PainPA

Thanks for your insight JanetM Needless to say we have been talking Fiduciary responsibility. The doctors did not care about the 401k even though they knew about it and sponsored it and were signing it. The trustee on the reporting has a payroll clerks name. Great opportunities for us. Once the dust settles I plan on merging the 001 to the 002 and make the 002 with participant directed accounts, and of course keep the personal brokerage accounts in tact for the doctors. The lead accountant was very surprised and was adamant that they did not have a 401k. The underlying question in part #2 is that they were filing a 5500 for so many years with a EIN that did not exist. Is that OK ? Should all those previous filings need be amended?

I was asked to look at a plan(s) and came across some unique situations and was wondering what FLAGS these concerns would raise: 1) The existing "main" plan is id 002 (Profit Sharing only - trustee directed). Old plan 001 was a MPP back in 2002 (MPP source is segregated properly). A payroll company opened a 401k plan for the NHCE's in 2006 under 001. Is 001 OK? Does this need to be changed to 003? The TPA of plan 002 does not know anything about 001 being opened... either did their accounants... 2) Plan 002 is using an EIN from a long time ago (est 1998) before it switched/merged to an LLC. The new 401k (plan 001) is using the correct EIN. Does changing plan 002 to the correct EIN raise any flags? and or should any corrected filings be made with the correct EIN for all those years? Thoughts from anyone? Thanks

We just took over a plan from Lincoln and the assets were transferred to another vendor. The plan sponsor is still using the Lincoln document until later when we restate. I have everything on the document including amendments, AA, SMM, SPD.... but I do not have a letter of determination. The plan is a standard match plan using Lincolns document. An employee has left employment and the financial vendor he/she is rolling to wants a copy of the LOD. I said to the finanical vendor that the document is a prototype and did not file for its own determination and is just working off that documents LOD which will not contain the plan sponsors name or address. The LOD is generic to all who use this. Does anyone have a copy of the LOD face page that can be sent to me? 50237590001-003 Prototype Standardized Cash or Deferred Arrangement

Does a plan sponsor need to carry an ERISA Fidelity Bond when they have more than 1 plan (401k and a DB plan)? Could the bond have both plans names and all parties involved?

We have always treated our 401k plans that have hardship withdrawals and loans in the following manner.... If the plan allows loans, you must take the loan first before utilizing a hardship. We have seen different web sites that say that if the loan payment is going to cause an additional hardship, that the participant can then go directly to the hardship route. Any legal trusth to this?

The details surrounding this plan is that I can tell it was once a Money Purchase from some of the old documents. However, the current one in place is a Profit Sharing, which hardships are allowed. The client knows from industry conferences that all their counterparts have a Money Purchase. I was going to make the necessary adjustments to make this happen but they do not want to give up the hardship withdrawals.

I have none, I was referencing an outline on benifitsattorney.com and saw that this was a modified version. I was just hoping that it was allowed for gov't plan sponsors and not for corporate.

Additionally it is great not file a Shedule A becuase the competition cannot see this on FreeERISA or Larkspur.

If that Nationwide product sold is from the Nationwide Life Insurance Co it would then produce a Schedule A. These are usually individual products and are called the Nationwide ADVISOR. For a Nationwide product sold from teh Nationwide Trust Co, FSB, this will not produce a Schedule A. The product name for this is RESOURCE. The INNOVATOR will also fall under this category. We only deal with Resource and Innovator and do not file a Schedule A.

Can a Governmental Money Purchase Plan allow hardships? I was thinking that the Title I exemptions for gov't plan allowed for them.

Is there a regulation on the term a 401k loan can be taken for a primary residence? I thought it was always 15 years...