david rigby

Does this plan file 2 different 5500s?

If this church is part of a national church organization, also look to see if there are any national standards. I think class-year vesting would be permissible, but NOT advisable. Many ways to mis-communicate it, mis-understand it, and mis-administer it. Why bother? (This is not a rhetorical question. I advise the sponsoring organization have clearly defined goal(s) here.)

This is a circumstance that needs frank discussion with the plan's actuary. Any other participants? Is the owner's 415 limit likely to increase soon (eg, what is the owner's age)? Is the excess considered "a lot"? Is the death benefit properly defined and funded? (Other actuaries will ask questions I haven't thought of.)

The OP asks about "collect penalty free". Does this mean a rollover is not anticipated? Termination at 55 or distribution after 59-1/2 are only two of the characteristics that provide exemption to the 10% penalty. Do any of the others apply?

Pardon me, the term "personal accounts" is ambiguous. Does this mean the PS plan accounts of the husband and wife, or something else? Are RMDs being paid?

Is there another DB plan into which this plan could be merged?

I have seen govt. plans that include language similar to "anti-cutback" language of 411(d)(6). Thus, even if the provision can be removed, even if permitted by law, such action might not affect benefits already accrued.

The plan itself can include such provision(s). Removing them by amendment might be possible, or not.

A recent discussion that might be relevant to your Q: https://benefitslink.com/boards/index.php?/topic/63283-inerest-rate-for-pension-loans/

As a reminder, the "mailbox rule" means a real postmark, which may differ from when you put something in a mailbox. Could that be the diff?

I agree. Never seen it happen.

To be precise, "no less rapidly than" 7 years. For example, if the amount transferred to the replacement plan is (relatively) small, it's possible the allocation might be completed in only one year.

It's possible that what you need to do depends on your relationship to the plan and/or plan sponsor and/or plan administrator.

BTW, most actuaries who frequent these message boards already have a personal spreadsheet that does (at least approximately) these calculations. (No, you cannot have a copy of mine.) If you want to check your results, just post it for feedback.

Your best bet is to get legal advice. For example, you say (possibly) not yet signed. So if you think it should not be signed, get your opinion in front of the judge.

Does "voluntary contributions" mean "after-tax contributions"?

It should always be asked. It might not be provided or available. The PA, in consultation with the actuary, should decide how to deal/communicate in case the precise documentation is not available.

I received my AAA email (4 days late) and voted. Also received the (optional) confirmation email after submitting my vote.

Data as of October 31, 2018 (Wednesday) Moody's Daily Long-term Corporate Bond Yield Averages Utilities Industrial Corporate Aaa NA 4.27 4.27 Aa 4.39 4.35 4.37 A 4.51 4.56 4.54 Baa 5.00 5.36 5.18 Avg 4.63 4.64 4.64 Moody's Daily Treasury Yield Averages Short-Term (3-5 yrs) 2.94 Medium-Term (5-10 yrs) 3.08 Long-Term (10+ yrs) 3.35

Thanks for the reminder. BTW, to date, I have NOT received my email with voting instructions. I've contacted the AAA office and am waiting for feedback. Is anyone else in a similar situation?

Well.... it's OK to share both Q and A. Others might learn something.

Pardon my ignorance, but what is meant by "... the first was referred..."?

Possibly, a collective bargaining agreement.

IMHO, zero days. A well-designed window will includes good communication, adequate time, and follow-up.

Whoa. Step back. Of course, the agent "wants to put insurance" in the plan. Might be good for the agent but not really useful (or efficient) for the plan/employer. I recommend consultation with the Enrolled Actuary (well, of course I do) to focus on (1) what is the goal of the plan, then (2) how to pay for it. The sequence is important. (You may be familiar with that old saying about a cart and a horse.) BTW, I'm not saying the proposed insurance is "bad" or "wrong", only that the sponsor must first determine what death benefit other than the minimum QPSA/QJSA, if any, will be provided by the plan. A death benefit can be provided via other mechanisms, so don't assume the plan is the best/only way without first considering the alternatives.