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Bri

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  1. Like
    Bri got a reaction from 401_noob in recognizing past service / 401k testing   
    I'm amused because Boris Badenov himself seems to have started the prior discussion. 
    (I know...."I always have fiendish plan!!")
  2. Like
    Bri reacted to Lou S. in LLC matching contributions and 402g limit   
    Unless the IRS deems it a disguised CODA on the ER contribution then the rule about match being counted as part of the 402(g) limit went out the window for self-employed in 1998 if my memory is correct.
  3. Thanks
    Bri reacted to Effen in DB plan waiting for people to hit NRA   
    I had a plan that remained open until the last person was paid.  I don't recall the PBGC having any issues with it.  I believe we sent them a letter and informed them all participants were paid, and that was it.
     
  4. Like
    Bri got a reaction from Bill Presson in Pre-Tax or Roth Deferrals but not both   
    I'm just here waiting for Larry's tone when he just tells you to get a payroll provider who will accommodate both!  ?
  5. Like
    Bri reacted to Bird in In-Service Distributions - Related Rollover from a DB Plan   
    If the plan is terminating, and participants are making these elections to roll into the 401(k), then the in-service rule in the DB is irrelevant, and further, none of the DB distribution restrictions or characteristics follow through to the 401(k).  If the 401(k) permits in-service at 59 1/2 then that is what applies (and some plans allow rollover money to be withdrawn at any time; that would apply as well).
  6. Like
    Bri got a reaction from WDIK in PBGC question on 5500 reports   
    It's last year's number they want, though, right?  Like, for my 2017 Form 5500s I'm using the PBGC number for the 2017 filing that was due 10-15-2017, not the one due this Monday.
  7. Like
    Bri got a reaction from Appleby in 5500EZ 5500SF   
    To Appleby's point - the document itself may have language in it that "cancels" benefit accruals if common law employees meet the eligibility....but not necessarily so it's definitely worth a look.
  8. Like
    Bri got a reaction from Luke Bailey in Match True up when doc says per payroll?   
    I've seen docs (ASC, not FTW) that provide for an optional true-up at the employer's discretion.  So it may come down to your specific text, as to whether or not the plan would allow it,
    (as opposed to it having to fall under the scope of any additional match contribution rules in your document)
  9. Like
    Bri reacted to Luke Bailey in 5500 - Stock Acquisition   
    Pretty much in agreement with James K and Pam Shoup, although less optimistic than she that was addressed in a document. Unless the plan document, the stock purchase agreement, or some other corporate instrument appoints someone else as plan administrator, the default "administrator" with legal responsibility to file the 5500's is the current sponsoring employer. This becomes a routine business expense of the sub that the acquirer bought into when it bought the sub, like unpaid bills or fines. Place to deal with this was probably the stock purchase agreement. You should probably check to make sure it wasn't addressed there.
  10. Like
    Bri reacted to BG5150 in form 5500 EZ, first and final return for the plan   
    Do you keep "the first return/report" box checked if you are amending it?  It's no longer the first filing.
  11. Like
    Bri reacted to david rigby in Match Calculation - Who is responsible?   
    Answer to the question in the title is: Plan Administrator.
  12. Like
    Bri reacted to CuseFan in Fun with Fringe....Or, a DB CB   
    We have done this for a client because they needed more deduction room. The owners could have also used to load up on CB benefits but interestingly chose not to do so.
    You'll need to comply with prevailing wage (PW) law, so immediate entry and vesting, and deposits at least quarterly (probably same in DC). The potential downside is you have a defined contribution credit amount (3% per your thoughts) - if someone's PW was less than 3%, you still have to credit 3%. If you're leveraging for cross-tested HCE benefits, now you have to provide gateway.
    For my client, we have a 5% credit because we needed the deduction room, but some people worked partially on PW projects, but mostly on non-PW, so ended up getting more than they would otherwise. This was not optimum, but was sacrifice worth the added deduction and HUGE cost savings on payroll taxes that would have been due if paid out as current compensation.
    Whether in a DC or CB, employees view this money as their compensation and you'll see them requesting their distributions the day after they terminate even with the 10% penalty tax. Then, if this is a seasonal industry, the following year/season they are back working and it starts all over.
    Admin on these arrangements is a bit more involved than your standard CBP. Good luck.
  13. Like
    Bri got a reaction from CuseFan in What is an Enrolled Retirement Plan Agent allowed to do?   
    I, as an ERPA, get to pick the beer for the office on Fridays.

    But really, I think it's just stuff like that....VCP applications, determination letters, and audits of plans other than any actuarial calculations.
  14. Haha
    Bri got a reaction from K2retire in What is an Enrolled Retirement Plan Agent allowed to do?   
    I, as an ERPA, get to pick the beer for the office on Fridays.

    But really, I think it's just stuff like that....VCP applications, determination letters, and audits of plans other than any actuarial calculations.
  15. Like
    Bri got a reaction from Doghouse in What is an Enrolled Retirement Plan Agent allowed to do?   
    I, as an ERPA, get to pick the beer for the office on Fridays.

    But really, I think it's just stuff like that....VCP applications, determination letters, and audits of plans other than any actuarial calculations.
  16. Like
    Bri reacted to david rigby in 401k beneficiary vs wife   
    Please don't overlook this piece of advice.
  17. Like
    Bri got a reaction from K2retire in RMDs for Non-Owners (In-Service Not Allowed)   
    And of course, an optional in-service withdrawal would be an eligible rollover distribution with 20% withholding.  A real RMD would not be.
  18. Like
    Bri reacted to BG5150 in Compensation for Deferrals include GTL?   
    When ever I see 'GTL' I  think about 'Jersey Shore' the MTV show.
  19. Like
    Bri reacted to jpod in Can we reinstate a terminated plan?   
    If you take the position that the plan was never terminated in the first place, what are the implications with respect to the distributions made to active employees (if any) at the time it was thought to be "terminated"? 
  20. Like
    Bri reacted to ETA Consulting LLC in New Comparability without HCEs   
    There is no discrimination without an HCE to discriminate in favor of.  So, there are no issues.  Just ensure the plan's formula allows the flexibility to allocate the contribution at a different level.
    Good Luck!
  21. Like
    Bri got a reaction from Bill Presson in ERPA Cycle   
    I recall at the first ERPA conference in Chicago in 2010, that we indeed did get an hour of credit for learning about how to get more CE.  The woman from the IRS (I think it was Deborah Lorning, but not sure) mentioned she's not sure she would have approved such a class after the fact.
  22. Haha
    Bri reacted to TPApril in owner w/0 hrs, max pay   
    I'm so sorry for omitting one piece of info that is exceedingly relevant.
    The owner was in prison for the entire year.
  23. Like
    Bri reacted to chc93 in 5500EZ   
    If the 5500-SF is filed as a single participant plan (to mimic a 5500-EZ) the 5500-SF is not on the EFAST public website and it not open to the public.... just like the 5500-EZ.
  24. Like
    Bri got a reaction from K2retire in Takeover plans & plan documents   
    Isn't there THEN usually something where the TPA or custodian being abandoned states that they will no longer sponsor your prototype, thus making it (as of the date of termination of service) into an IDP? 
     
    So the plan sponsor needs an 8905 right away....so they're not on IDP restatement rules.  (Haven't thought about it in the context of the no-more-5-year-cycles)
  25. Like
    Bri reacted to ETA Consulting LLC in LRM 94   
    I agree with Bri. 

    Good Luck!
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