BG5150

Worked like a charm! Thanks!

I, too, am interested in this...

Brian Gallagher.

How can I search for a particular user profile. How could someone look up BG5150 without clicking on the relevant link in a thread?

I'll be there, too...my first one.

I'd reach out to support @ftwilliam.com and ask them. They'll know best what can be done and what cannot in the program.

Is there a cost to file? I thought there was, but maybe it's just that we charged our own fee at my prior employer.

...and they are subject to the 402(g) limit.

A few of our clients are getting the "you had late contributions, VFCP is available..." letters. Do you submit via VFCP after getting those letters? Any anecdotal evidence of investigations if is isn't filed? Or do you just keep a copy of the self-correction in your files and show that when asked?

What if no one has reached 50 year? Can we remove that feature without worrying about anti-cutback rules.

Can you offer in-service withdrawals at age 50 of Profit Sharing money? Does it HAVE to have a seasoning component? I seem to remember a 2-year rule. Or is it if you have a seasoning rule, it cannot be less than 2?

Did you call Relius?

That why all your plans should be on a daily valued platform.

Larry, an antidote to the "little RMDs" from the 401(k) Plan is to make the contributions during the year and take an in-service rollover withdrawal toward the end of the year. Therefore, there is no 12/31 balance to trigger an RMD from the plan.

Are you sure they were completed properly?

I don't think he ADP failure figures into this. The correction is in EPCRS. The money gets removed (not forfeited) from the account and placed in a suspense account. The funds in the expense account are to be used to offset future employer contributions. In fact, no ER contributions are allowed to be contributed until those funds are exhausted. The amount removed from the account should be adjusted for earnings.

You can just wait until 2020 and do an 11-g amendment to give allocations to whomever you want to make the tests pass.

Larry, a few old things in there that we don't need to be worried about any more. (S-corp officers and TLAs) Do you still think participant directed accounts are "nonsense"?

I find that to be an odd request as a condition for re-hire.

Are you even sure the kid is eligible for the plan? Also, they can change the plan to exclude people under 18. Eligibility is not a protected benefit.

In some states, minors need "working papers" that a bunch of other people have to sign (parents, school, doctor). So if the kid is in this situation, I think the parent COULD make the decision. but IANAL

Yep.

Per the authors of my doc, FT William, in a situation such as mine, it is up to the ER to decide which comp to use (as long as it's documented in the AA.)

I got an AARP mailing the other day...addressed to ME.

In my case this ISN'T a new plan. Plan effective 1/1/2017. They added 401(k) & Safe Harbor in March 2018. Compensation is NOT only while a participant (in any component of) the plan.