Bill Presson

Generally you would look at the fund(s) the money was previously invested in.

This is all correct. But, to me anyway, this is the investment advisors job and not the TPA's. All the annuity options galore can be illustrated and explained and sold by the investment advisors. But, because the requirement will end up on the plan, it will slide to us to implement. Exhausting.

Employer should find a way to help this employee outside the plan.

He should have a deferral election form completed

FIS provides updates to the DC termination package all the time. It's available on their website. Use that and you should be good. If you're not sure, you can ask them and they'll help.

Well, that may complicate things. I believe it was an error to not match the amortization to the pay date as that's when the money is actually available. I think Bird is right here.

Typically the compensation is considered earned in the year in which it's paid unless the sponsor is doing true compensation accrual and that almost never happens. So the loan payment was missed in January. The maximum cure period is the last day of the quarter following the quarter in which the payment was missed. So it would be 6/30. I can't imagine how it would ever be 9/30.

Why wouldn't you get that from the orthodontist?

What do you mean by "send in"?

How does he get paid from the PC? Also if he has a PC AND a sole proprietorship, they both likely have to adopt the plan.

The doctor considered himself an independent contractor to his own PC?

No. Can't defer on money already earned and their comp was considered earned on 12/31.

Talk to Penchecks Trust and see if they can offer any help.

Ms Ilene addressed this earlier this year.

There is no way to add a 401(k) for 2020. One cannot defer from compensation already earned. Only DB/CB and PS plans can be created retroactively under the SECURE Act.

If I had to bet, I bet this question arises from a business that might often get asked about E&O or bonding amounts from other businesses. It's not uncommon in those scenarios to hold limits much higher than might be revealed to someone that might eventually be looking to recover in an adversarial relationship.

I feel mine are justified. It's only pretentious if someone with more than me lists them. 😁

Doesn't look great, but might want to get details first. Maybe the financial institution did something wrong and it needed to be corrected? But agree, they have to understand that there are potential issues here.

You're a very optimistic man, John.

Odds are pretty good that it was done wrong. But it's not your problem anymore.

You're going to need to be more specific. Who's contributing for whom? Etc.

Correct.

Correct. You're golden as long as the client hasn't received a late notice from the DOL.

And, such a silly answer it is. So easy to just provide a blanket extension.

Just change with the next filing. Document the change in your notes and with the client (like in a cover letter) along with the reasons why. I like these guy's summary of the reasons: https://www.retirementplanners.com/post/the-right-way-to-file-the-form-5500 I've seen this change done (and vice versa) once for plans and never heard of any issues. I don't think you will either.