BG5150

Does the plan allow for after tax contributions (NOT Roth)?

to expand on Lou's answer: DOL credentials are personal and not employer-related. So, say you are have been signing the 5500 (as an employee of) for BG5150's Pension Company 401(k) Plan for three years and then leave the firm (get out!). Then you start work for Lou S's Even Better Pension Company and they want you to sign their 5500. You would use the same credentials.

I agree. I don't think it's allowable to match Roth deferrals at a different rate than pre-tax. match should be calculated on the combined pre-tax and Roth as if they were one deferral.

I know a payroll-based SH Match must be deposited by the end of the calendar quarter after the quarter in which the deferrals were taken. Obviously, for a calendar year plan, those QE dates are 3/31, 6/30, 9/30, 12/31. What about for off-calendar plans? For a PY that starts on 3/1, do they still adhere to calendar quarter dates? Or do they use 5/31, 8/31, 11/30 and 2/28?

Do you think we will get an official release from the IRS. Other than from ASPPA saying the IRS told them so?

Ok, but how long must they keep it? Ad infinitum?

Plus, it'll get him out of the double taxation thing. (It seems the CA extension lasted until 8/15, unless they put in another one in for the recent hurricane.

If new small plans have to be auto enroll soon, how long do they have to keep that provision? Can they set it up for like a month and then take it away? After the first plan year? does it have to stay in indefinitely? Until over 120 poeple?

Thing is, the company has to re-do the W2 for other reasons. So why not knock out two birds w/ a single missile?

Side note, the participant live in CA and has an IRS extension due to the wildfires, so taxes were not filed yet.

Employee participated in two plans during 2022 and went over the 402(g) limit by $1,000. Can we just remove the funds from the plan and the ER issue a corrected W2? Before all of the "Nooooooo" answers, consider this: The ER is already reissuing a new W2 b/c of another, unrelated problem. Can/should they "correct" the deferral and remove the funds from the plan? If so, does it get placed int he suspense account or can it be sent back to ER as Mistake of Fact?

Participant contributed in two plans in 2022 and went over the deferral limit in the aggregate. I know there is no distribution after 4/15, the money just stays there and he's taxed twice on the gross excess. However, he lives in California and there is a federal extension for taxes due to the wild fires. Does that 4/15 date for CA residents get moved?

You also need to check how often the match is calculated. Just because they deposit it once a year doesn't mean the match is calculated on an annual basis. (Just like if the ER deposits the match every pay period, it doesn't mean the match is calculated on a per-pay basis.)

How much money is in the plan? Does he even have to file?

Participant auto enrolled and had three paychecks worth of auto deferrals taken. Then she left the company. Age 31. Can she take a permissible withdrawal (plan allows them) and avoid the 10% penalty tax? Or is that only for in-service withdrawals?

Plus there may be different distribution restrictions between QNEC and deferrals, so another reason not to mix the two. Also, if the participant only has Roth deferrals, the QNEC funds should not get Roth treatment.

Ask the document provider. They wrote it.

Being uber picky: TH minimum is only 3% when the highest Key allocation is 3% or more.

This is assuming all four units are the same size and are worth the same. (Would an end unit or higher floor unit be worth more than the others? Less?) Also you don't absolutely know if the owner will live in only one unit. maybe they will decide to tear down a wall and occupy two of the units.

I think FIS/Relius will do that for you. Not sure these days, though.

This is/was my understanding of the rule: A small plan filer can elect to file the same form until the participant count is over 120 and when over that must file as a large plan. A large plan is considered a first year plan over 100 or over 120. And that plan must file as a large plan until the count gets below 100. (*) see blow The 80-210 rule allows any plan to file the same form (large or small) is the count is between 80 and 120. But once under 80, the plan must file as a small plan. Not even allowed to file Schedule H. I am seeing some internal correspondence here, that a plan, once that it is considered large, must still file as large until the count dips below 80. So this goes against my (*) above. When can a large plan filer move from Schedule H to Schedule I? At 99 or 79 participants?

I have a union employee that used to participate in a non-union plan. The employee is still employed at the company but no eligible now due to being union. They just processed a loan from the non-union plan for this union employee. Is this allowed? Loan policy says : "Any Participant that is actively employed may apply for a loan from the Plan." This person is a Participant due to the fact (at least) that they have a balance. And they are actively employed (so, thus can have payroll deductions). However, they are in an ineligible class. The loan policy does not address that.

So then "No"?

Has anyone talked with him about his overall benefits package?

I would think the Trustee has access to participant statements even though it would be on an ad hoc basis (if they aren't online somewhere). In fact, I would think the Trustee MUST have access to that information. Those accounts don't belong to the participant (yet), they belong tot he trust FBO the participant. Same with the plan administrator. I would think they must have access tot he current assets and transactions within the plan.