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Bri

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  1. Like
    Bri reacted to Lou S. in Invest in gold?   
    Allowed, yes. Advisable I'll leave that to others. As to where and how it is stored, it could be a Prohibited Transaction if not stored and held by a non-party in interest. Since gold bullion is not a "qualified asset" you may have higher bonding requirements and would not be able to file a Form 5500-SF.
  2. Like
    Bri reacted to justanotheradmin in Client deposited profit sharing monies to safe harbor account and safe harbor monies to profit sharing account.   
    Just to be clear for anyone reading who hasn't encountered this - in this case there is nothing to actually move. The money gets recoded as a different type. Sometimes folks think investments will actually be liquidated and reinvested, and that is not the case if clear instructions are given and the recordkeeper (Hancock) does it correctly. 
  3. Haha
    Bri got a reaction from Luke Bailey in Alternative Investment   
    How about a 20-pound vat of glue for your portion?
  4. Like
    Bri got a reaction from Lou S. in 410(b) testing - Top Heavy min only participants   
    I look at it as,
    you're not failing coverage, but rather you're failing nondiscrimination (or, at least, there's still work to be done), if you have less than 70% benefiting with a non-uniform formula but over 70% getting "at least something".
  5. Like
    Bri reacted to Lou S. in Client deposited profit sharing monies to safe harbor account and safe harbor monies to profit sharing account.   
    Contact John Hancock for a source correction. It's not that complicated and they might even be able to do it as of the deposit date so the earnings work out right. Talk to your account rep, they can probably walk you through it.
  6. Like
    Bri got a reaction from Luke Bailey in Bonus Election When Paid w. Regular Payroll   
    That sounds appropriate, but really comes down to the Plan Administrator interpreting the document and its standard operating procedures conforming to Its interpretation.
    So if the bonus were a separate paycheck, he'd have gotten $200 total that week, I suppose.
  7. Thanks
    Bri reacted to 5500Nerd in SAR to Include or Not Include the Paperwork Reduction Act Blurb?   
    Hi Everyone, I have an update for you. I spoke to the Office of Regulations and Interpretations of the DOL. They model notice has the Paperwork Reduction Act because this information needs to be seen by the Plan Sponsor/ the Employer. However it does not need to be in place for the participants. The employer can remove if they choose. 
  8. Like
    Bri reacted to david rigby in Severance comp and ASD   
    True dat.  Also, remember that many severance payments are made via payroll:  in this case, the former employee is left on the payroll as a simple mechanism of making severance payments beyond the severance of employment date.  This is mechanical in nature and does not define that person as an "active employee". 
  9. Like
    Bri reacted to CuseFan in Severance comp and ASD   
    True "severance" pay is never Plan Compensation and is different from statutory post-severance compensation. If a person receives a "separation bonus" as part of their last paycheck, that may be includable depending on the terms of the plan - but if it's classified as severance it is ignored in any scenario.
    If this is includable post-severance compensation, and is not known until after the ASD, often a person is put into pay status based on the known (but incomplete) compensation amount and then after a final accurate benefit is calculated the future benefit payments are adjusted along with a true-up payment. Or, forms and elections are made using the aforementioned estimate prior to the ASD but then commencement is delayed for administrative reasons as the final actual benefit gets calculated and then paid effective back to the ASD. This is NOT an RASD if the QJSA forms are provided to the participant prior to the ASD. Plan language must specifically provide for an RASD and there are certain rules you must follow in calculating and communicating benefits.
  10. Like
    Bri got a reaction from Luke Bailey in SHM in gateway   
    No, matching contributions do not count towards (or "trigger") gateway minimums.
  11. Like
    Bri got a reaction from Luke Bailey in Missed Deferral Opportunity - Roth Election   
    Wait, isn't the problem just that the guy has too much take-home pay, but the correct plan amounts were deposited? 
    Seems like the plan is actually in good standing but that the guy's next paycheck needs to have six months' of deductions properly taken off the gross.
