K2retire

Can't take it back, but could choose to allocate it to 2009 instead.

We would do as Rcline suggests plus remind them that they are signing the form as being accurate under penalty of perjury.

Probate records are public record and many jurisdictions have information available online. You probably won't need to have hire a lawyer to find out who the personal representative is, if a probate estate has been opened.

But the penalty for not filing by 10-15 is $10 a day back to 7-31.

On the other hand, if the $245,000 was a cash draw not shown on a W-2, her earned income for plan purposes may be the loss.

The attorneys who prepared the IRS filings where I used to work took the position that until the approval was received there was not a distributable event for most participants. I believe that their termination resolutions were drafted to reflect that position. Anyone who terminated employment was encouraged, but not required, to wait.

It is my understanding that an amendment like you describe would require that 2009 be subject to current year ADP/ACP testing.

Why are they worried about a prohibited transaction now, when they apparently thought it was OK at the time it was done?

Or maybe the timing of this rule was deliberate to raise more revenue from unwary taxpayers!

Do all states allow that now?

Even if you determine that it is allowed, unless it is a widely traded limited partnership, it is going to be difficult to value. It may also be difficult to liquidate, should that become necessary. Limited partnerships in retirement plans tend to cause problems.

Absolutely. We frequently hear from clients who mistakenly assumed that we would provide all the same services as their prior TPA for less than 20% of the cost. Although we provide a service agreement that clearly spells out what we will or will not do, it is rarely read by clients.

A state institutions's plan in a community property state is probably going to be very generous to you. The plan administrator should be able to provide additional information to your husband.

One TPA firm where I worked did everything mentioned in previous posts. Where I work now, we do only testing, 5500 preparation, answer questions from employers and participants, provide quarterly statements and document work. The client is responsible for calculating their own contributions, eligibility and vesting. The fees charged by each firm reflected the difference in services provided.

It probably doesn't mention the 3% nonelective because the participant gets that regardless of any deferral election.

Must health insurance always be offered through a 125 plan?

The issue may be that the vendor chooses not to work with dual eligibility provisions. In that case, you will have to decide if you choose to do business with them. My current employer wouldn't touch such a provision. We cater to very small plans, offer extremely limited options, and charge next to nothing in exchange.

Am I bad that I chuckled when it was shown that they forgot to file a 5500? You were not alone in that!

I assume you're talking about a corporate trustee, since individual trustees change regularly with no impact on the investments. Each service provider is likely to have their own rules for this.

Does the plan extend hardship eligibility to beneficiaries? That might be easier to accomplish than ensuring that she qualifies as a dependent.

There are several service providers (primarily connected to payroll companies) that require 60 days notice to terminate their agreement.

Of course that is correct. It's Friday afternoon, and apparently my brain has already started the weekend!

The Corbel prototype has a question that specifically requires the drafter to complete whether the safe harbor match will be made per payroll period, calendar month, Plan Year quarter or Plan Year. I would imagine that is a common provision with other documents as well.

If it is a safe harbor match you cannot remove it retroactively.

Health insurance is not my area of expertise. But I can tell you that my employer (based in Missouri, but with officees in mulltiple states) requires us to take their insurance even if we have other coverage.