HarleyBabe

I'm sure this has been asked before but I keep coming up with different answers. Clarity please. Have a not for profit plan. Firm has a B plan and a K plan. For 402(g) purposes, is it one limit and for 415 purposes, is the limit per plan? Thank You.

Hi All - I'd love any info available if possible in regards to purchasing a block of business. 22 Years on the business but a 3 year owner at this point. While I'm certainly growing, the new clients are coming in a little slower than one would like and as I go into this year 3, need more of a jump start. We utilize all the most popular software services for compliance and admin and provide actuarial services as well. Thank You!!

Along with my other topic about virtual phone systems, I'm now in search of the best virtual data room so that remote employees have access to same database. Suggestions please?

I've been in business now for a couple years after branching off on my own after 20 years. I am really in need of a block of business at once to make my venture a true success and to be able to maintain my employees. As most know new plans just don't come in quickly enough. I'm not necessarily looking to borrow funds for a purchase but more so looking for the selling firm to finance a portion. That said does anyone have any ideas or know of an individual who may fit this.

What if it's a Simple IRA. You know, it could have been a Simple IRA. If that's the case, what are the steps? Thank You.

Simples aren't my expertise. Company wants to switch from a Simple to a traditional K Safe Harbor Plan. Can they do this during the same year or does the 12 month wait apply for a new K Plan? Also, assume the Simple funds can roll in? I assume there are methods of terminating a Simple K Plan similar to traditional? Thanks

thanks will look at that now.

thanks, I think I'm going to exclude. That's just easier. That said, they would still be included for testing correct with a 0 if they met the eligibility requirements otherwise?

Have a DC firm who has 3 employees in the UK. They were paying from US but it was very tricky apparently so they set up a UK payroll for them in some manner. So, are they eligible for the Plan? They meet eligibility but don't earn US income. Very confused. Please help. Thanks.

Have established my own firm but now that there are staff in other states I need a good virtual phone system and other communication programs. Can anyone save me some time and give me some advise on this. We would like a virtual receptionist and the client ability to then dial by extension or dial to any of our desks. Also looking for virtual conference software. Any hints would be great. Of course need this yesterday. Thank You.

Need a little assistance in understanding this. Apparently client has no document but a Custodial Agreement for a 403(b)(7) account. They still need a document don't they? Thought all 403(b)s need docs now? No employer contribs just salary deferral. What makes a 403(b) different than a 403(b)(7)?

Can I get some recommendations for a large group in DC who will need to file 5500s for past years as well since they went over a hundred a couple years back. We handle their 401(k) but don't do anything with Health and Welfare.

my confusion is, how you code these distributions. Do I code them as terminated on the transaction date. And for document purpose, on the original document, I guess I just amend to remove the other firm as adopting the plan?

Wow, this is exactly what is going on with me right now and I posted under another topic but it hasn't been resolved and I need guidance quickly. Mid year, owner sold off one entity completely. Now I have two separate firms with the same plan and the same funding vehicle. I need to act now on how to handle. Spinoff? Multiple Employer? They are the same field, just different owners now. If I Spinoff, do I basically treat the employees as terminated the day of the transaction and roll their funds into a new funding vehicle and create their own plan? Do I amend the current doc stating the Spin Off and Employer A is no longer adopting this current plan. I need direction of the doc issue and investment vehicle issue. Would prefer two separate Plans and Docs. Any help quickly would be very much appreciated. Don't even have time to hire ERISA attorney for guidance. They did this and then told their TPA .

So, if we do a spin off, what are the steps I should take with the document, moving the money from the current account and opening a new... How do I show the loss of employees, as just terminated per say?

Have a plan that was a controlled group because the owner owned 100% of two similar firms. He is selling one of them completely and will have no interest any longer. What do I do with this Plan now. The other employer would like to maintain the Plan. Because they are similar firms, both rehabs, can we have a Multiple Employer Plan and have one firm be the sponsoring firm? Or is this a Spin off situation. I basically need ABC instructions on what to do Plan Doc wise and best way to approach. Thank You.

Unfortunately, I read everything that you had written already. This is why I posted because I am confused on those statements. The plan is more than 100. The plan has life insurance, disability, HSAs...It's very generous. I'm not sure what I need to do and what determines what I need to do and for which plan.

okay so when you say benefits are paid from the employers general assets, what do you mean exactly? That is what is confusing me on the 5500 directions. If the client has a standard plan where they pay part of the premium and the employee pays the other part or they client pays all, what is that?

