Bill Presson

Congratulations, Dave!

I'll be very interested to see if anyone else has thoughts on this as well.

We don't use Relius for 5500's anymore, but I got this email earlier today: SunGard prides itself on providing the highest level of service and solutions that the retirement industry expects. During the recent October filing period, Relius Government Forms Web Client successfully electronically filed over 50,000 Form 5500's. For the majority of our users, Relius Government Forms provided reliable and timely filing services. There were a small subset of clients who were affected by latency issues which occurred sporadically over a three day period from October 13-15. Our executive management team, incident response team and network infrastructure teams have reviewed the information and timeline of events, and are in the process of taking action to ensure issues will be resolved as we move to our Relius Government Forms ASP release in January 2015. We understand October is an important time for your business and our highest priority is ensuring that our systems remain accessible to you and your customers, and that user requests and transmissions are completed in a timely fashion. We know that any filing issues can cause frustration, and recognize the important role our applications and services have in your business. Thanks your for your business and your patience. Sincerely, Misty Austin-Wessels Executive Vice President SunGard Relius

Really wish it was in the form of a badge.

It's a research product from Thomson Reuters used by a great number of CPA firms. https://tax.thomsonreuters.com/products/brands/checkpoint/checkpoint-tools/

I just got my renewal card a few days ago.

FWIW, I asked a couple of our auditors (We're a CPA firm that audits close to 200 plans) and they said there isn't any GAAP or specific information on this. The only thing they found was in the Checkpoint Tools for the audit program that said to be included as a receivable, the amount had to "be withheld from compensation during the plan year, but not remitted to the trust until after the end of the plan year." Not sure they will accept that, but that's all we could come up with.

I'm sorry, but this line made me chuckle. I don't think you had said that previously.

The new service provider that took over the plan in 2011? Or a new service provider that's getting the plan now in 2014? If the first one, why are they now saying it's an issue 3 years later? There is a new service provider now in 2014. This new provider is questioning the signature date. Okay. Based on what you've posted, I think they're wrong.

new service provider says the provided document was not signed timely. The new service provider that took over the plan in 2011? Or a new service provider that's getting the plan now in 2014? If the first one, why are they now saying it's an issue 3 years later?

To Laura's point above, make sure you're including mutual fund operating expenses in the calculation. So your firm might not be included, but other entities might.

Who applied for the death benefit?

If the policy was set up correctly, I don't think the policy will really give a clue. It would have the owner and beneficiary of the policy as the plan whether it was key man or purchased for an individual account. However, the OP says the participant's segregated account shows the premiums. Unless the rest of the accounts also showed premiums, then wouldn't that be your answer??

Yes, the employer has to contribute 50% of the missed deferrals and 100% of the match. See page 30 http://www.irs.gov/pub/irs-tege/401k_mistakes.pdf

We had it happen here in Alabama. It was a tax client of the CPA firm. The DOL reached out to us and had us go in and perform the audit to replace the prior CPA. The DOL then referred the prior CPA to the AICPA for sanctions. It was pretty brutal for him and the DOL didn't play around.

You can always ask them to pay the employer back, but you cannot require it.

The availability has to meet the BRF testing so it kind of depends on the definition of management employees. If they are all HCEs, you likely won't pass. If they are paid well, but below the HCE definition, you might be okay.

Since we only do volume submitter documents, we're not even having to worry about the 5307 anymore. Frankly, I didn't realize it was still around.

I think you may be using the term "broker dealer" to just mean "broker". For example John Doe would be a broker, but his firm Merrill Lynch (for example) would be the broker dealer. Some smaller brokerage firms may clear through large broker dealer firms (like LPL Securities) that exist just to provide the back office support that they need.

I think you're making a mistake trying to help them figure out a way around a DRO. What if she decides to get one later? Getting money from a retirement plan is why DROs exist.

The inservice allows access (typically) to more funds than the hardship anyway. The participant can access earnings on deferrals and employer money, so I'm not buying the withholding being a real issue.

Yes, this is often the case, but it shouldn't be. If we're taking over an existing plan, accepting new deferral deposits isn't controlled in any way by information coming the prior provider. We would get the complete census from the client and set up the records. Sometimes the client hasn't provided the election forms (assuming we're using paper) by the time we have to accept the first payroll; that's fine, everyone goes into the default. Obviously, when the wire for prior balances arrive, we can't do anything without the prior provider's breakdown. If a provider can't get this part right, I would seriously question their knowledge and capabilities.

A 5 week blackout? In today's world that's absolutely ridiculous. In any case, the new provider should have been set up to receive the deferral deposits even during the blackout. The client may have to pay penalties, but it's the new provider's fault. Stupid.

Would or Could complete the share release for 12/31/13? And back to the OP question regarding "immediately" purchasing shares: how far into 2013 could you purchase shares and allocate them as of 12/31/2012? What share price would you use in that scenario?

We should all do this so much more frequently.