BG5150

To me, $10k cap is not as good as the basic match. Someone making $255,000, deferring 5% or more would get a match of $10,200 this year.

Why not ask Sungard? They wrote it. From my experience, they have pretty good document support.

Keep a sheet of paper in with the 5500 files and keep track of the defaulted, but not offset, loans. Cross them off when they get offset.

I would say: 1) Original plan doc? No. Settlor function. 2) Restatement and required interim amendments? Yes. It must be done. 3) Annual maintenance fee? Yes. Admin fees can be paid from the plan. (And, can you elaborate on what the maint fee is for? How does a plan doc need maintenance during the year? ) My edits in italics. Man, I really should refrain from posting on day before holiday weekends....

I'm not really sure what the question means.

Yeah if it weren't for those darn clients one could get so much work done. If only we didn't need them to pay the bills. You mean you guys aren't independently wealthy and are doing this for kicks and giggles?

Was this person otherwise eligible to take a distribution? When did this happen? '12 or '13? If '12, did someone do a 1099? 945? Clients! Nuthin' but trouble, I tells ya!

A 408(b) Notice is good for the life of the contract. That is, until something changes. If your contract has an expiration date, the notice must be sent when the contract is renewed. Our contracts are on-going. It is assumed the relationship continues until one party or the other decides to cancel it. Now, after the initial notice, we only send another if fees change or if something is added,

Just some thoughts. 1) Get a SH match account set up now. 2) Is there any way the r/k can go back and separate regular match and SH match? 3) If not, you'll have to amend the plan to allow for SH from deferral and PS only. 4) Have any distributions been made for anyone who had regular and SH match and who was not 100% vested? If you, you forfeited too much. 5) Did anyone tell the ER they should open a new source? It should be part of your procedures, when doing the SH amendment, to let them know that it is a separate money source. 6) Is this the first year of the SH match? Why wasn't this seen during the annual reconciliation?

Gotta be somewhere in EPCRS. Ineligible hardship?

You are correct.

Thanks. heard it many years ago. Side note: UPS trains its drivers to try to make three rights instead of one left. It has proven to be more fuel- and time-efficient.

If I'm an owner and will not be benefitting, why should I offer my employees a plan? It would be something nice to do, however, it's a cost I don't want to bear. I'm guessing the availability of a 401(k) plan is not a recruiting tool when dealing with rank & file medical office employees.

My question is: if they are excluding the doctors--all of them--then why have a plan?

But if none of the key ee's are getting an allocation, there is no minimum contribution to be made. So what if the plan is 90% top heavy? (That's why I asked if there were any other key ee's)

Are there any key employees who are not doctors?

Prospectively, not retroactively. OP said 2014.

Eligibility is not a protected benefit, so, yeah, they can exclude the HCEs. I do not know the answer tot he TH question. If it's a SH plan, why are you worried about TH? Is the SH a match?

What. Does. The. Plan. Say? Often there is a hierarchy in who is the beneficiary already built into the plan document.

Annual notice: We're gonna charge you $100 for a loan, $50 for a distribution and $150 for a QDRO. Participant takes distribution. There's a $50 fee on the statement. Why is that a problem?

I read in a Relius Technical Update (from October '12) that the DoL might not be so crazy with self-directed brokerage accounts, especially if there is a near-limitless investment universe. The piece has phrases as "The DOL could contend..." or "the DOL may argue..." Relius's point being that if you have all these investment opportunities, it may be too much, and the plan sponsor might not be able to furnish ample and appropriate investment information. Is there any DOL correspondence stating the DOL position on brokerage accounts? I read FAB 2012-02R and it has stuff like fiduciary responsibility still applies with regards fees and services. But nothing about the concerns made in the Tech Update. I didn't see an ASAP with anything similar, either. Your thoughts are appreciated.

You use the age of the participant at EOY. In this case, the participant is 71. You use 27.4 when someone is still 70 on 12/31, i.e. someone who turns 70 1/2 after July1. You only take into account the spouse if the age difference is 10+ years, I believe.

We had one penalty letter that was for $83.14. edit: and FWIW: this came a few months ago. We wrote to the IRS on behalf of the client saying we filed on time, and they abated the fee. (Actually, they refunded the fee b/c my client (after admonishments from me not to) sent a check in before we got it straightened out.)

Known issue now. The IRS will send rescission letters in a couple weeks. ASPPA just sent out a GAC alert:

^ you lose the ABT for coverage in that case, tho'. So don't give too many zeroes. Though with a SH plan, that point may be moot.