Received an email from the DOL saying they hadn't received my large plan filers Health and Welfare 5500 and they may need to file one. I am totally in the dark on that type of filing. Can someone direct me or explain if we need to file? I read the 5500 directions but am somewhat confused on funded and unfunded health and welfare plans. I need serious direction, quickly as this letter was sent to an old email address that is no longer active and I just found it. Apparently the client didn't receive anything either. Thanks

I have been contracted by an employer to assist in the termination process for a large auto employer. This was a bundled plan, very poorly managed I might add. The institution was named the corporate trustee for some reason. Bear in mind the employer has been very hands off, which I guess is why they went with the financial institution being the trustee but now, several issues must be addressed and I am not quite sure who does what. Add to this, it is an Affiliated Service Group. The plan has decided to terminate. That said, who signs the termination paperwork? The financial institution told them they needed an attorney to terminate the plan I am assuming because they had no clue how to handle. Not sure why they were told that when they prepared all the documents, participation agreements for the employers and restatements so really just not clear on why they wouldn't prepare the termination paperwork. At any rate, back to my question, who signs the termination paperwork and all the distribution forms? Next question, it appears that one of the members of the Affiliated Service Group left the Group during this plan year. I don't have any paperwork for that as it appears to be a Partial Termination. Also, the sponsor didn't match any of the participants salary deferrals because there is a 1000 hour requirement and that group left before that could be reached. I just seem to have an array of issues and need a bit of direction. So questions as follows: Who signs the termination paperwork for each Employer of the Group? I assume each Employer in the Group needs termination paperwork, correct? The Group that left, what to do about that? Left with no termination paperwork and didn't receive contributions? Anything else I should be addressing that isn't coming to mind while I am typing this for documentation purposes?

Anyone ever work with them? Pros Cons?? I have a plan that is being courted by an advisor that wants to use Alerus Open Architecture. This is a small plan, 25 participants 1 mil in assets, 401(k) participant directed. I'm proposing one of the Insurance Companies. Feel free to email me privately if you would rather. I have no background with them and am very hesitant. Also, seems they look fully bundled and I"m a TPA so not sure if the advisor is trying to oust me.

Hoping for a little clarification on the above. Client has self directed broker accounts. I'm trying to get some direction in laymans terms to explain what is required for fee disclosure on the investment side because nothing was provided. There are no designated funds. Everyone can do as they please. I have never agreed with this approach for a 401(k) plan and am looking for amunition to convince the movement of these of these assets to one of the mutual fund/insurance companies. I understand that a FAB was issued offering some relief to what was required by plan sponsors to provide to participants for these I believe I'm just confused by it. Therefore, what exactly are these brokerage institutions/plan sponsers ultimately responsible for providing? And any additional knowledge to help me explain the vulnerability of this Trustee would be helpful. I might add that they can also invest in whatever brokerage house they like.

The advisor wants to set up a closed MEP for this organization to avoid the audit requirements? How is that possible? I'm very confused.

Have a possiblility of obtaining a large client and creating a multiple employer plan. I have not worked on these before but have 22 years experience as a TPA. Hoping someone will email me or respond here with maybe an overview of why a multiple employer although it appears so that the audit requirments can be waived except for the plan sponsor and not the co-sponsors. Also, the advisor want to become the fiduciary who is bringing me in and I have read where TPA firms as well become one of the fiduciaries??? Little confused on that. What I really need as well and I"m sure you will want to email this is how you go about charging for one of these. These employers seem to want a closed MEPP plan. Thank You

Most prototypes will already contain the good-faith language require by PPA, but we still are in the RAP; so there is technically not missed "restatement" deadline for PPA. You're really looking at only two documents plus add-ons. The add-ons will, typically, be sponsor level amendments with default provisions referencing the effective date of the change (i.e. effective for 2009 there are no RMDs). There appears to be much uncertainty, but really isn't. You'll look back with surprise on how easy the process was. Good Luck! do you promise?? Okay. The VCP Streamline does look pretty straightforward. Now the 403(b) that they told me was Non -Erisa, they have filed tax forms for so, I'm guessing it's ERISA and has to go through the same process.