Chippy

thank you. It is a ASG, and that's what I thought.

A management service organization with multiple entities under them adopt a safe harbor 401 k. Are all adopting employers of the plan required to make the 3% SHNEC every year, or do the individual employers have a choice?

thank you. Would I report that on the 5330 along with the late deposits? same section? There was no match, and the 3% safe harbor deposited by payroll was done correctly.

For the 11/27/2020 payroll the payroll company did not withhold deferrals from a bonus. Can this be corrected? The employer is asking how to correct it and I'm not sure there is a way. It wasn't caught at the time, the employer just realized it last week.

This was a volume submitter, so would that apply to the top heavy minimum too?

What is the due date for the deposit of a profit sharing contribution in a non-profit? They are exempt from filing a form 990 or 1120.

If a participant waives the right to participate in the Plan, do they also waive the right to receive the top heavy minimum as well? Thank you

notices are sent to company emails. Does it make a difference that this is the wife of a senior partner?

that i'm not sure of, but the plan has always been clean and no problems. The administrator seems to be on top of things and have never had any issues.

Yes, they are still proving the annual safe harbor notice and they email that to all the employees too

Company sends out an email to all employees before the entry dates to notify them that it is time to enroll or change their elections. Eligibility is one year (1,000 hours) and then enter on 1/1 or 7/1 following. A key employee's wife who is part time, was eligible for the plan as of 7/1/2020. She did not enroll in the plan, and administrator missed her in the 2020 safe harbor calculation because of her part time status and didn't realize she worked more than 1,000 hours in 2019, she worked 936 hours in 2020. Her date of hire was 1/7/2019 and she worked 1, 039 hours in 2019. Is the email that was sent enough proof that she was notified? or is a corrective contribution needed. They don't individually notify anyone and never have had an issue.

They wanted to add distributions for terminated participants due to retirement is 30 days, but just seems to complicated to add under other with their current 1 year break in service rule. There are only like 10 particpiants in the plan, so I don't see it happening very often.

I'm going to recommend the end of the plan year in which they terminate option. They allow for inservice at age 59 1/2. If someone is retiring, they could request an inservice withdrawal prior to their retirement.

These are my options........ Id like to add it under other but wasn't sure if allowed. Time & Form of Payment 3. Time of Payment (Other than Death) Distributions after Termination of Employment for reasons other than death shall commence (Section 7.02): a. [ ] Immediate. As soon as administratively feasible with a final payment made consisting of any allocations occurring after such Termination of Employment. b. [ ] End of Plan Year. As soon as administratively feasible after all contributions have been allocated relating to the Plan Year in which the Participant's Account balance becomes distributable. c. [ ] Normal Retirement Date. d. [ X ] Other: After the participant has incurred a one (1) Year Break in Service NOTE: Any entry in "Other" must comply with Code section 401(a)(9), Section 7.02(e) and other requirements of Article 7.

This plan is a non-standardized profit sharing plan. I'm working on the restatement and the client would like termination distributions after a 1 year break in service, unless they terminate due to retirement, then they would like after 30 days. Would this be allowable? I'd have to add it under "other" in the adoption agreement.