ombskid

Business owner age 71 has 2 million in profit sharing plan. He thought the charitable giving 100k was allowed from the plan. Everything I read says it must be from a traditional or roth IRA. Do ya suppose he could roll 100k into an IRA then make a 100k charitable distribution from the brand new IRA.

Sorry, I didn't mean it to sound like a trick question. I though that was the answer but was looking to see if I was missing something. It just sounds fishy.

A company has 11 employees. 2 are 50% owners. The rest are HCE's. Plan allows 401k and profit sharing contributions. The owners want 44k for themselves between 401k and profit sharing. If the plan is not top heavy, obviously due to high 401k participation of the non key HCE's, what is the minimum contribution to the non key HCE's?

Top heavy 401(k)/profit sharing plan. Company does not want to make a contribution. Can key ee's over 50 make catch up contributions without triggering the need for a TH company contribution?

And if they are immediately vested?

Sorry. Entry date is first day of the year nearest completion of 1.5 years of service

A prototype document did not have multiple entry dates or a number of months of service for eligiblity so a sponsor used 1.5 years. I haven't seen that - fractional years - and although it seems workable, does anyone see anything inherently wrong with it?

A profit sharing plan may allow in service distributions after a stated age, among a few other things. Is there any guidance as to what is the minimum allowable age for in service distributions?

Thanks. I thought so.

Is there any restriction on a business owner over 70 1/2 making salary deferrals to his 401k plan? Like IRA contributions are not permitted after 70 1/2

Non profit ps plan with over 100 participants filed 2004 5500 without audit. 45 day correction notice was received but they couldn't get the audit done - one firm dropped out and another couldn't do it timely. It is being worked on now. They received a Notice of Intent to Assess a Penalty - a rather large one. Does anyone have experioence with writing a Statement of Reasonable Cause? In the old days, there was language that almost always worked with IRS in similar situations. Any input would be appreciated.

Make that 100 union NHCE. Too early to type.

Non profit has 1 HCE 50 non union NHCE and 100 union HCE Can the union NHCE be left out of the ADP test? i.e. disregarded because the benefits are part of their bargained package

I have to get a handle on DB DC combination plans. Is Sal Tripodi's ERISA outline book the best source?Anybody recommend anything else?

Company owner and only 1 employee who is highly compensated. Can I have a 50% of pay formula for the owner and 20% (top heavy min) formula for the employe?

I found this old question and wish to add to it. Suppose this person was the 100% owner of a corp that had the old plan. Now he has a new corp and wants a new plan. For the new plan, can you count service in both companies that this person owned? Participation in both plans?