Bill Presson

Jim Holland says the page numbers will show up when it's published in the IRB but will not start at one. WCP

This is correct. The owner and beneficiary of the policy is supposed to be the plan. The plan then pays out the benefit.

I'm sure the employer replaced it within a "short" time. But I've known of a client that had this issue and the advisor did something relatively similar. Because the BD wasn't going to risk having to "float" a loan for the money if it bounced. So deposit and wait for it to clear and then buy the investments.

Agree that if it's in the plan it's not a late deposit issue. But it is then a fiduciary issue. Not sure that's necessarily on the broker/advisor. Sounds like they've gotten bad checks from the employer before and this is their answer. I think that's defensible. But that makes it an employer/owner fiduciary issue.

So QSLOB is out just because of size. Now you would have to test each BRF and see if they pass. It can work, but will need to decide if the trouble is worth it.

Need more information. It will depend on the eligibility of each, the HCE/NHCE makeup of each, etc. There's nothing that says they can't have separate plans, just that they need to be tested together. And if they're large enough, they might even qualify for QSLOB treatment.

Understood.

I thought he disagreed with something. He's just leaning on you for free research and tax advice.

What is the CPA's position on this?

I agree with this. And I'm not kidding.

Are you looking for someone to handle the actual TPA administration (compliance testing, contribution calculations, annual reporting, etc) or someone to strike a daily price for a unique portfolio (similar to a collective trust account)?

Adopt a plan for 2020? Absolutely. His caveat was related to the benefit accrual formula part of the discussion.

Why do they have deferred vested benefits if they're still employed?

I don't really care too much either way, but using the same password for more than one account any more is very silly. Use software like Lastpass and have a single, very complex password for everything. And use two factor authentication when available. Then the user id won't matter much.

This is actually some progress, but I would take the additional step of having your new atty contact Northrup and Fidelity with a formal request. That usually helps move things along.

If the account contains money of several employees, it's not an IRA.

Maybe take a pass on this client and save the headaches?

While true, how many business M & A transactions have you seen where the attorney's didn't even consider the impact of the retirement plan?

Thanks EBE & David. That does make a difference to me.

But let's still assume that they are legally unrelated for tax/retirement plan purposes. If I'm a board member on Org B and not on Org A, I would be very concerned.

If it isn't a contribution, what could it possibly be?

Correct, as long as the client hasn't received a letter from the DOL.

No.

If organization B isn't controlled by the same board as organization A, why would the board of org B agree to do this? And aren't they violating their duty to org B?

The delay wasn't caused by the TPA. The delay was caused by the client not paying their bills. File DFVCP.