Bill Presson

In 1990, I got prepared for my very first DOL investigation (audit). I had already been through several IRS audits for clients and had everything organized the exact way with the 2848 on top. When the DOL rep sat down, I handed him the 2848 and he asked what it was. I told him it was a POA and that was always the first thing I gave the IRS reps. He said, "We don't care about a POA. We're the Department of Labor and are conducting an investigation. We'll talk to whomever we want and if we don't get answers, we'll get a subpoena." I never worried about a POA for them again.

It's only problematic in that it will likely not be able to keep the policy in force for long.

We bill by the hour. A lot depends on the familiarity of the attorney drafting the DRO and whether they send it to us for review before getting it signed by a judge.

We've done this kind of thing before. And, inevitably, we start getting the requests "at the employee meeting just explain what a mutual fund is and what the types are, etc." We will not accept plans without an advisor anymore.

That's my interpretation.

There is nothing preventing you from having both plans in effect at the same time as long as you don't exceed the 415 limits.

I have no idea why you guys are even responding to this troll. A week ago he was 68.

I agree with you.

You can create a plan, but it would be a multiple employer plan instead of a single (controlled group) employer. I'm also ignoring any ASG issues as there's not enough info for that.

Like

Austin, we use Relius and contracted with them to get a Morningstar download that provides all that information.

They shouldn't be withheld because Division A doesn't have a plan during that period.

The loan policy says there is a $175 fee. Also, can you just have the participant write you a check and not deduct it from his account?

S Corp dividends are not earned income.

This is why you need to have a close relationship with an attorney, even possibly on retainer. There is no way you should make this decision without competent counsel.

We'll have to agree to disagree on the 7/1/12 date, but I'm willing to bet that most disclosures were distributed closer to 7/1 than 5/31. And I agree that I misspoke on "plan". I noted above that I meant to type contract.

Remember that 408(b)(2) isn't an annual mailing. Unless something changes for a client (and we know it will), no further disclosures are required. Now we might change our business model to do this annually, but I don't think the requirement is there.

That's why we prefer to answer things online. You can't see our confused looks!

I remember back in the "olden" days in the '80's when I actually typed the 5500's (and the IRS actually read them) we would put footnotes for various items. But in this cold, cruel world, I don't think they would matter anymore.

Assuming 10/15 is the extended deadline, the form has to be uploaded and accepted by efast2 by that date.

Don't get me wrong....not saying I like it at all. And the expanded Safe Harbor Notice is enough of a pain each year.

So if I join the plan on July 1, but choose not to defer at that time, I don't have the right to the information so I can make a choice to defer later? Like October 1?

Yes, it can be done. We've done it in a couple of cases, though it's rare. As you mentioned, both plans need to have language allowing it.

How much per hour is his time worth?

No. Just amend the document to allow prior service. Be sure the amendment uses language specifically for eligibility, vesting, etc. We have this done for plan all the time.