k man

i know there are quite a few threads but we have some confusion in my office. in the case of a family plan. 4 employees, two parents and two adult kids. the kids have no ownership interest. would there be attribution of the parents stock to them or not? they clearly do not meet the 10% substantial owner test without attribution. is this a pbgc plan? my answer is yes but some around me do not agree.

i posted in another post but this one looks recent on the subject. i need to know what the tax consequences for the one PR employee in the US plan are. what are the contribution limits>? i know it is subjec to us tax but how is that determined and reported?

i have three questions concerning PR citizens - 1) what is their current contribution limit for 2013? 2) what is the tax consequences of distribution? pretty sure they have us withholding on these 3) are earnings taxable? pretty sure they wouldn't be taxable until distributed (see item 2) any other considerations for PR employees i should no about?

its a long story but the plan sponsor decided they didn;t want the plan in the first year and their lawyer determined that they can terminate the plan after making contributions to the nonhighly compensated employees. he also says to treat the plan as a nonqualified plan. i am not sure what is legal basis for this is but i don't really care. what i want to know is what we do regarding the form 5500 sf. i think we have to file a normal 5500 sf but does anyone know if any of the codes are different or if there is anything special that has to be done>? i see there is a code 1c for cash balance but also a code 3c for plans not intended to be qualified. do we use both 1c and 3c or just 3c.

i believe a loan offset occurs when they take a distribution of their entire account balance, correct?

a participant terminates with a loan and is over 70 1/2. the loan gets defaulted and the participant receives a taxable distribution. can he use that distribution to make up some or all of his RMD for that year?

no family members involved. you shouldnt need more information. all unrelated individuals. my question regarding attribution is whether you attribute the ownership of the shares to the company. parent subsidiary rules only speak about the company owning percentages of another company, not the individual shareholders. i believe that there is not a brother sister controlled group for that reason. i have already determined this is not a brother sister.

when determining whether two entities are a parent/subsidiary controlled group do you apply attribution to the shareholders/members of the parent? in this case 10 of the members of one LLC each own 2.70% in that LLC and those same 10 own 10% each in another entity.

if you have a non amender using a prototype plan will the IRS accept the 5307 DL application with the VCP application in light of the fact that they arent accepting determination letter applications for prototypes anymore.

is it necessary to provide a 204(h) notice in a 2 person DB plan consisting of husband and wife?

Participant was a greater than 5% owner. Participant did not turn 70 ½ until December 30, 2012 at which time he was no longer an owner. He resigned as an owner on December 26, 2012. i believe he would still have to take the RMD for 2012 because he was a 5% owner during the year. anyone agree or disagree?

mweddell, are you saying that adding a significant group of employees to plan X does not qualify as a "significant change in the coverage of the plan?" that is the terminology in 1.410(b)-2(f).

if a plan allows all participants the right to direct their accounts to self directed brokerage and one of the trustees wants to invest in an investment only available to very high net worth individuals would this be a rights and benefits issue or does the fact that the limits are not plan imposed make this allowed? I know there are quite a few older threads on this topic but not so many on investment imposed or broker imposed minimums.

distribution must occur to the estate as per the plan document. however if attorney establishes via probate where the money will end up, can a check be made payable directly to that person as opposed to the estate which would be more efficient?

is there any way to make the contribution once the deadline for filing the return plus extensions passes? was wondering if they could amend their return for that tax year and make the contribution?

we are the investment advisor and TPA and we change Broker Dealers. this in effect increases our share of the subsidies and 12b1s which are used to offset the clients overall fees. is this a change that must be disclosed within 60 days or is it an investment related change that can be disclosed annually.

if the plan is a new plan, effective 1/1/2009 but was not submitted by April 30, can it still be submitted today for an EGTRRA letter?

i am down to about 60 plans. what a big job this has been.

i will tell anyone who will listen - I NEED MORE TIME!!

i have about 120 left. if you are submitting they must be submitted by april 30. that makes the time left a lot shorter. i wish they would give a 2 month extension.

Can someone explain the new NRA rule (at least age 62) as it relates to DC plans and whether an amendment is required.

I have alot more to do and i am working like crazy. if i had until the end of june i would feel alot better.

the employee was on leave during last year and into this year. they finish the leave and then they resigned from their position. the plan requires the employee be there the last day of the plan year and 1000 hours. is the employee entitled to a profit sharing for last year?

so if you cant merge the plans then what do you do? if you terminate one plan you cant pay out the 401(k) portion so what do you do with the accounts?

can a non safe harbor plan and a safe harbor plan be merged midyear?