austin3515

I mean, I'm setting up an amendment and restatement today for a change effective 9/1/17. And I have a typo in the trustees name, but the other trustees have already signed. Your telling me your preference would not be to just delete the thing and start over with the correct spelling?

I try not to keep a record of my stupid mistakes for starters... Typos, etc.

How about this - we send a document for signature and the client signs as Employer, but says "hey I just noticed that the wrong Trustee is listed" and so now I need to resend the documents. But the one already signed is obsolete. Can I delete something that was already signed or is it memorialized for ever and ever?

Is anyone using DocuSign to facilitate the signing of plan documents? Do you like it, did you try it and hate it, let me know!

We use that platform too, but the broker can't get any comp or access to accounts. But thank you for the offer!

Can I have a pooled trustee directed 403b Plan? It will be funded via Custodial Accounts/mutual funds. for the micro market it can be darn near impossible to find a home...

FT is fantastic can't go wrong. Easy as pie to import a csv file with all the data. It is so easy.

Bump... I have an auditor asking almost the identical question about a blackout/transfer from one provider to another... Has the DOL said anything about this? I had thougth they had clarified publicly somewhere that this would not be a reportable transaction but I cannot find it anywhere...

There are several kinds of 457 plans. We're discussing a volunteer plan for a town under 457e11B.

Sounds like a disaster in the making? Starting to think these should be avoided at all costs...

So essentially, everything is taxable when they can request a distribution? It just seems that this is going to be a train wreck to administer for us. People with taxable income with no money/no withholding because they never responded to our paperwork. Does that sound right? Also, what about the gains accrued after the deemed distribution due to constructive receipt? Do we need to issue a 1099 each year?? What a mess!! Is there a plan design feature that I'm not thinking of?

I'm being told: a) If they allow in-service distributions at age 65 then everything is taxable when someone turns age 65 due to constructive receipt rules; b) If the Plan says you can take your distribution when you become an inactive volunteer, then everyone is taxable when they become inactive for the same reason. Is this right? I'm having a hard time finding a good article on the mechanics of how these things work. Frankly it seems totally unworkable and I'm just curious if I'm missing something...

I have one generous employer who treats start date as 1/1 because they think it is unfair otherwise (it kind of is). But documents are otherwise crystal clear that the eligibility starts ticking on the date on wich an employee is first credited with an hour of service.

Anyone know how a CPA should be reporting Roth 401k on a k-1? I am concerned that the partners are doing Roth 401k but there doesn't seem to be a w-2 like coding mechanism to clarify what was Roth and what was pre-tax. The only thing I saw is that it seems to be that the tax preparer/tax software is supposed to be asking how much is Roth and how much is pre-tax, which seems pretty inefficient. What have others seen on the K-1s?

This seems to be the key here, from your first article. Thanks! Also from the regs, I assume this is the relevant stuff: c) Prohibited transaction (1) General rule For purposes of this section, the term "prohibited transaction" means any direct or indirect— (D) transfer to, or use by or for the benefit of, a disqualified person of the income or assets of a plan; (E) act by a disqualified person who is a fiduciary whereby he deals with the income or assets of a plan in his own interests or for his own account; or (2) Disqualified person (E) an owner, direct or indirect, of 50 percent or more of— (i) the combined voting power of all classes of stock entitled to vote or the total value of shares of all classes of stock of a corporation, (ii) the capital interest or the profits interest of a partnership, or (iii) the beneficial interest of a trust or unincorporated enterprise,

Guy bought a franchise with a ROBS 401k and wants to terminate it. Can the stock get rolled over to an IRA? I think not, because if it could, there would be no such thing as a ROBS you would just do it from an IRA. I thought the whole point was to take advantage of the employer securities exemptions available in a 401k plan. Any specific sites (cites??) you can provide would be appreciated!

I have actually been known to sing publicly (I went to summer camp for 12 or 15 years and have no problem making a fool of myself). But man I just don't know if I could sign that song and even if I could, what would my client say??

He has set the bar high, but you're right there...

That's fabulous... It's too bad it is unusuable because it is absolutely hysterical...

This might sound strange but does anyone have a script for an enrollment meeting, where the focus is on motivating people to save more? So stuff like "Social security is not enough" and "to replace income in retirement you need to save 10% a year" and "the longer you wait the harder it gets to meet your goals because of compounding, etc." Maybe not a script per se, but detailed talking points. I know everyone has their own flavor to these things, but the good advisors I have watched do a fantastic job of motivating people to save with these little tid-bits. I'm not talking about anything to do with the investments, just education on the importance of saving. Thanks!

i don't know about your document but my document says any changes tot the employer information do not require an amendment. That being said, I would probably do a restatement, or at least an "amendment" to change the information to keep the paper trail clear. Probably would definitely need an SMM too.

Which is why the people in your plan who want to take advantage of the new after-tax to Roth conversions won't be able to :)

I've always done 2 things in resolutions: 1) The company assumiong sponsorship adopts a resolution confirming the change to name it as employer. 2) The Company losing sponsorship does a resolution to transfer sposnsorship over to the other entity. Without this 2nd piece, the other employer is essentially "kidnapping" the Plan. Anyway, that's been my take...

Take a look at the regs under 1.401(a)(4)-11(g) which tells you specifically what to do to correct coverage: (vii) Special rules for section 401(k) plans and section 401(m) plans—(A) Minimum coverage requirements. In the case of a section 401(k) plan, a corrective amendment may only be taken into account for purposes of satisfying §1.410(b)-3(a)(2)(i) under this paragraph (g) for a given plan year to the extent that the corrective amendment grants qualified nonelective contributions within the meaning of §1.401(k)-6 (QNECs) to nonhighly compensated nonexcludable employees who were not eligible employees within the meaning of §1.401(k)-6 for the given plan year, and the amount of the QNECs granted to each nonhighly compensated nonexcludable employee equals the product of the nonhighly compensated nonexcludable employee's plan year compensation and the actual deferral percentage (within the meaning of section 401(k)(3)(B)) for the given plan year for the group of NHCEs who are eligible employees. Similarly, in the case of a section 401(m) plan, a corrective amendment may only be taken into account for purposes of satisfying §1.410(b)-3(a)(2)(i) under this paragraph (g) for a given plan year to the extent that the corrective amendment grants qualified nonelective contributions (QNECs) to nonhighly compensated nonexcludable employees who were not eligible employees within the meaning of §1.401(m)-5 for the given plan year, and the amount of the QNECs granted to each nonhighly compensated nonexcludable employee equals the product of the nonhighly compensated nonexcludable employee's plan year compensation and the actual contribution percentage (within the meaning of section 401(m)(3)) for the given plan year for the group of NHCEs who are eligible employees. For ADP Testing, I just don't see anything at all that says that you cant use the QNECs in the ADP test. And it would be analogous to adding people in for profit sharing but then saying you still have an (a)(4) discrimination problem because I can't treat them as having received any contributions. This does not violate Tom's rule that you have to satisfy (a)(4) with an without QNECs. I'm assuming there is no profit sharing, so the only nonelective contributions are going to NHCEs.

So wait, do we all agree that the FICA is due on 6/30/2022? My vesting date needs to be in June.