K2retire

We heard on a DOL web cast that they plan to add 4 staff members to handle the extra phone calls to help people with this. Anyone else think that will be inadequate?

Of course, many accountants will tell clients that they don't need to keep anything longer than 6 or 7 years....

Well that makes me feel better about having to go to the next continent, after leaving Kansas, to be cancelled. Although, ironically the same credit card company never questioned charges from Europe the year before the South America trip.

When my PC wouldn't run due to the spyware that Spybot missed, I subscribed to Webroot's Spy Sweeper. For about $30 a year it has kept us problem free for the past several years and automatically downloads updates everytime we turn on the computer.

The part about the separate card that she doesn't pay! I already pay all the bills.

That personal contact is truly the better service.

Could you teach that concept to my husband?

Bravo! What a great way to start a weekend.

We revised our distribution forms to include that question. Sadly it was done a year late when we realized we had no idea how to code the 1009s for that first year that this was possible.

I no longer recall the issuing bank, but I had a nearly opposite situation about 15 years ago. I purchased 4 airline tickets for a trip to South America (including Rio) using the card. When I used the card at an ATM there, the fraud folks called my house to verify it. Of course, since I was in South America, they didn't reach me. So they shut down the card. Apparently the purchase of the tickets and lack of answer on my home phone for two weeks did not register to them as me actually being the person using the card there.... I cancelled the card when I got home.

Generally we (as the folks holding the $) require a trustee to direct the distribution and whether or not there is withholdings. If you are asking for the HCE to sign, what do you do if they refuse?

Deferrals don't count towards 404.

More than you want to know or think about!

On the contrary, please continue!

One of my co-workers got a call from BOA last week inquiring about unusual credit card activity. They live in the Kansas City area and the activity was in Illinois. Makes one wonder if it's a BOA system problem, at least in the Midwest. I do most of my banking there, but not online. So far no problems.

And it goes on a 2010 form to be issued next January, not now.

I believe in this situation your distribution is supposed to be in the form of a J&S annuity purchased for them.

I would be very surprised if the document doesn't address this. If it is a prototype or volume submitter document, you should be able to find check box options that address this -- even if they were not checked in your particular document. It will probably be in a separate paragraph soon after the definition of compensation that you quoted. If it is an individually drafted document, it becomes more tedious to find. If there truly is no language about that, then you probably have to use full year compensation.

Switch to a more responsivle record keeper?

If you read the example for # 2, you will notice that you amend the plan retroactively, but also have to file the amendment for a D letter. It's really annoying how they hid that detail.

In a balance forward plan, the only thing you have to go on is the most recent statement (be they annual, quarterly, whatever). Participants don't like it, but that's they way they work. If you make a distribution now, you will have to make another one after the final employer contribution is deposited. That is why many balance forward plans call for distribution after the end of the plan year of termination rather than immediately.

BTW, it may be a bit unusual now, but it's not really an odd issue. This is exactly why the controlled group/affiliated service groups exist. The government doesn't want business owners to do what they did.

Just be sure that your fees reflect the extra work this requires!

There was no right to defer under the plan until it was signed. The employer may have breached the terms of their contract with the union, but the plan cannot be retroactive to 2009 because it was not signed by the end of the year.

I've never seen it defined, but have always assumed that for this purpose a business day was a day on which it was possible to conduct a banking transaction.