Bill Presson

Pretty sure the adult children make the plan subject to Title I and that requires a bond.

Congratulations David! Enjoy!

Dangit, you're right on the in-service as of a date. Probably should have focused on the amount. I still think that's accurate.

While the definition is an issue, this is an example of why I never want the plan to specify the fail-safe correction. I would much prefer to have all options available and do an -11g amendment to correct.

It's not a cutback. Those benefits aren't protected benefits. I think you could go as high as $1,000 (which I always recommend) or could eliminate them altogether.

If you are doing a single filing because you have 1 plan with multiple benefits, that gets you to the missed schedule A. I can't imagine having a wrap plan document that still requires multiple 5500 filings.

I can't fathom the person authorizing or writing the corporate check actually thinking they're doing the right thing.

Yes, they have to make a top heavy contribution for 2020. Why would their 2019 status impact 2020? Seems like a bad decision to eliminate the safe harbor. Might want to consider the retro safe harbor if there are also testing issues.

Probably through ETFs, but likely not directly.

I find this incredibly difficult to believe.

No.

You may also have an action against your divorce attorney if they didn't find out about this. A pension is pretty hard to hide in a divorce.

Paul, haven't seen Larry on here in a while. Mike checks in pretty regularly. Also, I sent some info to JD earlier this week on this issue. I think y'all are good to go. WCP

Correct. I've not seen anything that hints at it having any different characteristics.

joel, what are you wanting from this group? And who are you arguing with? If you want to sue the Dept of Taxation and Finance and get them to tax Mary, knock yourself out.

I've never seen anything on a SEP that would allow excluding non-union employees.

You should talk to your recordkeeper first. They will likely have a document to use.

I've always liked this guide. https://www.tasconline.com/uploads/KB/Flexsystem/FX055 Top Paid Group_042318.pdf

SECURE act allows a 401(k) to choose to be a safe harbor plan until the end of the year following the year that you want. So 12/31/21 for 2020 year. Hopefully your document wouldn't override that.

You'll also need to grant service to any other employee that was employed with that other practice.

Grateful for Ms Ilene and Derrin to provide their analysis for us here.

Post enough on here and it's gonna happen. BTDT.

4% isn't the maximum. You can do 100% up to 6% and still satisfy the ADP/ACP requirements.

I think we need more details here. The entity is owned in a trust. What is the "earned income" that the person is receiving? w-2? I think that counts. If the LLC is taxed as an S corp, then the pass through on the k-1 aren't earned income for anyone at all. If its' taxed as a "partnership" (with a single owner making it a disregarded entity) then the trust is the receiver of the "compensation" but I'm not sure that counts as earned income for A.

A SIMPLE IRA is required to cover all members of a controlled group. A SEP generally is required to cover all members of a controlled group (there are exceptions) but it definitely has to be tested. My advice is that this isn't going to work. He's likely going to need a 401(k) for the controlled group.