Bill Presson

No

Because I like this answer, I'm going to assume it is 100% correct.

The deferral election had to be made by 12/31/2023 and the deposits for both sources made by the 2023 tax filing deadline plus extensions

True, but Terry Powers did specifically address this. From his slides: Participating Employer Plan Termination -No distributable event within the PEP -Establish new, single-employer plan -Transfer assets from the PEP to new plan -Terminate the new plan

😬 ETA - if I was the employer, I would want to know the exact reason for the bank’s issue. Because it might warrant additional investigation as to the appropriateness of continued employment.

Assume the termination date is 12/31 and you have a similar situation straddling that date. How would you handle it? Typically the check date controls when pay is considered earned and to what year it applies. Your plan could be different so you have to read it and the termination amendment. But if it was my client, nothing paid after 10/31 would count.

Roll Tide!

+1

Sigh.

Wrong on 5500 or 5558? Either way, I think you’re okay as long as the EIN and PN are correct.

You need to contact your employer/former employer.

https://www.asppa-net.org/news/2021/8/irs-plans-retroactively-adopted-after-end-plan-year-have-no-2020-form-5500-filing/

I would contact your employer’s HR team.

“Missed depositing” meaning it was withheld but not deposited? That’s not a missed deferral opportunity. That’s a fiduciary failure requiring corrected earnings. It would also seem by the amount you give, that the person has already deferred the maximum for 2024. How are they going to continue to defer?

When was the document signed? If before 12/29/22, it meets the exception.

12/31/23 filing deadline is the same as always. Hope you extended. Final 5500 deadline is 7 months after the end of the month in which all assets were distributed (plus extensions).

You can’t merge a 401k into a 403b. But I think that’s the least of the issues. seems like the guy is wanting to use a not for profit entity to pay the wages of the people that actually work for his for-profit business. I would have to imagine there are legal issues with that and I would avoid it. If you can insulate yourself by having his CPA and an ERISA atty drive the decisions, then you should be good.

I don’t know why you would do anything else. Also, was any of it severance pay that they only received because of the termination?

Don't file an amended return for 2022. Just attach the audit report for the 7/1/2022 - 12/31/2023 period to the 2023 filing.

Search for a specialized IRA trustee to hold them.

I got my QPA way back in 1991. I did go back and get my QKA (I think there was an extra exam needed for it at the time).

The actual definition will be in the basic plan document.

From the QPA credential guide: To obtain the QPA™ credential individuals must: Have earned the QKC credential Pass the QPA™ exam Agree to abide by the ARA Code of Professional Conduct Apply for the credential

It all depends on what the QDRO says.

Surrender the excess insurance.