Nassau

If my client's plan provides for a Qualified Reservist Withdrawal are Roth 401(k) assets permitted to be withdrawn? Can you provide me with the Regulation and/Code that permits such withdraw?

If a Plan has QJSA and an RMD must be taken, does the participant need to complete a form (with spousal consent) or can the recordkeeper force the RMD?

If a Plan has QJSA and an RMD must be taken, does the participant need to complete a form (with spousal consent) or can the recordkeeper force the RMD? Question - Is spousal consent required for a RMD?

Can an employer credit service for an employee that paticipated in a foreign pension plan (i.e., ABC Company in Canada) and now that employee transferred from working at "ABC Company in Canada to the ABC Company in the US location. ABC Company (i.e., U.S. Plan) has a 90 day service requirement for eligibility. Can someone provide me with any Regulations or Code with respect to this topic?

My Client, has an employee who made a pre-tax basic deferral election of 7.5% on 1/4/2010 for their retirement savings plan. The election was entered into their payroll system as an after tax basic deferral and has been contributed to the plan as after tax money for the entire year. The client has requested to re-classify the money in the account as pre-tax since that is how it should have been contributed all year. Is this as simple as moving the money from the after-tax source to the pre-tax source and updating the tax buckets on our Recordkeeping system? I'm assuming that the client will need to correct his tax withholding from the participants checks for the year, but are there any other implications on Recordkeepers end from this reclassification? Question - What needs to happen with the W-2 Form? Are there any other implications on the Recordkeepers end with respect to the reclassification of moving the money from the after-tax source to the pre-tax source and updating the tax buckets accordingly?

I received a call from a non spouse beneficiary. The non spouse beneficiary received these assets from his deceased grandfather. Plan has adopted the non-spouse rollover provision. His grandfather passed on 9/4/2002 but these assets were not transfered into the non spouse beneficiary's name/acct unitl 10/8/2010. The non spouse beneficiary received approx 108K on 10/8/2010. Participant did take a partial distribution on 10/12/2010 of 35K. Since the assets were not received by the non spouse beneficiary until 8 years after his death, how does this effect the fact that the non spouse beneficiary didn't set up installment withdrawals based on life expectancy or was not paid out over a 5 year period? Can this non spouse beneficiary rollover these assets into an inherited IRA?

Who needs to receive the Summary Annual Report (SAR)? My client is under the impression that anyone who had a balance during the plan year is supposed to receive a SAR. Can you clarify? If I am in the plan and terminate on 1/10/2009, do I need to receive a SAR for the 12/31/2009 plan year?

What is the required timing for funding (remitting to the Recordkeeper/Trustee) matching contributions; and the deadlines for funding annual profit sharing and annual match contributions? Can someone point me toward where I can find Regulations and/or guidance on this topic?

What is the required timing for funding (remitting to the Recordkeeper/Trustee) matching contributions; and the deadlines for funding annual profit sharing and annual match contributions? Can someone point me toward where I can find Regulations on this topic?

On September 27, 2010, President Obama signed the Small Business Jobs Act (the “Act”) into law. The Act contains a provision that would allow for in-plan conversions to Roth. This provision was effective immediately upon enactment and has no deadline for adoption. A few key provisions of the Act include: Only plans that permit Roth deferrals can offer in-plan conversions. Offering in-plan conversions is optional for plans with a Roth feature. Plans must be amended to offer in-plan Roth conversions. The IRS is expected to provide a remedial amendment period, but the timeframe is not yet known. In order to convert, a participant must have a “distributable event” from their retirement plan, such as termination from employment or the availability of in-service withdrawals. Only eligible rollover distributions can be converted (e.g., hardship and required minimum distribution payments cannot be converted). The taxable portion of the distribution must be included in gross income in the year of conversion, except for conversions occurring on or before December 31, 2010. o For 2010 conversions only, participants can elect to include the taxable amount in income equally over 2011 and 2012 or include it in income for 2010.

What is the required timing for funding (remitting to the Recordkeeper/Trustee) matching contributions; and the deadlines for funding annual profit sharing and annual match contributions? Can someone point me toward where I can find Regulations on this topic?

Can we legally allowed to cashout out Roth balances along with pre-tax, and how they would be treated. for example, as a combined under 5k or separate balances? Is there anything in the Regulations or code that speaks to involuntary Roth cashouts?

