Lori H

Apparently TIAA is refusing to transfer the SH Match(plus yield) into the appropriate source. Considering the plan allows for hardships, this could be an issue if Match and SH match funds are commingled. Thoughts?

A fiscal year TIAA plan was amended for the last plan year to change their 100% vested employer match to an enhanced Safe Harbor Match. The plan sponsor continued to deposit the SH Match in the match accounts instead of setting up a SH Match account. Should they just approach TIAA to have them move the SH into its own account along with allocable yield?

got a quote with bizinsure, which hiscox directed me to, for $600 annually with $1 mil in coverage.

Looking for minimum coverage for small, non producing TPA. Who do you use?

Two more questions....should excess SH match be moved to a forfeiture holding account or returned to the plan sponsor and would allocable income be included?

I guess that is required if the refund does not occur prior to the 15th month following the close of the plan year, which in this case it does not.

5 participants exceeded 402(g) limit for 2017 plan year ending 12/31. All 5 receive k-1's. Since the distributions occur after 4/15 I believe the excess along with earnings will be taxable in the current plan year AND the prior year. Does this mean 2017 K-1's will have to be amended and if so, how will the additional earnings affect the calculation of the safe harbor match? Not all members earnings exceeded the 401(a)(17) limit. Finally I assume a Form 5330 will have to be completed for the excess deferrals and an excise tax will be owed by the plan sponsor. Anything else I might be missing?

So in short file incomplete and cross your fingers they do not assess before refiling with the audit attached?

Years ago before e filing, we had a large plan that filed right at the extension deadline with a "note" from the CPA stating something to the effect that the audit would be filed once completed. The plan sponsor filed the 5500 with the note and at some point after the extension deadline the audit was filed. Is this still an acceptable procedure?

Thank you for your comments. This is helpful

There are 16 active participants including the owner and his wife. The plan just went top heavy for 2018

Owner and his wife max out on pre tax deferrals. They fund the basic safe harbor match. He exceeds 401(a)(17) and she makes $48K. They are considering amending the plan to add after tax deferrals. He read a Wall Street Journal article and the thought of exceeding the max up to $73k per couple is enticing. They do not put in a profit sharing contribution. Does the after tax contribution negate the benefit?

7 participant 401(k) with standard safe harbor match. Plan is Top Heavy and has a New Comparability profit sharing formula. Is a 3% minimum allocation to Non Key ee's if a Profit Sharing is allocated? Does the safe harbor match not satisfy Top Heavy?

new hire entered safe harbor 403(b) 8/1/17 and filled out the salary redirection form in August for 6%. He failed to enroll in the plan online and plan sponsor inadvertently filed his form without setting him up (it was an oversight on sponsors part but they were waiting on him to enroll before they added his contribution amount into ADP). He’s now requesting that they take the extra two months out of his next check and would like the enhanced SH match (100% up to 6%). I am of the opinion the sponsor has to make a QNEC of 25% of what his deferral would have been along with SH match and any earnings under SCP. Is this the proper correction?

Hmm, this is way before my time. So no 1099 either? If a 1099-r is required, then would that be a code G for Rollover or code 1 for normal distribution over age 59.5? Thanks for the response. Impressive recollection.