K-t-F
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Posts
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Reputation Activity
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K-t-F got a reaction from Luke Bailey in Terminated, severance through 12/31.
Ahh... so my reference actually has nothing to do with the employee terminating and recieving a severance package. Got it!
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K-t-F got a reaction from ugueth in Terminated, severance through 12/31.
Ahh... so my reference actually has nothing to do with the employee terminating and recieving a severance package. Got it!
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K-t-F got a reaction from Bill Presson in Old Keogh -> 401(k).... same EIN?
Sadly I started my pension career in '83, back in the day when we used "PENTABS" for anyone who remembers that system from Santa Barbara CA. Back when there were no message boards... no internet to research and ask questions, just the CCH books with their tracing paper pages (hated pulling out pages and adding replacements when rules/laws changed). I know the answers... it's just reassuring when I ask you fine people and your responses confirm what I already knew. So... cheers to you all! 🍺
To stay on topic... yes Bird... it's all about moving the assets. I told the new financial advisor to use the EIN on file for a seamless move. I'll take a look at that link. Appreciate it.
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K-t-F got a reaction from ugueth in RMD Needed?
I agree rocknrolls2.
For 2021 the beneficiary does not need to take an RMD
For 2022 the beneficiary will need to take an RMD based on the 2021 balance.
So, the beneficiary will need to take the 2022 RMD PRIOR to taking a full distribution of his inheritance... correct?
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K-t-F got a reaction from Bill Presson in ERISA Bond Coverage.... combine bonds?
The plan sponsor is asking... and as I read his email closely he's got to be off with his thoughts. Full disclosure, I think he is asking a hypothetical question. He feels he has a good price for the bond from Hartford and is worried they won't go any higher. IDK why they wouldn't. I'm going to tell him he just needs to have one bond... just keep it simple.
sorry to waste any time.
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K-t-F got a reaction from Bill Presson in Paying DFVC Fee
I completed the online fields, took screen shots and sent it to them. Spelled it out pretty good. I wanted them to see that I am not making anything other than my fee for services on this debacle they created. She will reach out to me if she has problems.
Thanks
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K-t-F got a reaction from Bill Presson in Control Group merge into one company. Is this scenario ok?
I am cleaning up the client's mess. IDK what ADP's official role except that they are taking over the plan. The financial advisor is the one who informed me that ADP was originally taking care of the 2020 form 5500. I've been paid in advance, I've included my cost to prepare 1099-Rs so if they are not needed then I made a little more for my trouble.
Thanks to anyone who chimed in. As a small TPA I keep things very simple. I think the advisor thought what she was doing would help but did not think about the behind the scenes stuff that a TPA does to keep a plan out of trouble.
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K-t-F got a reaction from Doghouse in Active employee & participant wants to cease contributing and pull his money from a plan.
Does everyone who is not from MA assume that people who live here are horrible? Because we aren't .
No Rollover money... just a guy who doesn't want to participate in the plan anymore so he wants to take his money. He can't and I told him that. Of course with the internet when people don't receive the answer they like they start "Google-ing". He must have found something and pulled a few snippets from his find that he thought backed up his case so he questioned my answer. For a quick confirmation of my knowledge I posted the question to see if there was anything I missed. That's it. Thanks to all!