BG5150

And we will have an answer that the records needed to file were in the affected area.

If it's on a pre-approved document, you may want to check with the document provider. If it is individually designed, check with the attorney who drafted it.

Does the IRS ever question a Special Extension?

We sign 5500's as the Plan Administrator. Our designated signer lives in NC. Do we get the relief?

What about PEPs? Are those the ones that should start with 3? And further along in the section in the instrux says that 8a is filled out (pension codes), and a number 333 or higher is used, you should use that in 1b. So 333 was contemplated somewhere.

I have more a concern for -SF and 5500's Here's the situation: Plan 001 sponsor plus several other members of controlled group/ASG. On 1/1/21 several affiliated companies adopted the plan. The affiliation does not rise to CG/ASG levels, making it a closed MEP. They created a NEW plan for the MEP with IRS PN 333. No one thought to term plan 001. And at the carrier, nothing moved. Same accounts, it's just some of hte other entities had their former plans merged in. So the auditors, seeing a NEW plan, want to have the assets at zero. But I don't think it should be a NEW plan, just a plan that went from single-ER to MEP and the PN should have remained at 001. There is no mechanism on the 5500 to indicate a change of PN, just name, EIN. My solution was to just correct the plan document and call it restated with plan 001. That led to my question: does a MEP have to have a PN of 3XX? Could we have a MEP of 001? Or, MUST you have a new plan when something like this arises? I don't think so, because you can have to members of CG in one plan and the relationship ceases to be a CG. You don't creat a brand new plan for that. Int hat case, do you change the PN to 300 or 333 or whatever?

If my TPA business is in North Carolina, or if I have employees working from home there, can I use the Ida extension for my clients who are nationwide?

Is there a codified rubric that says how IRS PNs must be assigned? I have a MEP, do I have to have a PN that starts with a 3? Where is the written guidance?

Any idea what the Business Code needs to be? I have 5 very different businesses int he plan. Do I use the business code for the sponsoring entity, ie, my company? (My company does, indeed, sponsor the PEP.)

First time filing for a PEP. Small plan filer. Am I right that they can't use a 5500-SF and have to use 5500 w/ Schedule I? And all we need to do is provide the same attachment as a MEP, with listing the companies and the contribution percentages? And mark 5500 as Multiple Employer Plan?

So that single employer can still file only 1 5500 and I will only have to do 5 filings.

I have a plan that was a controlled group/ASG in the same plan. This year (2021) four other companies joined the plan that aren't part of the CG/ASG, and no other business ties, so we have an open MEP. As I understand it, in an open MEP, each plan has it's own 5500, and in a closed MEP, they only file one. So, in this case, can I treat that CG as one closed MEP and file a single 5500 for those plans, and stand alone 5500's for the four new ones? Or do I have to file 14 seperate ones?

Not to be glib about it, but will the companies based in Florida get an extension of the 5500 extension for 2021 filings?

Thanks @Peter Gulia. That's a great link!

As I understand it, if an Employer choses to utilize the Top Paid Group (TPG) for it's benefit plans, it must be used on all benefit plans, retirement and non-retirement plans. So, this would include 401(k) and an HSA, right? if an employer wants to use TPG for HSA, they have to use it for the 401(k) right? But what happens if you have conflicting choices? The HSA says TPG and the 401(k) plan says standard?

The first correction window is 12 months after the plan year end. During that time, you can either refund certain amounts or do a QNEC (if it is current year testing). If prior year testing, you can only do refunds. (Well, technically, you can use QNECs deposited during the testing year, but who makes those kinds of contributions other than when they have to for a correction of some sort) After that 12 month window, you are in EPCRS territory, and the methods are spelt out there. (Note, you can no do a QNEC, even if you have prior year testing.) basically, the corrections are: QNEC to pass the test OR do refunds and THEN the employer must provide a QNEC int he amount of the gross refunds. Another note: You can no longer test otherwise excludable separately. I think now under EPCRS you have 3 years after the end of the plan year to correct it. After that, you have to submit under VCP. If I'm wrong, then it's two years.

How much pay are we talking? How much of a QNEC would it be? They are gonna have to file an SF regardless.

Say I have 5 companies that all adopted a plan: A, B, C, D, E, F The CG's are: A B & C are one CG D & E are another A B & D also C & E too F is not part of any CG or ASG, so I have a MEP. Do I need to do 5 separate tests?

I never saw that the spouse had to consent to a contingent beneficiary before. is that common? Plus, it doesn't make sense. If the spouse is the primary beneficiary, then the only time the benefit goes to the contingent bene is if the spouse is deceased. Why would you need spousal consent for in a case where the spouse has no claim to the benefit (he/she is dead!)?

I really dislike bad actors in our industry. Seems like every couple years or so some guy who thinks he's outsmarted the system starts sending these letters trying to scare up business.

If they aren't insurance, I would start with the branch manager. Mention you think the material is first incorrect and second, and more important, misleading. Threaten to take the issue to their state's securities regulator, or maybe even the SEC. Or, you can PM me a copy of the letter and I'll do it. I love stirring up crap for creeps like this.

My guess is that a lot of the executives are participating and not many of the rank and file. With a generous SH match, it allows the company to a) give a bigger benefit to the execs without having to do a non-elective contribution and b) have the top heavy covered.

To the first bullet, that just usually goes on the SAR. But the SAR is not needed for EZ plans, right? To the second: are EZ plans subject to the vesting standards of ERISA 203? From the 2021 8955-SSA instructions: "Sponsors and administrators of government, church, and other plans that are not subject to the vesting standards of section 203 of ERISA (including plans that cover only owners and their spouses or cover only partners and their spouses) may elect to file Form 8955-SSA voluntarily." (emphasis mine) So, does this mean they MAY but don't HAVE to file one? (And why would you want to file one voluntarily? And you don't even have to give all the info: "If such a plan administrator so elects [to file voluntarily], the plan administrator is encouraged to provide as much information as possible, but no specific requirements are imposed."

I see someone beat me to it.

Why. You guys get the whole MONTH of October! (for 20 years, now.) https://nationaldaycalendar.com/employee-ownership-month-october/ https://esopassociation.org/employee-ownership-month#:~:text=October is Employee Ownership Month,to help you celebrate EOM.