stephen

I am checking in to see if anything changed on this front since last year? I am not aware of any changes but am checking in anyway.

For a second I thought you were referring to this GOLDBERG! Goldberg's Epic Entrance

Some of our clients received postcard notices... the postcard notice refers you to this website: https://bnymadrerisasettlement.com/: If you click on [More Information] button above "File Your Claim" it leads you to this page: https://bnymadrerisasettlement.com/file-your-claim/ Then Clicking on the [I received a post card] button: https://bnymadrerisasettlement.com/potential-class-entities/ leads you here: Potential Class Entities If Your Entity received Postcard Notice of this Settlement, not a Validation Letter, Your Entity is a Potential Class Entity. If you believe Your Entity held BNYM ADRs that may be covered by this Settlement and wishes to be eligible to receive a payment from the proceeds of the Settlement, Your Entity must complete and submit a Claim Form with adequate supporting documentation no later than April 29, 2019. SUBMIT CLAIM FORM Your Entity may call 1-855-773-0250 or send an e-mail to info@BNYMADRERISASettlement.com to request assistance in completing the online Claim Form. Please retain all of Your Entity’s records of its holdings in BNYM ADRs, as they may be needed to document Your Entity’s claim. If Your Entity is a Potential Class Entity and does not submit a valid Claim Form and adequate supporting documentation, it will not be eligible to share in the Net Settlement Fund.

If you still have not received the second payment I would start with a friendly reminder to your former employer. Then, remind your former employer in writing, then remind in writing return receipt requested, then if still no response consider asking the attorney to get involved again. In any or all of these reminders you can remind your former employer that if needed you will get the attorney involved again.

Hallelujah! I'll throw in an entire Hallelujah Chorus!!!!!

https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/faqs/faq-efast2.pdf Q25: Will the EFAST2 system still receive my filing if I do not attach the IQPA report with my Form 5500 annual return/report when it is required? The EFAST2 system will receive your filing, but submitting the annual return/report without the required IQPA report is an incomplete filing, and the incomplete filing may be subject to further review, correspondence, rejection, and assessment of civil penalties. Also, if you do not submit the required IQPA report, you must still correctly answer the IQPA questions on Schedule H, line 3. This means you must leave lines 3a and 3b blank because the IQPA report is not attached and must also leave line 3d blank because the reason the IQPA reports is not attached (i.e., was not completed on time) is not a reason listed in any of the available check boxes. You should still complete line 3c if you can identify the plan’s IQPA. Please note that failing to include the required IQPA report and leaving parts of line 3 blank will result in the system status indicating that there is an error with your filing because, as noted above, submitting your annual return/report without a required IQPA report is an incomplete filing, and may be subject to further review, correspondence, rejection, and assessment of civil penalties. Thus, if you find it necessary to file a Form 5500 without the required IQPA report, you must correct that error as soon as possible. ADDITIONALLY: The DOL may send a notice when a return is rejected as incomplete under ERISA 104(a)(4). 104(a)(5) provides for the 45 day correction period. The article (see ASPPA Article below) says the letters the DOL sent in 2015 about missing audits were not Notices of Rejection, so they did not start the 45 day clock ticking. From 2560.502c-2(b) (3) For purposes of this paragraph, the date on which the administrator failed or refused to file the annual report shall be the date on which the annual report was due (determined without regard to any extension for filing). An annual report which is rejected under section 104(a)(4) for a failure to provide material information shall be treated as a failure to file an annual report when a revised report satisfactory to the Department is not filed within 45 days of the date of the Department's notice of rejection. A penalty shall not be assessed under section 502(c)(2) for any day earlier than the day after the date of an administrator's failure or refusal to file the annual report if a revised filing satisfactory to the Department is not submitted within 45 days of the date of the notice of rejection by the Department. SEE ALSO this recent message board post on BenefitsLink: https://benefitslink.com/boards/index.php?/topic/62117-large-plan-audit-not-done-by-extension-deadline/ And this 2015 ASPPA Article: https://www.asppa.org/News/Article/ArticleID/5554 DOL Initiative on Missing Plan Audit Reports By Janice Wegesin • November 05, 2015 • 0 Comments On Monday, Nov.2, 2015, the Employee Benefit Security Administration (EBSA) sent about 1,200 letters by email to filers of 2014 Form 5500 that did not properly include the report of an independent accountant. The emails do not constitute enforcement correspondence — that is, the letters are not Notices of Rejection of the Form 5500 filing and do not start the running of the statutory 45-day correction period. Emails of this type generally are sent to the individual whose credentials were used to file the Form 5500 series as or on behalf of the plan administrator the Form 5500 using the EFAST2 guidelines. If the practitioner/filer rules were employed, generally the practitioner will be the recipient of the email. However, the correspondence should be a warning that the DOL has the situation on its radar and put pressure on the plan sponsor/administrator and the benefit plan auditor to quickly wrap up the audit and file an amended 2014 Form 5500 report including the report of the independent accountant. If the 2014 filing is not perfected in the next few weeks, such filers should expect EBSA to issue formal Notice of Rejection letters, which will be sent via express delivery service (e.g., USPS or UPS). These letters generally will be directed to the plan administrator named on the filing and will indicate that the 45-day statutory correction period has begun. Janice M. Wegesin, CPC, QPA, is President of JMW Consulting, Inc.

