Lois Baker

Sounds like you're looking for some actual "hands on" experience/recommendations; for generic "how to" issues, here are a couple of articles that may (or may not) be of help: Breaking Up Is Hard to Do: Exiting a Retirement Plan MEP or PEP Getting Out of a MEP/PEO/PEP Is Not as Easy as You Might Think

I'll admit, I haven't kept up with all of the fine print in the IRS regs ... but would it be permissible for the amendment to name a specific disaster? or limit distributions to a specific time frame? That way it's self-limiting from the outset -- and if the employer later decides to be more generous (e.g., add another disaster, or remove that limitation entirely), there's no cutback issue. Not sure any of that would be possible in a prototype plan, though ...

Thank you so much -- this area needs all the help we can get. More info is coming out, and it just looks worse and worse; the toll both in lives and in economic loss is going to be staggering. Samaritan's Purse is on the ground -- distributing food and water, setting up field hospitals, etc. Operation Airdrop has been in the air for two days -- helicopter is the only way to get to many locations The Y'all Squad -- they're buying and installing portable StarLink units; communication (even among first responders) is the biggest struggle right now.

Many of you know that BenefitsLink is headquartered in the mountains of North Carolina. Thankfully, we're safe and sound, albeit without cell service and primary internet (thank goodness for StarLink!). Many around us are not. We know that Florida and Georgia experienced significant damage. The mountains of North Carolina and Tennessee took a devastating hit. Over 2' of rain fell in a large swath of the NC mountains; the runoff put rivers at historic flood levels. Power, cell and internet service are all down over a large area, roads are collapsed or otherwise impassable, and many homes and small towns are completely isolated -- or washed away. Two of the four interstate routes in/out of Asheville -- the two that cross the mountains to the west -- have washed out; a third route (to the east) is blocked in several places. The damage is almost unbelievable -- and the affected area is almost the size of Massachusetts. This area is not equipped or prepared for this level of catastrophic destruction. Mountain people are self-reliant survivors, both individually and collectively, but this will be quite a stretch. It will be a long, difficult road forward. Please keep all in this area in your thoughts and prayers. And if any of our BenefitsLink neighbors have been affected, please reach out on this thread - we'll do what we can to help. Lois and Dave

Duplicate -- see

Here are Mercer's projections.

Milliman has been publishing estimates throughout this year; most recent update was issued August 15.

Links to both final and proposed regs available here.

Similar issue discussed here:

"Direct rollover" caught my eye -- doesn't that mean the employee wanted the funds to go straight from the plan to an IRA account? Did the letter include information about the employee's recipient IRA? or did the employee at least ask for a rollover account to be established at Fidelity? If any of that language was included, how did Fidelity issue payment to the employer in the first place?

Duplicate -- see

I've removed the attachment, so that personal information will not be available here via BenefitsLink.

Also this recent article may be of interest.

SECURE 2.0 additions seem to be in the "amendment notes" at http://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section408&num=0&edition=prelim#408_2:

Looks like the Cornell text has been updated to include SECURE 2.0 -- you can find it (along with other resources) here: https://benefitslink.com/research.html

Does anything here help? https://benefitslink.com/search/index.cgi?datasource=MYDB&textQuery=covered+compensation+tables

Congratulations -- wishing you all the best!

Fillable PDF for 2023 Form 5500-EZ was just posted on the IRS website this morning, along with the relevant instructions.

Word from BenefitsLink contacts at Relius is that they are planning to post it by the end of January 2024.

Congratulations on your retirement! Best wishes for fair winds and following seas in the years ahead. And thank YOU for the kind words, as well as for all of your contributions to these Boards over the years -- we're honored to have been part of your journey.

Sure -- I was more suggesting that the $2000 could be applied against the next deposit, and then reconciled on the 941. Or it can be reported as an overpayment, and check the box on the 941 to apply it to toward the next payment. Either way works, and doesn't require any refund or extra cash outlay (since they'd be paying with the 941 anyway). That assumes, of course, that they would have additional payroll taxes due/deposited soon-ish.

Maybe not "reassigned", but "corrected" -- should be possible to submit a second payment through EFTPS using the plan's number, and then report the $2000 originally paid under the employer's EIN with the next 941. That would either offset other amounts due/paid, or will result in an overpayment, which should be refunded to the employer. Maybe that's the gist of what the payroll provider is trying to do?

Looks like the credit was expanded by ARPA for 2021, but that expansion has expired. See https://www.irs.gov/publications/p503 (along with 2021 instructions and 2022 Instructions for Form 503) Draft of the 2023 Pub. 503 was recently issued; it also confirms the expansion has expired.

Proposed regs released Friday morning 11/24 -- happy Thanksgiving, all!

Happy to help. The entire BenefitsLink news archive is searchable -- that's where I found it.