Dinosaur

I am confused (having one of those days). The joint and 100% survivor monthly benefit is the actuarial equivalent of the participants 415 max benefit ($200,000 annually). I want to just have the participant make the election now to start the monthly benefit (retroactive to sometime in 2009) to use up some of the excess assets. I am confused as to why you referenced the lump sum (I showed the lump sum equivalent to show the excess assets). We only want to the pay the actuarial equivalent of the 415 max monthly benefit retroactive. I can see some language of the ASD in Section 417 but not in 415 (yet). Any cite for the new rules.

Participant is beyond NRD (1/1/2004) and there are excess assets in the plan. It is possible to have the the participant make an election (with spousal consent) to pay retroactive monthly payments (back to some date) to use up the excess assets? For example, assume the monthly benefit is $16,666.67 (payable as a life annuity) and the corresponding lump sum is $2,078,000 (maximum). Assume the market value of the plan assets is $2,400,000. Assume he elects the joint and 100% survivor annuity of $14,000 per month, this would result in retroactive payments of 23 months to use up the excess assets (so retroactive to around 7/1/2009). He would continue to receive the joint and 100% survivor annuity benefit and would have the option to receive the benefit in a lump sum at plan termination (sometime at the end of this year, I think). PPA allows for in-service distributions so I'm wondering if it can be retroactive. His accrued benefit will not increase in the future (stuck at highest 3 consecutive years from way back).

A company established a profit sharing plan effective 1/1/2005 with a graded vesting schedule. The same company establishes a defined benefit plan effective 1/1/2010. Is it permissible for the defined benefit plan to exclude service before the effective date for purposes of vesting? Note that the profit sharing plan is still active (has not terminated).

I have a DB plan that needs to file a Form 5500 EZ and Schedule SB for a short 2010 plan year (plan terminated and assets rollover to only participant in August, 2010 due 3/31/2011 unless extended). Since the 2010 Form 5500-EZ is not available I can use the 2009 Form 5500EZ and use the 2010 dates. My question is with the Schedule SB. Should I use the 2010 Schedule SB since it is available? and use the 2009 Form 5500-EZ (with 2010 dates)? or use the 2009 Schedule SB (with 2010 dates) to be consistent?

This is interesting. In ftwilliam, I've got the DB plan codes in line 9a, and line 10h is blank, with no errors. Using Relius, I have codes 1A and 1G and it says that 10h cannot be blank.

Thanks. The question also has to be answered for DB plans (since it cannot be blank). Note that the Schedule I has the same question but it doesn't have to be answered.

Question 10h of Form 5500-SF says "If this is an individual account plan, was a blackout period? There is an error when e-filed (through Web Client) that says that 10h must be answered. This a filing error and must be amended. This error comes up in the latest Relius Govt Forms Form 5500 2011 update. This is not a yes or no question. If it's a pooled account for a DC plan or a DB plan then I believe it would be left blank. The instructions say "Code section 401(k) and other individual account pension plans must complete line 10h. Other filers should leave line 10h blank." What is everyone doing. Answer 10h "no" and amend the filing so it goes through?

Great, thanks for your help.

The cost of the annuity is really not an insurance premium (I don't think) but I don't see another line # to include it on. Thanks

I am preparing a final Form 5500SF for a client. There were distributions during the plan year and annuities were purchased by an insurance company for the retirees. Where does the value of the annuities purchased go on the Form 5500SF? Can I include it on line 8d? I will not be preparing a Form 1099R for these annuities since it was transferred to the insurance co. I thought about #8j but the assets didn't go to another plan. Same thing with #13c(1), the assets didn't go to another plan. Any thoughts?

Today would be the earliest start date, unless your document uses a retroactive annuity start date. Say the plan does not have a retroactive annuity start date and it was August, 2010, could he have started, say 9/1/2010 and received 4 monthly payments in 2010?

The owner in a 1 person DB plan reached age 70 1/2 in 2010. He has to start his MRD (payable as monthly annuity payments) no later than April 1, 2011. Since he can start in 2010 when would be the start date if he wanted to start on the earliest date. I wouldn't think he couldn't get 12 payments in 2010. We will probably start him either 1/1/2011 or 4/1/2011 but I'm wondering what the earliest start date would be in this case. Any thoughts?

A potential client has come to us to look into a DB plan for her in 2010. She is self employed (and only employee) but has funded a SEP in 2010. Plan not covered by PBGC. Assuming that the contribution is more than 6% of net earned income then it looks like she cannot set up a DB plan for 2010. Can the SEP and DB plan co-exist? If the DB plan is set up in 2011 does the SEP have to be terminated and paid out in 2010?

Does anyone know where I can find the unrounded compensation limit, DB dollar limit, etc. for 2010 and 2011? I know that someone posted a link a couple of years ago but I cannot find it.

We just updated Relius Gov't Forms from sp4 to the current one. We waiting until after 10/15 since things seem to be working. I noticed on the plan info sheet that the "Filing for Plan Year" comes up with an error if left blank. The help on this form say that it must be answered if filing for a plan year prior to 2009. Is everyone just putting 2009 if it's for the 2009 plan year?

By not printing do you mean not outputting to print spooler or do you mean pages print but you get gibberish? Can you print to a pdf? Actually is was just hanging. I actually remembered how it was fixed. Go to the printer settings. Right click on properties. click on the advanced tab and click on "spool print documents so print so program finishes faster" (rather than "Print directly to printer"). It prints fine now.

For Relius Gov't Forms was on Service pak 4 and just updated to the latest paks (I didn't do it earlier just in case it broke stuff before 10/15). The forms are not printing. Any ideas? I know this question was asked earlier this year (and answered) but could not find it.

I think we might not use it since our bosses name as preparer would be show up on the signature area and on the plan admin typed area.

So if you use IFILE, the preparers name shows up on the signature area as well on the right side (where the typed plan admin name is)?

Thanks for the info. I'll give it a shot

We have been using Relius Web Client but the attachments are still not working. We then did some through Relius Gov't Forms through Utilities/Electronic Filing and then those were timing out. Now I am trying to do the last few through IFILE. We have the plan admin signature on the Form 5500. I have created an xml file and uploaded the Form 5500SF and the signed copy of the Form 5500SF as an other attachment into the DOL website. What now? I cannot file any instructions once that box comes up. I would think it would be easy since we are signing for the client. Are there are instructions anywhere? Or am I just losing it? I don't see a help button. Please help.

Update: I created a file from EFAST from Relius Gov Forms and transmitted directly to the DOL since we had approval from the client and scanned in the signature pages.

Use Relius Gov't Forms and Web Client. Received an error while trying to upload the attachments in Relius (other attachment with the signed Form SF from client). Then I tried to do the attachments from Web Client and received the following error message. I put in an incident yesterday morning and have heard nothing since. The error was as follow: Error Occurred An unexpected error has occurred and has been logged. Please provide the following information to help diagnose this problem. The action you were performing The page you were visiting The error occurred in: http://www.sgc02.com:54888/5500Client/ErrorPage.aspx Error Message:Object reference not set to an instance of an object. I think I might have to file these clients without the attachment (with the client signature, we are signing as preparer) and amend and attach once fixed. Any ideas?

I assume you mean the plan year is from 12/31/2008 to 12/30/2009. In this case it is filed on paper since this is for the 2008 plan year.

Even if you put the correct date range you still have to put "2010" in the "filing for plan year" next to the business code on the plan info sheet