what you can do if no one tells you the right way to do things. Until of course you get audited.

What is the $200 require,ment? The "minimum" deferral cannot prevent someone from deferring if they are expected to defer at least $200?

403b plan has a match, whereby you only get a 2.5% if you contribute at least 2.5%. Therefore, they have always told employees the minimum ddeferral rate is 2.5% of pay, thus avoiding nayone missing out on the match. Is this a problem, or is it OK? The document simply states that the employer can set the minimum contributions.

We found a couple company's that do this and gave out their names, so we're out THANKS!!

Is it the sort of thing that can be done "one-off" though, or must you have some form of technology behind you. For example, no one would get into recordkeeping without investing a lot of money in the technology. Is this the same thing?

What do you guys know about being a common remitter, and the SPARK Data Files? We;'ve been asked to propose on this service. Does my question alone indicate that I have no business getting invovled? I read some articles that talk about people doing it in Excel, and others with comprehensive web-based platforms that connect sponsors, fund companies and employees. We're bidding on a very small start-up one.

Who is responsible for "drafting" these documewnts? We are under the impression that it is the fund company who would sign the documents with the employer. But please respond as though I don't know what I'm talking about, because I kind of don't...

Bird always gives the answer you're looking for--as logn as it coincides with the correct answer!

Bravo, ERISAToolKit, Bravo... LOL

Yes, I think you do see my dillemma... One nice thing about audited plans is you can ask the auditor what they want you to do. Ask three different auditors a question like this, you'll get three different answers... Of course, that's because the DOL has never answered it, nothing against auditors (I'm a past one myself!)

Oh right, because it would have taken SO much extra effort to write Trust or Custodial Accounts??? When they say Active Participants on 6a should I read the instructions to make sure it doesn't also include terminated people too??? I suppose I shouldnt complain too much, I got my question answered.

Two plans merge as of 12/31/2010, "Plan Continuing" and "Plan Eliminated". The auditor wants to report ALL investment types as zero (so no mutual funds, etc). But how should I report the schedule A? I'm having a hard time justifying not preparing the A based on the info provided by the insurance company, including reporting an ending balance. The contract itself will actually continue, it will just be re-registered in the name of Plan Continuing. But of course it looks odd to say "no ending balance" on the H and then an Ending balance on the A.

They did, due to a partial term which took place in February.

Plan is invested in a custodial account with Fidelity and therefore there is no trust, and no trustee. What do I indicate the funding arrangement as on the 5500? My only choices are Insurance, Trust and some crazy insurance thing I've never heard of... Why isn't "custodial accounts" an option?

A Doctor's practice shut its doors in February and all of their employees work for a hospital now. The Doctor’s whom are owners of the orgainzation do as well. The practice is still collecting receivables from their pre-Hospital service, thus the doctors are still receiving compensation (W-2). There has yet to be an establishment of a termination date in the form of a resolution or amendment as the practice is just now beginning to "wind things down." The Doctors are still handling "administrative" issues related to the practice, but are no longer performing medical practices. The work they are doing relates to paying old bills, collecting receivables and winding down the practice. Issue 1: Termination Date: When talking about prorating limits is there anything to stop me from using (for example) a 12/31/2011 termination date, thus avoiding proration? Or is there some date where the IRS could argue, "OK, you're monkeyhing with the rules here to avoid proration." Issue 2: Post-severance compensation I am also concerned with w-2 wages paid after May 15 (which is 2.5 months post transfer). When does my 2.5 month clock start ticking?

That doesnt seem possible (even for TIAA:) - you're saying they couldn't for example roll their balance to an IRA?

Anyone tried to transfer a plan out of TIAA? We;re aware of the tiaa-traditional account and the 10 year surrender period, but I was wondering about those plans set up with "RA" contracts, versus GRA contracts. Am I correct that there's really no way to transfer existing RA money because it is a contract with an individual?

But, Tom, what aobut the distributions from the prior yeaR? The year before that? Doth not the same situation exist??

Very much so, thank you. I like the idea of the W-4P in this situation. I would still love a write-up from someone regarding how to handle this, if such a write-up exists..

What do I do??? Does withholding apply? There;'s really no elections, because the truist can't roill it over?? Never had this happen before...

Bird, can I still call you Bird? On message boards, it feels so much more appropriate to call you Bird, as opposed to "Ed"

Johnny works for Parent Co. Johnny leaves ParentCo to go work for ChinaCo, a 100% owned subsidiary of ParentCo. Is there an exception that would allow distribution of his 401k/SH balances because he has had a severance from employment with a US Company? Or must he sever all ties with anyone in the controlled group anywhere in the world?