BG5150

So, if there was a fund change and all of Fund A was moved into Fund B and the amount moved was, say, 12% of plan assets, it needs to be reported?

I like that they tried to talk to him 415 times

forgot an example from the quote:

File this under things I learned today. A partiicpant can voluntarily assign benefits to a 3rd party. From our friends at the EOB:

You should press them for an answer so you can avoid this in the future without having to override the system.

Audited Financials are not shown immediately.

You can always send in a help ticket to whatever software vendor you have and ask them.

Right? I mean, who does this?

Take a look at their history. Do you have 1,000 hours coded for any years? Is there a report you can run that shows why they are excludable? Relius prints the reasons on one of the pages if you are using that r/k system.

I guess as long as it's not for a BRF failure:

I've seen anecdotes where if the excise tax on late deferrals is low (either gross amount is $100 and $15 tax or the tax amount is less than$100, I forget), then you can just add the excise tax to the earnings and not file a 5330. Is that true? Or is this just an urban legend?

Can't do this every year, though, right?

New one: Calendar year plan. 21/1 requirements. Entry dates 6/30 & 12/31. Allowable?

The W2 and contributions in the 401(k) plan should match. Therefore, the owner seems to be out the catch-up in the plan, because it was never withheld. However, now we have an operational defect in the failure to implement a participant election. See the latest and greatest version of EPCRS to proceed.

So, the IRS was paid its $3,000. Best resolution I see is that the record keeper sends the participant's IRA $3,000, amends the the two 1099's: one to say $8,000 code G and the other 0.00's all over and code 1. Revise the 1096 to reduce taxes withheld by 3,000. Then let the r/k deal with the IRS about the overpayment of the taxes and how to recoup their money.

Did the second 1099 say 3,000 taxable, 3,000 withheld? Was this done in 2016 or 2017?

It's on the FT William doc system. I got a call from them, and they said in their plan, a discretionary match is fully discretionary. Who gets it and the formula and when its calculated can be made up at any time. As long as all the applicable tests are satisfied, it doesn't matter. For example, I can say drivers get 50% match from their deferrals when pay dates occur on a Tuesday; warehouse people get no match; managers get 25% match up to 3% of pay; marketing gets nothing and finance people get 100% match on the last deferral of every quarter.

I figured. Jsut wanted to make 100% certain.

I don't think you have to give him a TH allocation. He is not employed at EOY. He is getting some PS, so is therefore benefiting. And what is "suspension of allocation"? That's a new one to me.

Pay Date 3/15/16. $450.00 in deferrals for a few people. Deposited at record keeper's unallocated account on 3/21. So, the funds hit the trust within the safe harbor time limit. However, the money is STILL in the unallocated account. Do I have a "late deposit"? If not, is there any sort of correction other than allocating it, plus earnings to the proper accounts? What if there was a loss in the account?

If you can mine the <$50MM, you can mine the total #. That 638k was from June 2013.

I'm sure there are data mining programs out there that could pull the info. I know there are (unscrupulous?) advisors out there who scan the 5500's for benefit code 2G (participant-directed) and a lack of code 2F (404(c) protection). Then they contact the employers and scare them by saying the plan isn't in compliance with the law. Sometimes, they even just show up to the ER's office with that little nugget. So there has to be a way to scan for all plans and plans less than $50MM. You jsut won't capture EZs.

And to further shorten the list, at least visually, click the Condensed link in the upper right. It shows only thread titles. Expanded shows titles and the first two lines of the response.

Code 7 is only used with A, B, D, or K according to the instructions.

See my post to Bird just above. It'll take a bout a minute to set up.