TPAVP

Thank you for your response QDROphile, No, our model is not ADP! Not a fan of them. would you mind giving some examples of what you are referring to? We are a non-producing consulting TPA and work with a lot of different brokers. I think the same could be true for them too as we sometimes give advice on design features that may be good for the client but bad for the broker.....but rarely, if ever, have we lost a client because of this. Mulling it over as I think it could make things easier on the client.

Does anyone out there think there is a niche in our industry to own or partner with non-competing Payroll Companies? I've been approached by a payroll firm that is owned by prior long-term employee of a TPA Firm trying to break through to our industry. They offer revenue sharing to market payroll products to current and prospective clients and outsource to them. This has some advantages I see in doing away with census requests and waiting until the 11th hour to get the client to send us their data. They would process payroll deposits and send the 401(k) money directly to the vendor, among other things..... This would allow the TPA to provide quicker service and offer more of a one stop shop to the client. We currently work with payroll companies and are able to get reports but there is always that fear that they are two steps away from stealing the client and obviously there is no revenue sharing involved. Just curious as to what others are doing and what opinions are out there.

Coal Company A is a wholly owned subsidiary of Big Electric Company B. For years, Big Electric company B has excluded A from it's retirement plan and company A maintains its own Plan. In 2013, B hired some of the A employees. 1) Do A employees have a distributable event? and 2) would former A employees share in PS which has a last day provision. I'm thinking no and no, but am not completely sure.

I thought the exception was to expand the hardship provisions to include the PPA language

In what I've read in EPCRS, I think I agree that we could prepare a corrective retroactive amendment. However, I'm having a hard time reconciling that with the fact that the plan is Safe Harbor, which has mid year amendment restrictions. It's almost to say that you are punished by trying to do the right thing but if you screwed up, don't worry cause we can retroactively amend it!

An employee received a "hardship distribution" in 2012 from non-SH Match and non-SH non-elective sources. The plan allows hardships from deferrals only. This is a Safe Harbor plan. What would be the preferred correction? Is there an allowable retroactive corrective amendment? VCP?

We have not spoken with the auditor directly as we were notified of the audit after the fact and have only been forwarded correspondence. This is my first experience in which the auditor has not accepted the online calculator and moved on. However, It may have something to do with the fact that he found over $180,000 in late contributions over a 3 year period.

A plan is currently under investigation. The DOL auditor found late deposits and wants to use the greater of: the VFCP Online Calculator (IRC 6621 (a)(2) and ( c)(1) rates) or actual earnings for the late deposits. During the onsite review the investigator determined that the Employer could have remitted contributions within 3 business days after being deducted but used the 7 day safe harbor for small plans. We have already calculated the lost earnings using the online calculator. The problem is: 1) The late deposits range from 1 to 275 business days late covering 3 years of payrolls 2) The participants are in multiple self directed accounts My question is: How would one go about calculating lost earnings for payperiods over a 3 year period in self directed accounts for multiple participants involving potentially hundreds and hundreds of fund transactions over this timeframe???

We have a Governmental Trust Authority that has a 457 with deferrals and loans and a 401(a) with match. The Trust Authority oversees a Tax Exempt Hospital with a 403(b). How do we handle employees moving from one employer to the other? From what I've been told, the Trust Authority appoints the board of trustees for the hospital.

No. We have not heard anything yet. We did just sit through a webinar by Janice Wegesin who also advises filing a short 2011 form on a 2010 report, but we have not been successful in that as of yet.

We have been unsuccessful in trying to file the final 2011 on a 2010 Form. We tried filing with our software vendor as well as directly with IFILE. I'm wondering what everyone else has been doing. I hear the 2011 forms will not be out until June........

We are having the same issue only with another software vendor. Does this mean we have to file directly through IFILE??

Does anyone have a Crystal report that pulls inception to date deferrals for calculating hardships?

The person I'm working with is a trustee of the plan, but no longer an employee since the employer went out of business. I can look in to the orphan plan with the DOL. Maybe they can offer some help. I know this man is extremely anxious to get this behind him.

All expenses were paid up front so there are no remaining expenses. The Employer no longer exists and I have been working with someone from their home to try and get this wrapped up for 2 years now. They desparately want the money out of the plan by the end of the year so as not to prolong this another year and require an additional 5500.