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Bri

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  1. Like
    Bri reacted to Lou S. in overfunded match contributions   
    If they were all NHCEs you can probably self correct by retroactive amendment to conform the document to the actual match contributed for the Plan year if they all got more than the match formula even if it's not uniform since with will clearly be non discriminatory if the extra natch only when to NHCEs.
  2. Like
    Bri got a reaction from Lou S. in gateway test when def/SH & PS have diff elig requirements   
    (and hopefully the plan's document "guarantees gateway" as needed for those with only the SH allocation prescribed)
  3. Like
    Bri reacted to Belgarath in QACA 2-6 year graded vesting   
    The QACA safe harbor contributions themselves cannot use 6-year graded vesting. But, there could be other employer contributions such as profit sharing that could use that vesting schedule.
  4. Like
    Bri reacted to C. B. Zeller in Employee w/ loan becomes Union EE--default the loan?   
    Is there anything in this particular plan document that says a loan becomes payable in full immediately upon the employee becoming a union member (or more generally, transferring to an excluded class of employees)? Usually I would only see that kind of provision apply upon termination of employment, but I suppose it could happen.
    Absent that, I don't think so. The employee continues to repay it through payroll deduction (assuming that's what the loan policy says). Transferring to an excluded class means you are not entitled to future contributions. Loan repayments are not contributions.
  5. Like
    Bri got a reaction from acm_acm in gateway test when def/SH & PS have diff elig requirements   
    (and hopefully the plan's document "guarantees gateway" as needed for those with only the SH allocation prescribed)
  6. Like
    Bri got a reaction from Luke Bailey in gateway test when def/SH & PS have diff elig requirements   
    (and hopefully the plan's document "guarantees gateway" as needed for those with only the SH allocation prescribed)
  7. Like
    Bri got a reaction from Bill Presson in gateway test when def/SH & PS have diff elig requirements   
    (and hopefully the plan's document "guarantees gateway" as needed for those with only the SH allocation prescribed)
  8. Like
    Bri got a reaction from Aca in gateway test when def/SH & PS have diff elig requirements   
    (and hopefully the plan's document "guarantees gateway" as needed for those with only the SH allocation prescribed)
  9. Like
    Bri reacted to C. B. Zeller in gateway test when def/SH & PS have diff elig requirements   
    Yes. Safe harbor non-elective is considered to be the same as profit sharing for 410(b) and 401(a)(4) purposes.
  10. Like
    Bri reacted to F Suzuki in Mike Preston   
    It’s with sadness that I learned about Mike Preston’s passing when Linda called me yesterday.  Anyone who was fortunate to spend any time with Mike, knew he was truly a unicorn. 
    Technically brilliant, razor sharp intellect, generous, open and honest (even on uncomfortable subjects), always supportive, witty (very dry).   I always enjoyed hearing him laugh!
    As I look at the comments on Benefitslink, and having shared news with other colleagues, I heard the comment over and over again “Mike saved my bacon!”
    Rather than repeat his expertise and prowness to which all have provided testimonials, I wanted to share some stories of Mike. 
    Mike, always a fan of the keyboard shortcuts, would do his best to get me to follow his lead.  As an exercise, he gave me an excel spreadsheet to do some calculations on.  I was so slow using the mouse instead of the keyboard strokes, that he never asked me to do that calculation again.  He never gave me any grief about this and I continued to work with him for the next 9 years.  Looking back on that, he was fully supportive and allowed me the freedom to show my abilities, even though they differed from his.
    When Sal Tripodi was touring, a group of us would gather together to socialize, enjoy an adult beverage and have discussions about movies.  When Mike joined us, he would initially try to engage Sal in more shop talk.  We would tease him and ask him what movies he’s seen.  We finally got him to engage on the movie “Crouching Tiger, Hidden Dragon”.  That was a pretty fun moment when he was describing the fighting scenes to us.   
    Mike was also a fan of the Sopranos.  Mike would start grooving and moving to “Woke Up This Morning.”    While they were traveling they asked me if I would record an episode for them.  I remember Linda telling me that the tape also included some of my girls tv shows that included the Bernstein Bears, etc.  She said Mike was wondering if I was trying to send him a message.  We laughed at that. 
    When my wife and I started our journey to begin a family, Mike and Linda were fully supportive.  As I would later find out, Mike and Linda went down a similar journey without success.  Without Mike and Linda’s full support, we would not be parents of twin girls.  I feel fortunate that Mike and Linda have met my girls and know how much their support means to us.
    Mike, you will always be in our hearts.  I’m thankful for our time together.
    Frank Suzuki
  11. Like
    Bri got a reaction from Luke Bailey in 401(k) Plan and SIMPLE IRA   
    Nope....controlled group....
