Appleby

Hey Lori- thanks. Got into the business in 1997 by default. New to the country then, looking for something that would fit in with by banking experience. Hired by a brokerage firm to work in one area…on the day I stared, they decided to place me in the retirement plans customer service area- Thank Goodness!! I read everything I could put my hands on- soon came to be know as the expert. Funny thing is, they (at the brokerage firm) thinks I know everything , because I always know the answers to their questions. But as I tell some of them, it’s all relative. You visit a message board like benefitslink, or other medium, including conferences, and you realize how little you know. Got several retirement plans designations, one from NIPA…have been working on one from ASPPA for the longest- can’t seem to ever get enough time to study for the exams anymore, between my 9-5 (which is really a 8-8 most days) and my freelancing (no excuses Denise- She said to herself- no excuses). Freelance writer-retirement plan articles- mostly IRA focused Married Three kids-boys- one set of twins. Last one three years old. He runs the house and everyone in it.

It depends. There is no tax penalty imposed for such a transfer. However, the financial institution from which the assets are being transferred may assess a penalty. For instance if the assets are in a certificate of deposit (CD), and the assets are being transferred before the CD matures, the bank may assess an early withdrawal penalty… This may also apply to some fixed investments, annuities and such.The only way to be sure is to check with the financial institution.

I tried it..Ahhhhhhh!!!!! Now I don't want to touch my computer.

Appears not to be regulatory-DOL Reg. § 2550.408b-1(b)(1) (b) Reasonably Equivalent Basis. --(1) Loans will not be considered to have been made available to participants and beneficiaries on a reasonably equivalent basis unless: (i) Such loans are available to all plan participants and beneficiaries without regard to any individual's race, color, religion, sex, age or national origin;

Stephen- are you saying this is for # 48. I though it was something else

Yea!!! I got number 48. The rest just looks like that Herbie Hancock music video

When moving money from the SEP to your traditional IRA, you may want to move it as a transfer, not as a rollover. You may already be doing so, but is using rollover to mean transfer. This is because an IRA can be involved in only one rollover during a 12-month period. You can contribute to your Traditional IRA as long as you have eligible compensation. The fact that you receive a SEP contribution means that you do have eligible compensation. However, you may not be able to deduct the contribution, since you participate in a SEP IRA. For taxpayers who’s tax filing status is single, traditional IRA contributions are not deductible if the modified adjusted gross income is more than $60,000 (for 2005). Therefore, it’s not that you cannot contribute to a traditional IRA, but that it may make better financial sense to contribute to a Roth. See Rollover contributions do not count as part of your regular IRA contribution. Why not ask your employer is he/she would be willing to make your SEP contributions to your Traditional IRA ? First , ask your IRA custodian if they allow SEP contributions to regular/non-SEP traditional IRAs, and if not, ask them if they would accept a copy of your employer’s SEP Adoption agreement to change your Traditional IRA to a SEP IRA. Also, if your employer agrees, he/she should first check to see if the SEP agreement has any restrictions that would prevent contributions from being made to an account at another financial institution. Good luck

An man who runs it - Gordon Weis is one of the nicest person and humblest ever.

Kid---It seems 200503036 allowed the taxpayer to make a ‘catch-up’ distribution in the following year, because the failure to distribute the amount by year-end was attributed to the financial institution. I am not sure that it would be helpful in this situation

It would be...but not nearly as much fun. You know what they say about laughter

mbozek, You are right in saying that states cannot collect income tax from pension distributions of non residents- this ( ban on source taxes)- effected by Public Law No: 104-95, prevents a state from taxing pension income of former residents. Residence / domicile- appears to be potato/potato for state tax purposes. Public Law No: 104-95 says that …For this purpose, it appears residence is limited to legal residence for purposes stated earlier- not just where you are living at the moment or living for a few months out of the year. An example would be snow-birds who go to warmer climates during the winter months. While in (say) Florida, they are residing in Florida. However, the determination of their legal residence for tax withholding purposes would be determined by where they are registered to vote- the state for which their driver’s license is issued etc. By the way, why is it do you suppose that some of the largest and most prominent financial institutions and plan administrators performs state tax withholding? state tax withholding is tedious and creates more of a nuisance than anything else. It seems unlikely that any payor would assume such a responsibility unless they have to.

Hilarious

There is little information available on this subject matter because experts on the topic are almost rare. It is highly unlikely that you will get the information you need here or on the WWW. You may want to consider consulting with an ERISA attorney or tax professional competent in that area of tax law

See IRC 408A , IRS publication 590 at www.irs.gov, and/or the Final Roth IRA Regulations- Section 1.408A-3 Q&A6. Note that this ( excluding the RMD for the $100,000 MAGI) applies only to RMDs from IRAs, not RMDs from qualified plans and 403(b) accounts

The trick? Find a reputable custodian willing to accommodate the transaction or one that will not charge the house and the land for accommodating the transaction… Also, don’t forget the UBTI- this usually comes as a shock to affected IRA owners

List at http://www.aspenpublishers.com/product.asp...alog_Name=Aspen just in case the hotspot does not work

Actually, we have been paying $2,000 for a few years. The amount is for the Panel Pension Library Deluxe Online, which includes several books. The name change has not yet affected the price

Thanks Lori, I will check out those other products. My subscription for Panel Publishers will be up for renewal in a few months-which at this time is $2,000+. I would much rather spend even a few hundred more for something more user-friendly. Pity- I like most of the books offered by Panel Publishers

The Panel Publishers subscription is now offered through CCH. Is it just me, or does anyone else thinks the search feature under CCH sucks when compared to the previous version

You may want to check out the posts at http://benefitslink.com/boards/index.php?s...=0entry118879 http://benefitslink.com/boards/index.php?s...=0entry117029 http://benefitslink.com/boards/index.php?s...=0entry101169 .

In other words, you can name a charity as the beneficiary of your retirement account… and this means that the charity will inherit the assets…however, the retirement account will be treated as not-having a designated beneficiary for purposes of calculating pre-and post death RMD amounts

The withholding should be done for the participant’s state of domicile, which could be different from the current address of record. In general, your state of domicile is where you get your driver’s license, motor vehicle registration, have your primary residence- where you register to vote and such. When is doubt, ask the participant to clarify. Many individuals establish temporary residence for various reasons, and use the temporary address for mailing purposes. At our firm, we attempted to address the issue by designing a distribution requests for that required the participant to indicate the state for which withholding taxes should be applied…

ASPPA also sent our a blast E-mail, which is available on their homepage http://www.aspa.org/

I noticed the following on Sunguard Corbel's Website and though it may interest some of the visitors here http://www.corbel.com/news/katrina.asp

All those that I have seen is a very slimmed/trimmed down version of the prototype sponsor’s regular 401(k) plan document. For instance, an 18-page adoption agreement is trimmed to a 2-page adoption agreement for the Individual- (k) plan. The basic plan document is also trimmed. These plans do allow adopting employers with non-owner common law employees to adopt the plan. The employers remain eligible (to adopt the k-plan) as long as the non-owner employees are not eligible to participate in the plan- for instance, if they work less than 1000 hours every year and/or are under age 21.