BG5150

And maybe try to find out somehow why the participant is wanting to see them to stay ahead of any potential issues, whether valid or not.

The Plan Doc we mainly use is the Datair Non-Standardized Cash or Deferred Profit Sharing Plan. Question A.1.a is: Plan Permits this type of contribution. (Choices are) Elective Deferrals, Safe Harbor Employer Contribs, SIMPLE K Employer Contribs, Non-elective Contribs, Matching Contribs, Prevailing Wage Contribs Any of them can be selected as yes, or left blank as no. So it's easy to see how a plan can check off only Deferrals and Match only, therefore not having a 'Profit Sharing' component in a "Cash or Deferred Profit Sharing Plan"

But I offer the intangibles.

[Dr. Evil]One. Million. Dollars.[/Dr. Evil]

I don't think I've ever seen anyone charge the copy costs. It'll cost your bookkeeper more time in putting the few dollars into the ledger than the "revenue". I agree: send .pdf or send them to: https://www.efast.dol.gov/portal/app/disseminatePublic?execution=e1s1

How does two plans help if the EE's get nothing in the second plan? They have to be tested together as they can't pass coverage by themselves.

I had a client several years ago accusing me (my firm) of putting his personal info out on the web when his 5500 was posted online. He had one other employee. And him and the wife did indeed have about 99% of the assets. One of his colleagues found it online and must have brought it up to him. I had to explain that we did nothing wrong, and were just following the law. He wasn't very happy.

I believe the PA/Trustee approved the distribution. They just didn't inform us until way late.

Participant in plan that has brokerage accounts took a distribution of all her funds in 2019. We are just finding out about this like last week. She took the money to herself and there was no withholding. Is there a penalty for not withholding? How does it get assessed? I know there's gonna be a late fee for the tardy 1099-R.

Put your concerns in writing to the client, suggest they get input from an ERISA attorney.

Yep. This one, I believe: https://lrus.wolterskluwer.com/store/product/5500-preparer-s-manual-for-2019-plan-years/

"Impliedly" I learned a new word!

Perfect!

I saw the same thing. At law.cornell, the text of ERISA itself, and the EOB. But: Who exactly are "receiving benefits under such plan"? Do they have to be due money (ie have a balance)? Or is it benefiting like under 410? As of when? 12/31? (for a calendar plan) Or the date the notices is given out. In the past, I've been telling my clients anyone who was eligible in, say, 2019, even those who did not receive any sort of contribution, and any former employees with a balance on the date the SAR is given out. But looking into it (a client asked me to point out where it says what I told them), I'm having a hard time justifying my stance given the wording. I think it can easily be interpreted as only people with account balances (receiving a benefit).

Oddly enough, if the phone # is there, the SAR reads "To obtain a copy...write of call the office of EMPLOYER at ADDRESS, or by telephone at (123) 456-7890. Without the phone number, it just stops at ADDRESS. I'm surprised the logic is there to omit the "or by telephone" wording.

It obviously doesn't get rejected, because I see 3 years of filings without the Sponsor's telephone number. I just thought it was odd. I would think it would have to be on the SAAR though, and the SAR is developed using the info on the 5500...

Giving out the SAR today for the 2019 plan year. Who gets it? All current eligibles as of today and former ee's with a balance as of today? New participants in 2020 will get it. All current eligibles as of 12/31/19 and former ee's with a balance as of today? New participants in 2020 do not get it. As I understand it, former ee's with no account balance at the time of distribution of the SAR do not get it.

It's not a report. We fill in everything on the form and hit the 'Validate' button. The program then goes through its pre-determined checks and lets you know what's wrong, if anything. It doesn't tell you what's right, only errors (stuff that will make the filing fail) or warnings (stuff that will allow the filing to go through, but something you might want to just make sure of. One example is with our software, if a Schedule G is not attached ort indicated, and it's a large plan filer, we get a warning that we may want to include it. Or, if it is a former EZ filer that now has to file an SF, we have to say "first filing' that initial year and the program says, hold up buddy, are you sure you want to do this?)

Filings for 2016, 17 & 18 did not have the Sponsor's phone number entered. Client insists she wants it that way. 5500 software validates all the way without it. Is the phone # somehow optional?

I find it odd that child support would go to a retirement account. The money is ostensibly meant for the welfare of the children.

She made it before 12/31/19? Isn't it then just a 402g excess?

We have a plan that is receiving excess DB plan assets in the Profit Sharing plan. How do I show that on the 5500? Other contribution? Transfer in?

Oops. I missed that

Even if they could do that, they are still on the hook for the SH contribution.

We have out clients complete a "filing authorization" form every year when we, as TPA, are filing the 5500 on their behalf. Do we NEED to have one completed every year? Can we do just one that says Sponsor A authorizes TPA to file on behalf of Sponsor for all years until authorization is rescinded? I was also thinking that the authorization would be rescinded if the signer of the 5500 changes for any year. Is there a rule that you have to get one each year? Link?