BG5150

Since it is no longer a 1-participant plan, a bond would be reqiured for the non-qualified assets to avoid an audit. Unless there are 2 plans. I was going with the 1-plan idea.

If he's still working it would be silly to take the loan balance, unless he is having trouble making the payments.

Plus, you will need a fidelity bond for the total amount of the assets if they are now qualified assets...

And don't tiers usually refer to levels of contribtuion and not dates?

These aren't "late" deferrals, they are "missed" deferrals--they were never taken from the paychecks to begin with.

You are correct. 120 BOY is the magic number.

jp: I don't have an answer for you, I was just thowing it out there for discussion. Would the bonus date have to be set before the plan year? If the bonuses are paid within a certain few days every year, why not just make the timing the week before it?

But what about: Bob left on Dec 12. We didn't like Bob, so we pushed back the bonus date to Dec. 13.

I'm hooked up with a recruiter and have looked thru the jobs here. Any other places to search for pension jobs? LinkedIn?

Yep. No average benefits testing available...

The OP is not talking about putting in money for people not yet eligible, but making a true-up as soon as they enter the plan. For example: Flyboyjohn enters the plan on July 1. He's making $2,500 semi-monthly. Should the company make his first SH contribution $75 (2,500 * .03) or $950 (2,500 * 12 + $75)? I would say they can wait until the end of the year. Or do it right away. As long as it's consistent.

I understand that self-directed brokerage accounts are not required to furnish a fund comparison chart for 404(a)5 because the universe is virtually unlimited. However, what if the trustee is doing something prudent, and following DoL wishes and having a 'suggested" fund lineup along with the open architecture. Do they have to come up with that chart pertaining to only the suggested funds? If you can point me to where that says that either way, I'd be appreciative. (I do know that even with an open architecture some sort of Notice is required, albeit somewhat abbreviated.)

Was there an error here? Or merely failure to pay? What does the document say about loans to terminated EE's? You can't just re-amortize loans for terminated people just to avoid taxation.

Hopefully your tests were finished by Friday the 13th. Good luck getting any refunds done on the weekend...

Lou, do you have a cite for the "no submission" deal?

makes a little more sense now

Why would you want to switch in that example? Don't both tests pass? ADP 10 to 10 passes. ACP 10 to 8 passes (8 * 1.25 = 10)

I have a plan that is on a VS plan. We will be restating to another VS sometime this year. They have 1 participant who was allowed to defer early (Jan 1, 2015). What are the correction options? If we do an amendment, do we have to submit the PPA restatement for a Determination Letter? Is distribution of the funds acceptable?

None* $24,000 deferral ($6,000) catchup $18,000 net deferral $6,500 PS. Total $24,500 testable under 415. Under by $1,500. (*) assuming no other underlying document limits such as a deferral limit under 92%

Usually March or April, I think.

Why would a trustee want to be responsible for the assets of non/former employees? (Seems to me like somebody wants/needs more assets in the plan)

Git 'er done by the 13th. Charge the client for the rush job if need be. Side note: Has anyone heard of this ever being a problem? March 15 has come on a weekend 7 times in the last 18 years: 2014 2009 2008 2003 2002 1998 1997 Surely if it was a big deal, there would have been some noise about it....

Was ER B ever mandated to join the plan?

I am in a similar situation.

I am the Plan Administrator in this case. I will be qualifying/rejecting the order.