  12. Like
    Bri got a reaction from Jakyasar in Combo plan testing and early retirement age (ERA)   
    obviously a DC plan might have an exception to its last-day rule for retirees.  An ERA definition can inadvertently trigger an allocation you weren't expecting, especially when the allocations aren't "individual groups."
    But otherwise, yeah, what benefit is that definition bestowing upon anyone?
  13. Like
    Bri reacted to Lou S. in RMD started in error?   
    §401(a)(9) sends you §416 which sends you to §318 for attribution which is used for RMDs. For purposes of the RMD rules he owns the stock of his children, just like HCE determination. It is different for Controlled Groups but be happy the RMDs were properly done and you don't have to go back for missed RMDs under VCP.
  14. Like
    Bri reacted to Gilmore in Filing a Form 5500 and Schedule I which are the incorrect Forms   
    In the 5500-SF instructions, "What to File", it says, "Plans required to file an annual return/report that meet all
    of the conditions for filing the Form 5500-SF may complete and file the Form 5500-SF in accordance with its
    instructions."
    There are a lot of "musts" in the instructions, but here they use "may".  Is there any reason a small plan filer that is otherwise eligible to file a 5500-SF cannot choose to file a 5500 with Schedule I?
  15. Like
    Bri got a reaction from Luke Bailey in Mandatory Federal Withholding - Form W4-R   
    of course they could roll the proceeds to an IRA, avoid the 20% withholding, and then turn around and raid the IRA without mandatory withholding.
  16. Like
    Bri got a reaction from Luke Bailey in Automatic Enrollment question   
    just get them to re-sign-up for the $X per paycheck as you claim it's not always obvious whether they'd be above or below 3% each time.
  17. Like
    Bri got a reaction from Luke Bailey in Spousal consent to distributions   
    Yes, if the spouse's consent was not given nor witnessed, then the spouse is still the legal beneficiary.  But that doesn't prevent the participant from taking funds from the plan.
    If the spouse is NOT the beneficiary, it's because they allowed it by signing away their right to death benefits.  So too bad on them if the participant elects a withdrawal.
  18. Like
    Bri reacted to Gilmore in Alternative Investment   
    I wonder if divying up the horse when time comes for a distribution is where the term "quarter horse" comes from.
  19. Like
    Bri got a reaction from Mr Bagwell in Alternative Investment   
    How about a 20-pound vat of glue for your portion?
  20. Like
    Bri reacted to CuseFan in frozen plan excludable participant in NDT   
    401(a)(26) is good assuming prior structure was compliant.
    If no one benefits in 2024 then no 410(b) or 401(a)(4) concerns.
    If the plan was "soft" frozen (just participation) then you would need to include this person in your testing population as (s)he would not be a statutory exclusion. 
  21. Like
    Bri reacted to Bill Presson in If 401(k) plan requires ppts to be active on 12/31 to receive match...   
    The document should outline if there are exceptions to the last day rule for retirement, death, and disability. 
  22. Like
    Bri got a reaction from Lou S. in SHM in gateway   
    No, matching contributions do not count towards (or "trigger") gateway minimums.
  23. Like
    Bri got a reaction from ugueth in Mandatory Federal Withholding - Form W4-R   
    of course they could roll the proceeds to an IRA, avoid the 20% withholding, and then turn around and raid the IRA without mandatory withholding.
  24. Like
    Bri got a reaction from Belgarath in Bonus Election When Paid w. Regular Payroll   
    That sounds appropriate, but really comes down to the Plan Administrator interpreting the document and its standard operating procedures conforming to Its interpretation.
    So if the bonus were a separate paycheck, he'd have gotten $200 total that week, I suppose.
  25. Like
    Bri got a reaction from Bill Presson in Missed Deferral Opportunity - Roth Election   
    Wait, isn't the problem just that the guy has too much take-home pay, but the correct plan amounts were deposited? 
    Seems like the plan is actually in good standing but that the guy's next paycheck needs to have six months' of deductions properly taken off the gross.
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