Gadgetfreak
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Gadgetfreak last won the day on January 19 2015
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IRS Secure Message Portal Update?
Gadgetfreak replied to justanotheradmin's topic in Retirement Plans in General
I received an email like that and, similarly, it didn't work for me. There is no number, name, department or email to contact. I reached out to the IRS agent that I am currently working with on a client audit. He told me the e-mails went out to everyone but each agent will send their communication through this portal as needed. So, if you are not expecting anything now (and he told me he didn't send me anything), he told me just wait for the next time an agent sends something, and then I will be given the chance to access it again. This only sounds somewhat accurate but I don't have the energy to pursue this any further. The next time I need it, I will see what happens. -
Thank you.
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Can anyone recommend a (paid) service for tracking down lost participants? Thanks in advance.
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Proving a participant has been paid out long ago
Gadgetfreak replied to ldr's topic in Retirement Plans in General
I am having a similar situation now with an existing client and participant who got a letter from the SSA saying they MAY have a benefit of $200k. The client sees they had a balance in 2007 and terminated in 2005. They have a 2007 5500 that shows distributions of over $800k but, obviously, no participant data. The 2007 has no SSA and they do not have any prior or later 5500s that show this person's name. He has no statement at all - just the SSA letter. So that is the big question - is it his responsibility to show that he has a balance or the client's to show there was a distribution? I think of my own bank account. If I get statements every year showing a balance and then I get one that doesn't, shouldn’t the bank have to prove that they distributed the money to me? Granted, I would check regularly, but this person hasn't done anything in 17 years. But is that a reason not to believe him? I am also tagging @Larry Starr here because he had posted useful information in the thread referenced above and perhaps wants to comment here. Thanks in advance.- 13 replies
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If you are (or know) a small TPA (<300 plans) looking to begin a transition to retirement and want your clients to get the amazing service they are used to with a family-owned, well-established TPA firm (currently <1000 clients), please send me a private message. My firm is family-owned and operated, has been in business for 40+ years, and has a full succession plan in place. We have the infrastructure and processes to take on a block of business while still providing the personalized service of a small TPA. If you don't want to sell out to private equity, VCs, or the huge national recordkeepers acquiring TPAs (I am bringing those clients on fairly often when they get upset that they lost the personal touch), we may be a good fit. I am willing to entertain various business structures. Thank you.
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They "know someone". Basically a small group of investors who buy properties for income. If they are not receiving any personal benefit from the real estate and offering the option to invest to ALL of their participants, what other concerns about a PT would there be? And I would still be interested in hearing more thoughts on my other questions if possible.
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I have a bunch of questions related to this as well. I have a client that has a 401k plan with father/son partners and 3 other NHCEs. They want to ALLOW everyone to invest in a private real estate fund (for investment purposes, so no PT) as a choice amongst other traditional mutual funds in the menu. 1) It was mentioned above that you could do this in an IRA. Is that really possible? Which vendors could handle that? That is definitely better than my client demanding to allow it in their 401k plan. 2) Since it is a participant-directed plan, must the RE fund provide a valuation every quarter? Or is annually enough? 3) What is the requirement for a 5500 long-form vs. short-form? 4) What is the requirement for an annual independent audit? Besides this being "messy”, is there anything else to be concerned about? Thanks in advance.
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exclusion of NHCE as a class
Gadgetfreak replied to justanotheradmin's topic in Retirement Plans in General
Maybe there is a second plan that ONLY covers NHCE with identical BRF? -
There is also a third option that most (but not all) PEOs allow - a completely separate 401k plan with an outside recordkeeper, custodian, and TPA. Just because the PEO is a co-employer does not mandate that you use their bundled 401k program.
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Exactly what I suspected. Maybe all of these outside published articles were written before 2024-2. But it seems you agree that this Plan will now need an ACA. Anyone else want to chime in? Thanks.
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A PS-only plan established in the 1990s wants to add a 401k provision in 2024. They have more than 10 EEs. Must they implement an Automatic Contribution Arrangement? Everything online seems to indicate "no". But the IRS grab bag notice says the qualified CODA had to have been established before 12/29/22. I also tried searching here but couldn't find the answer. Thanks in advance.
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An employer accidentally sent too much money to the 401k custodian. They have not yet claimed it as a deduction for their company return. I know the concept of "once it becomes a plan assets, it needs to stay" but does that really apply to a clerical error? Can the money be sent back to the employer?
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Quickbooks and Plans
Gadgetfreak replied to Gadgetfreak's topic in Operating a TPA or Consulting Firm
Thanks for the response. I am worried how easy it would be to track all revenue from Cash Balance Plans that way. Or revenue from a specific Plan like the Acme Cash Balance Plan. You would need special reports that collected all of the sub-fees that encompassed anything to do with CB plans. Using jobs as a the plan identifier means that it is very easy to see how much revenue I make for all CB plans or a specific one. Unless I am missing something? -
For those of you who use either Quickbooks Desktop or Online for your finance/invoicing software, how do you handle clients with multiple plans? With desktop, we used "jobs" for each plan under a single client. It is possible with Online, but getting the job onto the invoice is proving very difficult. I was thinking maybe someone has a better way to track this. Thanks.
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Errors & Omissions insurance for TPA
Gadgetfreak replied to R. Scott's topic in Operating a TPA or Consulting Firm
https://www.colonialsurety.com/insurance/