thepensionmaven

Send me an email message, and I will be glad to email you back both safe harbor notices. My email is sptpensions@aol.com.

The only exception to a 5500 filing is in the case of of plan covering an owner, and owner and spouse, or plan covering only owners and spouses if less than 100K in assets. Any other scenario requires 5500s. As a practical matter, on a defined benefit plan, I always do the 5500EZ because the Schedule B is required. Instructions to the Schedule B do not say anything about a plan for an owner, owner and spouse, etc. as being exempt from filing a Schedule B.

I'm a TPA who works exclusively with Qualified Plans. Occasionally, we do POP plans for our clients and the 5500s. One of my clients asked me about premium only plans, flexible spending accounts and medical spending accounts, as of they were one thing. I don't know anything about MSAs or FSAs and must get educated rather quickly or someone else will get the business. Where can I go for help. I tried to view those FSA IRS audit guidelines, but quite obviously, they want you to buy their service to get the full view. Any assistance is helpful. Steve

To the best of my knowledge, TPAs are not licensed per say, most, such as myself, have credentials or intials after their names. I wouldn't call the credentials "licenses", however. We are not licensed in the sense that an attorney is licensed. We have credentials and carry liability insurance, and hopefully, like attorneys, have years of experience behind us.

I am in the frequent position of accompanying many life insurance agents on their pension sales calls. I try to limit this because I'm afaid I won't be adequately compensated for my time. I can see it two ways: 1. If we sell the case, I get the administration. Many times, I leave a bill for the administration or the plan document and they pay immediately. 2. Lawyers and other professionals charge for their time. We are professionals (although lawyers like to think of theselves as THE ONLY professionals on the planet. If I am charging $500 on a case, and it takes me 2 hours each way travel time plus an hour meeting with the client, I have not made any money. And, if the agent blows the sale, we have all wasted our time. Steve What is the usual practice, if there is one?

I have a group of doctors that want to go with a safe harbor plan for 1999 and were told they could make the plan effective 10/1/99 and could defer the full 10K as long as they gave the NHCEs the 3% nonelective. Under what circumstasnces can this or can't this be done. There is no PS component to the plan. If we added one and the client din't make a PS contribution could they go ahead with the above scenario. Obviously, we're fishing here.