Nassau

An under saver sweep is when the client automatically enrolls participants that are below a certain percentage of contributing to the plan.

If a QACA plan provides for permissible withdrawals. If the plan has a under saver sweep does permissible withdrawal apply to it? Meaning can a participant who opted out of a under saver sweep request a permissible withdrawal if they opted out within 90 days from the date of the sweep.

Is a QDIA notice required for a non ERISA Plan? Please provide the regulations that address this question. Thanks.

What are the consequences for the Plan sponsor for failing to send participants the annual fee disclosure notice?

If a participants account balance in a money purchase pension plan is less than $5000.00 is spousal consent waived?

Can someone provide me with the regulations that states that after-tax contributions that are matched need to restricted prior to distribution.

Am I correct that a governmental Section 457(b) plan, Section 403(b) Plan & Non-ERISA 403(b) plan, qualified govermental and non electing church defined contribution plans are required to sent the EACA notice? Please provide the regulations/cite where it states that govermental plans are required to send the EACA notice and are not exempt. Thanks!

Am I correct that a governmental Section 457(b) plan, Section 403(b) Plan & Non-ERISA 403(b) plan, qualified govermental and non electing church defined contribution plans are required to sent the EACA notice? Please provide the regulations/cite where it states that govermental plans are required to send the EACA notice and are not exempt. Thanks!

Can someone please provide me with the regulations/site that states that safe harbor matching contributions must match catch up contributions. Thanks,

I am elevating a new 401(k) that’s offering hardship withdrawals. The prior recordkeeper never maintained a hardship bucket on their system because the plan was previously a 401(a) that did not permit hardship withdrawals Questions: Now that I am elevating hardship withdrawals for the new 401(k) plan do I need to ask the prior recordkeeper for inception year to date contribution amounts so that I can load to the hardship bucket. Or does the hardship bucket starts from now, since I am adding hardship withdrawals to the plan effective 01/01/2015?

My client (DC- 401(k) Plan) is re-enrolling their entire participant population into an age-appropriate target date fund, unless participants opt out. Dates are still being worked out, but we are tentatively looking at opening the opt-out window on 2/9, closing it on 2/27, and updating the planwide exchanges and allocation changes on 3/1. QUESTION: My question is about requirements for timing of participant communications/notices. If we notify participants on or about 2/9, is that sufficient notice? Or do we have to give them at least 30 days for 404© purposes, etc.?

Can someone point me to the regulations which provides that there is a new five year holding period for each new conversion if the participant is under 59 1/2. However, if the participant is over 59 1/2 the initial conversion date to begin the holding period will be used for each new conversion. Please note that this question is regarding In-Plan Roth Rollovers.

A 5% owner turned 70 on 03/28/2013 and then was no longer a 5% owner on 04/01/2013. Was this participant required to satisfy their RMD require for 2013? (Knowing that they could push off the initial payment until April 1, 2014.)

Can a plan administrator who has a money purchase pension plan subject to QJSA as the normal form of distribution eliminate an optional form of distribution from the plan (i.e., installments). Meaning, if a non-married participant opts out of the annuity as the normal form of distribution, the only two options are lump sum and installments. Can the plan administrator eliminate installments from the plan as an optional form of distribution. Therefore only leaving a non-married participant that opts out of the annuity to only take a lumpsum. Does this violate the anti-cutback rules to eliminate installments?

Can a plan administrator who has a money purchase pension plan subject to QJSA as the normal form of distribution eliminate an optional form of distribution from the plan (i.e., installments). Meaning, if a non-married participant opts out of the annuity as the normal form of distribution, the only two options are lump sum and installments. Can the plan administrator eliminate installments from the plan as an optional form of distribution. Therefore only leaving a non-married participant that opts out of the annuity to only take a lumpsum. Does this violate the anti-cutback rules to eliminate installments?

What are the implications and/or penalties to the company, if a plan adminstrator does not get the Sarbanes-Oxley Letter mailed to participants within the required timeframe (e.g., 30 days from the freeze date)?

What plan year is a contribution attributable to and whether it's based on the dates the money was earned or based on the date of the paycheck.

One of my clients is being told that they had been filing each year with their annual 5500 form and SSA form, references Plan Sequence # 001. The problem is that this plan is now terminated and when they went to "electronically" file the SSA, it stated that this plan number was a "duplicate". The reason being is that they have a DC Non=Represented plan, 095650, also references a Plan Sequence #001. The client wants to know if they can retroactoively amend the 401(k) Plan document to state a different Plan Sequence # effective 1/1/12? What is the correction method? and can it be corrected through SCP or VCP?

My client is merging two plans and there are some rules with respect to in-sevice withdrawals that they have referenced below that I am not familar with. Please look at the clients provision and let me know if anyone has heard of this provision based on the information listed below. In-Service Distributions – For in-service withdrawals of employee after-tax contributions which were contributed on or after the plan merger date, if the participant has not attained age 59½ and if after-tax withdrawals earned a match (e.g. for non-union employees were contributed from the first 5% of a participant’s compensation), then the participants’ contributions to the survivor plan will be suspended for 6 months. This suspension does not apply to withdrawals for employee after-tax contributions made before the plan merger date. This provision is needed to comply with a series of old IRS Revenue Rulings, namely Revenue Rulings 72-275, 74-55 and especially 74-56. Based on the above information do the Revenue Rulings still hold true? and can participants' contributions in the surviving plan be suspended for 6 months?

Can someone provide me with the Regulations/Cite that allows plan sponsors to cashout terminated participants balances that are less than $1,000? Also, is there a requirement by either the IRS or DOL relating to the under $1,000 cash out process? Please provide the regulation or Code. Thanks.

My clients plan document currently provides that participants must contribute at least 1% of their eligible in a pay period to get the 9% company match for the pay period. They have executives that have been front loading their pay and are missing out on the full match. Does anyone know the Pros vs Cons of offering a Matching Contribution True up? (benefits and risks - be it legal, administrative, compliance, participants,....) on the various true-up methods)

One of client asked a question regarding an employee who is a NRA and the plan excludes NRA's . The employee is no longer eligible to contribute to their 401K plan after the ESOP was put in place 9/1/2012. The employees 401K deduction were missed and not turned off so the employer continued to deferral pre-tax contributions until 4/16/2013. The employer refunded the ineligible contributions and earnings that never should have gone into the plan however the refund back to the employee was subject to Federal Taxes at a percentage of 30% The client question is should the refunded money be subject to Federal Taxes?

My client who is an ER directed only plan, has an EE going out on military leave. The plan provides for a profit sharing contribution with a 1000 hrs requirement. When the EE returns to work my client doesn't think that this EE will have met his normally required 1000 hrs. for the profit sharing contribution. Is the client required to give them credit for 1000 hours of service while on Military leave to qualify for the profit sharing contribution?

When a participant request an after-tax withdrawal are investment earnings included in amount distributed? If so, am I correct that the Investment earnings withdrawn from the plan are subject to federal (and possibly state) income tax?

This question pertains to a DC Plan only. Assuming service with the same employer, does service prior to meeting the plan's eligibility criteria count towards eligibility? vesting? Is it optional or required to count service prior to eligibility? For example, If the plan's age and service requirement is Age 18 and 1 year of service and a participant is age 17 and has been working for the company for 1 year. When the participant is Age 18, will the 1 year of service that the participant had prior to meeting the plan's eligibility criteria count towards eligibility? and vesting? Can someone provide me with the cite or regulations that is associated with the answer? Thanks.