401king

I wouldn't get too hung up on the reports, but we do make sure that the Form 5500 correctly matches the company's deductible contribution amount (i.e. does not include forfeiture allocations).

Nothing new but here are a few of the slides I have in my master template: Social security stats - avg payment Estimated budgets based on nationwide averages, contrasted to avg ss payment, creating a deficit. solving to meet that deficit by saving in the 401k Pre-Tax vs. Roth "Take control of your retirement" i.e. don't count on pension, SS Tax deferred growth vs taxable growth Saving in a taxable savings account vs 401k & net effect on paycheck (401k = higher paycheck for same savings amount) How your investment decisions are crushing your retirement account (for advisors) Debt payoff strategies Explaining 'jargon' stats (i.e. you need 80% of your income per year in retirement; you will withdraw 4% per year; you need 10-20x your annual income as a retirement balance) Usually spend 15 minutes explaining my company, what we do, what the 401(k) Plan rules are. Then throw in 15-20 minutes worth of these slides. Then 10 minutes on how to enroll. What's everyone's average time spent during an enrollment presentation? Feels like I lose them too quickly to drive home any poignant information.

At any time if they complete 3 consecutive months with 83 hours in each month then they become eligible. If they do not do that in the first anniversary period (within 12 months of their date of hire), then you check if they worked 1000 hours during the anniversary period. If not, then revert to the Plan Year for the Year of Service eligibility, but they can still meet eligibility at any time by completing 3 consecutive months with 83 hours in each month.

If RIAs could display performance based on current allocations' historical returns then everyone would show the same returns (which would consist of the best performers over the last 1, 3, 5, 10 years).

What exactly is the damage? Damage resulting from neglected maintenance is not eligible, but that's not to say you have to have gone through a natural disaster to qualify.

Upon realizing that the DOL VFCP will require you to use a print of their webpage we got rid of that project.

Are you sure that the 3-month requirement must be the first three months? The Year of Service wouldn't accrue until their anniversary date - 5/7/2018; entering 6/1/2018.

The employee deferrals should have already reduced the compensation that you're starting with for the employer (i.e. payroll expenses, and all other expenses).

You're still working for the university, correct? If so, then Fidelity is probably correct. You can always double-check with your HR if they happen to be familiar the the plan's rules. Many companies, such as your employer, restrict participants from accessing their funds until they are retired/severed from service...and there's no way around it (except pandering to those who have the ability to change your Plan's rules). Good luck!

Have you given an equivalent, pro-rata contribution to the employees? If not, then as I understand it would be viewed as discriminatory by funding an owner before the employees.

Yes it's possible. Ask the 401k administrator for details.

Have you provided them the Plan Document showing that the Plan accepts Catch-Up contributions? An administrative error (forgetting to check a box) should not override the Plan Document.

Safe Harbor cannot recognize deferrals in excess of 6% of salary; the first formula would not pass ADP. You would have to run ACP test on your 2nd formula, too.

Use this as an excuse to keep Paychex for only one purpose: Paychecks. This may not be the last of your unexpected HR expenses brought on by them.

Something just seems "off." So they returned excess contributions for 2015 testing. Then, in 2016, you only made contributions of 1% of combined earnings for the Keys. Was your 2015 refund less than your 1% contributions?

If you were Top Heavy in 2015 then why were you not aware that you were Top Heavy for 2016?

So, were you also Top Heavy in 2015?

Hire a benefits specialist (or a TPA for a lot less money).

I would have a hard time not calling that an Employee Elective Deferral. It's an election the employee makes, reducing his overall income. Just as a "Traditional" deferral would. ...Maybe that part just shouldn't be in writing.

It's the same as the Match. Earnings in excess of $265k are, essentially, disregarded from the 401k.

If he separated from service what could make him eligible? After September he simply became a shareholder/owner.

I don't have your answer - But why is it that your provider cannot correct this for you if it is, in fact, their mistake?

If your firm is just now taking over the Plan, then could you not allow all terminated participants the option to repay their loan after termination? And then just follow the statutory loan default terms.

We found that out about 3 months after a plan transferred from them, and the participants' loan payments were coming to "us" (the new provider). The participants received letters that their loans were about to be in default and we were dumbfounded. It ended up with each participant having to setup, effectively, a BillPay to send a check for the loan payment consistent with the loan schedule. We repaid the participants the loan payments that had come to us.

Nonqualified, or after-tax?