BG5150

As long as the set-up time is no longer than 1 payment period you are okay. Eg. if you set up a loan on Jan 5 on a semi-monthly payment, and the first payment is due Jan 15, the last payment will be either Dec 31, 2014 or Jan 1, 2015, depending on if it 1st-15th or 15th-31st. Same situation, but quarterly payments. Loan date Jan 5, first payment April 1. 20 payments will be done on Jan 1, 2015.

I thought the excesses are taxable in the year of distribution now, regardless of when they are taken.

I think I knew what you meant, but I'm just being persnickety today.

'Net value' includes the gain/loss; no need to add it in twice.

Was the 5500 done on a cash basis or accrual basis? And I thought that the electronic filing was for plan years beginning after 12/31/08, not the return's date.

The employer had a year-end bonus run and did not withhold 401(k). Since there is no more time to remove it from future checks (paid in 2009), what can be done? Definition of comp in plan is full-year W2 comp, with no mention of either excluding bonuses or even having a separate election for the. Does the Employer have to pony up 50% of the deferrals as a QNEC?

Now, that's funny!

Is the match calculated on a payroll-to-payroll basis or yearly? If yearly, no problems, as long as the deferral does not exceed the amount of the currently available compensation.

What browser are you running?

To all here at the BL boards: Have a Happy, Safe and Successful 2010!

And the loan is still an asset of the plan. If the guy had a $100,000 account and took a $50,000 loan, the account is still valued at $100,000.

If we are doing the daily record-keeping of the funds, we send the electronic download of the fund positions at liquidation to the new r/k; we are not going to make them do that manually. We charge for that, it is part of our "de-conversion" fee. However, if the assets are at a brokerage account or another fund house, we don't provide that information, it is up to client to get it to the new TPA. If the new TPA wants things the client should have--documents, allocations, testing packages, 5500's--I can, and often do, charge for the duplication and transmission of those items.

Tell the receiving institution that the full $20,000 was not the eligible amount of the rollover. Explicit participant instructions were for it to be only $15,000. Taking the money out of the plan would not be a distribution, but a return of funds. Whomever processed the original distribution incorrectly should be on the hook for any losses or processing costs of the correction. just my $0.02

Until you get a letter from the DOL, I believe DFVCP is still in effect.

Yes. As Bo Derek was in "10," so now is this topic: hot.

What does it cost to re-run and ADP test if you change two or three compensations? Nothing. But we charge for that work. What does it cost to change some entries on the Schedule I if you got incorrect data? Not much, but we charge for it. How much does it cost to draft a Loan Note & Security Agreement? Not much, but we charge for it. We charge (sometimes) for copying material that the Employer should have because: 1) it takes my time away from clients who are paying us to do my job; 2) the support staff here has to take time out of their day to scan/copy/mail things and not support the administrators (who are supporting the paying clients) and not support the internal business to which they need to attend. Many times, clients leave, not becasue they are unhappy with our services, but for the promises of (to borrow a NASA catchphrase) "better, cheaper, faster" (though it usually is none of those). Keeping in that mentality, the former clients believe it will be "better, cheaper, faster" for them to just ask us for the material. I normally do not charge for administrative reports (census, distributions, contributions), or even financial data (mutual fund positions, earnigs statements, etc). But I draw the line at having to (or have the support staff do) scan or copy stuff liek plan documents, 3 or 4 years of ADP testing or profit sharing allocations. I know very well the old business adage of: give good service and people will tell 3 or 4 other people, but give bad service and people will tell 7 or 8 other people. And I do a very good job, I think, of preserving my firm's reputation among my current and former clients. But, I also refuse to be taken advantage of.

I would think that she could stop them as long as the original distribution scheme was not a series of substantially equal payments determined on the life expectancy of the client (we used to call that a SEPDOLEC in my old job).

So the magic number is 10 posts to make something "hot"?

Some threads have a blue folder on the left and some have a red one. The legend says that the red ones are "Hot Topics." What makes a topic "hot"? I thought it was views and/or responses, but I saw a red one with 9 responses and 129 views, but a thread with a blue folder had 7 responses and 152 views.

What are the procedures for regular distributions from the plan? Even if they are not required, I would think it would make sense for the PA to sign off on the hardship, because it is the PA who should determine if the h'ship is valid.

Is the profit sharing less than 3% of compensation? And don't forget, the SH match counts toward the top heavy minimum.

However, though. There is nothing to say you can't impose a reasonable copying and transmission fees if you are sending stuff the ER should have to another organization.

There WAS an extension granted, but it's probably not the one you were looking for. I got my hopes up until I read a little further into the announcement. IRS announcement: IRS Notice 2009-97 and Corbel's summary: Corbel summary

I think I found my answer: From Form 5307 Instructions: Specific Instructions Line 3f. If you do not have a copy of the latest determination letter, or if no determination letter has ever been received by the employer, submit copies of the initial plan (or adoption agreement along with the appropriate opinion or advisory letter), or the latest plan (or adoption agreement along with the appropriate opinion or advisory letter), and any subsequent amendments and/or restatements.

Next step: amend the plan to be a "wait-and-see" safe harbor. Sometimes called "conditional."