Bill Presson

When you say "other partner only receives a K1 from the partnership" you need to keep clear exactly who that partner is. You've indicated it's an S Corp and not a person. So it's irrelevant.

As Lou mentioned, it's facts and circumstances if you miss the 12/1 date. But if you can document that a meeting was held, that helps. If you just started the plan, I think that would help. If you had been doing a match, but it's now a SH match, I think that would help. And the further into January that the first paycheck is cut helps as well.

Correct, no double attribution. And the father doesn't get attributed the grandfather's ownership because the father is over 21 and owns less than 50%. However, the grandfather DOES get attributed the father's stock because he owns more than 50%.

The retirement plan software that I've been exposed to over my career (ASC, Relius, Datair, FTW), do a decent job of creating an amortization schedule and setting up a loan. But they are not designed like bank loan software. So changes are incredibly clunky at best. It's also very difficult to get the TPA admin software and a recordkeeper's software to agree to $ with a single loan that never changes. So, any refinance is very manual, fraught with probable errors and guaranteed to be a revenue loser to the TPA.

The answer, we know, is that it has to be an ASG. It's a classic, textbook ASG.

Not that I know of, but yuck.

Correct.

Is the top heavy vesting schedule really 100% and the regular vesting schedule isn't that would be unusual. In any case, if it IS true, then when the plan becomes top heavy, all of the profit sharing contributions are then 100% vested. You don't have a vesting schedule for part of the profit sharing contribution and another one for another part.

How can business transaction attorneys do this on a regular basis?

You need to look at the SEP document. Most (but not all) don't allow the SEP and a 401(k) to exist at the same time.

Since he can request it from either plan, I'm assuming the full $26,000 wasn't matched. He should request the refund from the first employer down to whatever they would match or the amount needed to satisfy 402(g), etc.

No. The plan has to allow for deferrals for 3 months.

Don't have a chance to look this up, but I think the 5500 deadline is 7 months from the end of the month in which the assets are distributed.

I would think death would imply automatic resignation and no notice is required. Just documentation.

Can he not sell them to the owner of the RV park for $1?

As I mentioned, our notice has a "you're done 31 days after the notice" regardless of whether they sign. A provision like that should be in the trust agreement.

Read The F*^(&$# Document.

We consulted with the legal counsel on our document provider about this. They said the plan still needs to provide notice to A & B, otherwise how would they know they are no longer Trustees? It's a formality and we use a notice that asks them to sign an acknowledgment, but also says it's effective 31 days after the notice regardless.

If you can treat it as a required C3 restatement, there's no question. If it's just because the ER wants to do so, it's less clear. But if the ER makes the case that it's in the participants best interest, I would think so.

May not be required, but kind of a crappy move to not do it.

What Mike is driving at is that it depends. If the 10-15 employees at the main office are all NHCEs, then excluding everyone else isn't an issue. So, we can't assume things without the info and you shouldn't either.

Yikes. I've had plans that had to go back for audits, but we're always able (eventually) to get an opinion even with lots of caveats and disclaimers. Perhaps talking to a different audit firm would help? Perhaps one that exclusively does ERISA plan audits?

First, hire an ERISA attorney. Then decide the rest.

That's a good answer.

Just sent you a message before seeing this. I don't work in this area, so I don't have an answer.