imchipbrown

Anybody like a retroactive amendment? If it's a non-highly comp'd ee, I'd love to keep a 20%er in the ADP test.

Rehire the son?

My credit cards come with checks which can be used to make purchases. I suppose you would write a check to the company. The company would write it's own check to the plan/trustee. Money is fungible, so who says what dollars went where? My 2 cents.

I second that emotion. Happy Holidays to all.... Blinky, Mike, Belgarth, Earl and all else who spend too much time on these boards! Giving is a year long occupation. Thanks for the gifts of insight. Chip Brown

That would be APScreen. Their ad usually runs on Fridays.

I don't know what this means, but for what its worth.... Conference Agreement The Treasury and the Secretary of Labor will waive any penalty or excise tax in situations where a loan made prior to the effective date of the provision was exempt when initially made (treating any refinancing as a new loan) and the loan would have been exempt throughout the period of the loan if the provision had been in effect during the period of the loan.

I'd watch out that they were considered non-deductible contributions.

Though I prefer the paper-based services, no one really took responsibility for the weekly filing, and envelopes would stack up for months on end. We ended up with the RIA CD service. Its OK. Best service are these message boards.

Quick question. Was an annuity actually purchased? If so, why is the Plan involved?

You're the champ. I got the same answer a few minutes ago from another source (TAG Data). Specifically, anything portion short of the RMD amount is an ineligible rollover and should be distributed by the IRA Custodian, and a 1099 issued. End result seems to be a push.

So, if enough hasn't come out of the MPP, roll enough back out of the IRA and distribute? Also, 12/31/02 IRA balance = $0, so no required minimum from there? Thanks for the help.

Harwood, Believe it or not, just got off the phone with someone that asks a very interesting question. Client of mine had a MPP for most of 2003, is over 70 1/2 and has been withdrawing a monthly amount. He then rolls his (substantial) balance to an IRA. Since IRAs and pensions are separate, what to do? Can't believe this has never come up with me before.

Nope. No citations, but asked and answered many times on the board. You CAN add up the value of all your IRAs and take the money from only one, but PSP and IRAs are treated separately.

I've been 3 for 3 finding missing employees using the advertiser from the Benefitslink Newsletter, APScreen. Costs $10. No, I don't work for them. Also, these weren't long-lost people, just moved-no forwarding address.

Well, I suppose the value could change. Does anyone have the right under the Plan to "put" their stock back to the company? Maybe this gets the stock out of the Plan. No stock, no appraisal. Just my two cents.

Indeed. Our prototype lets you go either way.

M-4 Q. Which employees must accrue a minimum benefit in a top-heavy defined benefit plan? A. Each non-key employee who is a participant in a top-heavy defined benefit plan and who has at least one thousand hours of service (or equivalent service as determined under Department of Labor regulations, 29 CFR 2530.200b-3) for an accrual computation period must accrue a minimum benefit in a top-heavy defined benefit plan for that accrual computation period. If the accrual computation period does not coincide with the plan year, a minimum benefit must be provided, if required, for both accrual periods within the top-heavy plan year. For a top-heavy plan that does not base accruals on accrual computation periods, minimum benefits must be credited for all periods of service required to be credited for benefit accrual. (See §1.410(a)-7). A non-key employee may not fail to accrue a minimum benefit merely because the employee was not employed on a specified date. Similarly, a non-key employee may not fail to accrue a minimum benefit because either (1) an employee is excluded from participation (or accrues no benefit) merely because the employee's compensation is less than a stated amount, or (2) the employee is excluded from participation (or accrues no benefit) merely because of a failure to make mandatory employee contributions.

I know it's wrong, but when I'm asked to do state withholding, a calculate it and add it to the Fed withholding.

Sometimes we're so inundated with the forest of regs that we can't see the trees of common sense. I own my home (well the bank owns half of it). So I own it "outside of an IRA". My mother has two houses. They're owned outside an IRA. They're owned outside a 401(k) plan, defined benefit plan or SEP as well.; }

My client is a calendar year corporation and the sponsor a Profit Sharing/401(k) Plan. They will be depositing $100,000, by their 9/15/03 corp filing deadline, representing a discretionary match on the employees 2002 401(k) deferrals. Can they deduct, if they so choose the $100,000 on their 2003 corporate return (vs their 2002 corp return) , even though it relates to the 2002 plan year? Assume the $100,000 is below 25% of eligible comp for 2002 and 2003.

G Burns, I think the reference to cab fare went over your head. If you take a cab half way over the Golden Gate Bridge, you're jumping!

Got the same info from the Technical Answer Group (TAG) this morning. Documents still need to be signed by 9/30. The extension is for filing for a DL.

Is their anything wrong with using an interest rate outside the 7.5% to 8.5% range used for Safe Harbor Target Benefit Plans in an Age Weighted Profit-Sharing Plan? Employer likes Age Weighting, but wants a little bigger allocation for the employees. A lower interest rate would work.

Is it possible to find someone with an underfunded DB and merge them?

I'm deliberately not using the top 20% rule to include a non-owner over $90,000 as a HCE. The rest are family of the owner (wife, son, daughter), so HCEs by attribution. Interestingly, non-owner is not Key, so 3% TH is an issue. Owner will be deferring close to 50% of comp and match close to 100% of deferral.