In my opinion this is an example of when the non Safe Harbor Hardship Distributions provisions muck the situation up for the Plan Administrator.

interesting subject indeed.

CONgress

Thanks

Thanks!

This issue came up in our office today and searching led me here. I wonder if the IRS knows about all of these fees leaving retirement plans that they are not collecting income tax on...

How can there be a distribution fee charged to the participant if there is in fact, no distribution to the participant?

Two items to keep in mind: 1) None of these changes can be made to the plan until the next plan year since this is a safe harbor plan. 2) Because of ADEA and OWBPA I'd be careful excluding folks based on age. It may not be an issue but I would not overlook this. "The Age Discrimination in Employment Act (ADEA) requires employers to offer equal benefits to older workers and younger workers -- but that doesn't always mean the benefits offered must be exactly the same. The Older Workers Benefit Protection Act (OWBPA) amended the federal Age Discrimination in Employment Act (ADEA) to provide guidance on the ADEA requirement that the benefits employers offer to older workers must be equal to the benefits offered to younger workers." https://www.employmentlawfirms.com/resources/employment/age-discrimination-benefits.htm

From the Cornell HR Review The Right to Religious Accommodations in Pension Plans JULY 21, 2012 by BEVERLY MORAN Above is one attorney's take on the matter.

AMEN!!!!

THANKS!!!!!!

I did search the Message Board before I posted my questions. I did not find anything current so I posed the questions. I am happy to expand my questions to make it clearer what I am asking. I also added some of what I found elsewhere on this site. I still do not see that my second question has been answered on this site. I have provided a reworded version below. 1) In a 403(b) church plan is the Clergy Housing allowance included for contributions? I did find this from BeckyMiller Posted 12/15/2017: 5 See Rev. Rul. 73-258 which supports what is described above. Housing allowance may be included as compensation for plan allocations. But the plan would have to specifically state that and comply with Section 415. I also found the link Lois Baker provided helpful: https://www.plansponsor.com/blines-ask-experts-can-plan-compensation-definition-include-housing-allowance/ 2) Is the Clergy Housing allowance included in compensation for purposes of determining if they are an HCE? (in our plan if the housing allowance is included for HCE determination the clergyperson will be an HCE).

Is the Clergy Housing allowance included for contributions? Is the Clergy Housing allowance included for HCE determination?

I learned something too. THANKS!

FWIW: It's aggressive but allowed. Based on the information provided 25% of the affected participants are HCEs so it doesn't seem to discriminate in favor of HCEs. That said, I agree a month isn't long for NHCEs to defer but they can benefit. I'll check in to see what others have to say on the matter.

Some things to consider: 1) The selling shareholders may not receive an allocation of shares if they elect 1042 treatment. 2) I grabbed this from: http://www.esopservices.com/articles-press/articles/the-esop-1042-tax-free-rollover-its-back-savings-may-exceed-30-2/ The ESOP must: a. Own at least 30% of the company’s stock immediately following the ESOP’s purchase The Seller Must: b. Hold the stock for at least 3 years following the purchase, otherwise the company incurs an excise tax of 10% on the proceeds from the disposition of the ESOP stock (exceptions for some tax free reorganizations) My Comments: 3) It seems like this is a way to avoid taxes without providing a benefit to the ESOP participants. Here's hoping the DoL and IRS don't discover the ruse (if that's what this is). If it looks like a duck, walks like a duck, quacks like a duck....

Great places to start Tom!

I agree with the comments above. A loan policy is needed. It's best if the amortization schedule follows payroll. Avoiding exceeding the five year maximum loan is also advised.

I'm not sure how this would work since the 2017 IRA contribution limit is $5,500 ($1,000 catch-up if 50 or older).