Are we legally allowed to cashout out Roth balances along with pre-tax, and how they would be treated. for example, as a combined under 5k or separate balances? Is there anything in the code that speaks to involuntary Roth cashouts?

My client has a participant who was recently in an accident and is in an unconscious state in intensive care. He does not have a POA for his wife, nor can he sign a form or call the Recordkeeper to elect his deferrals to be suspended. The participant is currently receiving disability and the client would like to suspend his payroll deferral. Can the plan suspend the his payroll deferrals under these circumstances without his consent? Thanks.

If the Recordkeeper will be increasing a plans administrative fees next year and these fees are paid by the plan participants and allocated gross per capita. Is there any legal requirement to notify the participants of this change in fees?

Opt in for non-web usage - my client is interested in requiring all communication/activity for participants to be web based - for example participant would have to opt in to get paper statements - is there any DOL guidance on this?

If the Recordkeeper will be increasing a plans administrative fees next year and these fees are paid by the plan participants and allocated gross per capita. Is there any legal requirement to notify the participants of this change in fees?

If the Recordkeeper will be increasing a plans Administrative fees next year and these fees are paid by the plan participants and allocated gross per capita. Is there any legal requirement to notify the participants of this change in fees?

If the Recordkeeper will be increasing a plans Administrative fees next year and these fees are paid by the plan participants and allocated gross per capita. Is there any legal requirement to notify the participants of this change in fees?

My client has identified several Participants that were never enrolled in the plan, and require a QNEC to correct the missed contributions dating back from 2009. However, they have set them up in our Recordkeeping system in the meantime, and intend to have them go through the automatic enrollment process (QACA). My client is stating that the Participants should be enrolled at 4% rather than the normal 3% automatic enrollment. They feel that this is necessary since the Participant would have experienced a 1% automatic increase in January 2010. However, they are also asking if they should be given the 30 day opt out period, or if they should be manually enrolled immediately at 4%. Question: Is the automatic enrollment at 4%, is that the correct method for the QNEC plus earnings ?

My client has identified several Participants that were never enrolled in the plan, and require a QNEC to correct the missed contributions dating back from 2009. However, they have set them up in our Recordkeeping system in the meantime, and intend to have them go through the automatic enrollment process (QACA). My client is stating that the Participants should be enrolled at 4% rather than the normal 3% automatic enrollment. They feel that this is necessary since the Participant would have experienced a 1% automatic increase in January 2010. However, they are also asking if they should be given the 30 day opt out period, or if they should be manually enrolled immediately at 4%. Question: Is the automatic enrollment at 4%, is that the correct method for the QNEC, and also if the 30 day opt out window would still be required?

One of my clients received a Benchmark Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons (Form BE-180). The survey must be completed by 10/1/2010. Do you know if this form should be completed by the financial institution (i.e., Recordkeeper & Trustee) or the client.

My client has gone into Bankruptcy and terminated its plan as of July 2009. The company itself has been liquidated according to bankruptcy procedures. All plan assets were liquidated by December 31, 2009. The company no longer exists. VG is in the process of completing the 2009 Form 5500 that will show plan assets are $0. Since the company had over 100 EEs at the beginning of 2009, and in order to file the Form 5500, they need to have an external audit performed. Since the company is bankrupt and no longer exists, thus there are no assets in order to pay an external auditor, is the External Audit still a requirement? Is it a shortened audit or normal fullsize audit? Are there alternatives to a regular audit?? (FYI: they pre-paid for the Financial institution to complete Form 5500) I am only aware of two possible options..........either the company disengage VG from the duty of the Form 5500 (and they just not file it) or they find a former officer of the company who is willing to pay "out of pocket" for the external audit. Questions 1: Are there any other options that you are aware of? Question 2: What are the ramifications if they don't file a 5500?

A participant in the plan rolled after-tax money into the plan back in 2005. At the time, the plan did not have an aftertax source but the plan recently added Roth 401(k). The participant is now requesting that we code the money as after-tax and distribute that along with the associated earnings out of the plan. Question 1: Can after-tax money be re-classified as Roth 401(k) contributions? Question 2: The participant wants the after tax-portion moved to a traditional IRA and the earnings moved to a qualified 401(k) plan. Is this possible?

If a plan is Safe Harbor and is doing a true up, can they eliminate terminated participants from the true up? Would they be allowed to implement the last day rule even if they are a true safe harbor?