  12. Like
    Bri got a reaction from Bill Presson in 401(k) Plan and SIMPLE IRA   
    Nope....controlled group....
  13. Like
    Bri reacted to RatherBeGolfing in 401(k) 12 Month Rule   
    Did he have a distributable event other than plan term?  
  14. Like
    Bri reacted to C. B. Zeller in 402(g) Excess (all Roth) not taken--loophole?   
    I don't think it's a coincidence that your set of roles for this hypothetical adviser matches with the list of persons described in Circular 230.
    With regards to providing written advice to a taxpayer, Circular 230 § 10.37(a)(2)(vi) instructs that a practitioner must "Not, in evaluating a Federal tax matter, take into account the possibility that a tax return will not be audited or that a matter will not be raised on audit." I read this, perhaps expansively, to mean that a practitioner may not discuss the subject of "getting away" with questionable transactions.
    Under that guideline, I would find it inappropriate to discuss the capabilities (or the lack thereof) of the IRS to detect this issue. Even were I not myself subject to Circular 230, I would still not discuss it, as the only possible result of bringing it up would be to serve to encourage them to illegally treat the distribution of excess deferrals and earnings thereon as a qualified Roth distribution. My job is to help my clients get the tax results they desire, within the bounds of law and regulation.
  15. Haha
    Bri reacted to Bill Presson in Safe Harbor testing for 23’ and in June I did something stupid (maybe?)   
    Do those "standardized" prototype documents even exist in the wild anymore? I haven't seen one in years.
  16. Like
    Bri got a reaction from Rayofsunshine in Excluding bonus from deferrals but not match   
    As long as
    (a) document defines the compensation that way by source, and
    (b) the compensation definition isn't discriminatory (414(s) testing)
    Then this should be fine.  Maybe a suggestion to make sure the SPD spells that out well enough so people aren't leaving match money on the table for only doing 6% of the base pay, but otherwise folks just need to think it through and maybe sign up for more than 6% so that they still clear 6% of their entire "match compensation" figure.
  17. Like
    Bri got a reaction from Luke Bailey in Safe Harbor testing for 23’ and in June I did something stupid (maybe?)   
    Also in play are going to be whether or not the plan document is a standardized type that automatically extends plan coverage to all related group members.  Depending on full census demographics, the laundry business might be okay not having to adopt the plan, but that would take far more detailed analysis.
  18. Like
  19. Haha
    Bri reacted to truphao in 402(g) Excess (all Roth) not taken--loophole?   
    Wow, this is really something. Let’s say a clueless (or pretending to be clueless) MD participates in hospital 401k plans and also has a solo 401 from his side-gig. On January 1 he defers full $30,000 as Roth in each plan.  He invests both deferrals into the riskiest investment option (or hedging one investment with another one). In plan #1 the investment is worth 3,000 on December 31. In another plan it is worth $300,000.  He chooses to treat as excess the first one.   Unless I am missing something big, this is a pretty good gambling/hedging/arbitraging option.  Please demolish my dirty thoughts.
  20. Like
    Bri reacted to Bill Presson in Basic X-test question....   
    Just make sure the earnings for the HCEs are prior year since that's how the status is determined.
  21. Like
    Bri reacted to david rigby in Common Law Marriage   
    The Plan will not care.  The Plan is concerned with the specific QDRO requirements as outlined in IRC 414(p), and with making sure the requested form, timing, and amount of payment are permitted under the terms of the plan document.
  22. Sad
    Bri reacted to tymesup in Mike Preston   
    I sadly have to inform this group that Mike Preston unexpectedly passed away Sunday 5/5 from natural causes.
    He was knowledgeable and generous with his time.
  23. Like
    Bri got a reaction from SSRRS in Frozen Plan and 401(a)(26)   
    Can an -11g amendment only favor HCEs as this would? 
    But anyway, the amendment itself will and should detail which specific employees get to accrue which specific additional benefits, however the fix is going to play out.
  24. Like
    Bri got a reaction from SSRRS in When is it too late to setup a DB plan?   
    Sure, but a plan set up as late as October 15 will have some sort of a problem, since the minimum funding was due September 15.
  25. Like
    Bri reacted to CuseFan in When is it too late to setup a DB plan?   
    Absolutely. Given the 9/15 drop dead date, we work backwards from there given the situation (solo plan, few employees, larger plan) for the time needed to complete the valuation, establish the trust/custodial account, execute plan documents, draft and review plan documents and come up with our approximate due date for the client to engage us for a prior year effective date. Don't want a sales rep selling a 2023 plan on 9/13/2024!
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