TPAVP

I have an owner that has been receiving RMD's for several years. Spouse is also participant, but died at age 69. Can owner begin taking RMD's from her account without moving her account into his or must he wait until she would have been 70.5?

Does anyone have a report that will print the addresses that are keyed on the census/personal data screen in Relius?

Does anyone know if there is an exception to having to file a 5330 under Section 4975 if the excise tax is below a certain dollar amount? I have a situation where the lost earnings regarding a late deposit is $12.12, so the excise tax to be paid would be $1.81. It seems ridiculous to charge the client a fee for preparing Form 5330 for an excise tax of $1.81, but I am not aware of an exception. Any advise?

In 1999 a participant terminated and defaulted on his loan. A 1999 1099-R was issued to him reporting the loan default. In 2000 the participant was paid out and two 1099's were issued to him. One for the Rollover and one for the loan default (again). The participant filed their 2000 tax return based on this information. How is the incorrect 1099-R corrected for the loan default that got 1099ed twice?? Does he need to refile his 2000 tax return???

You can also use the voice response system through the EFAST filing system. Dial (877) 711-9682, choose option one and provide the 9-digit EIN, then the 4-digit filing year and the 3-digit plan Number (ie 001,002,...). The system will advise you if the machine print or the hand print filing has been received.

Our firm is the TPA on several New Comp plans with Quantech and have not run into any problems. If you are allocating a class allocation, you have to set up divisions for each class, then assign the division to the specific participants on the Status and Service Screen in Cenus. The 401(a)(4) Test seems to work fine. You can also have Quantech calculate compensation on partners. You set up your plan specs on the Compensation Screen to "Compute Ideal Salaries" and mark whether you want it with or without FICA. You will need to key the gross earnings for the partnership. You then go to the Cenus and key in each partners portion of ownership. Quantech will prorate the salaries based on that information. I'm not sure if that is specifically what you are asking about, but maybe it will help a little.

thank you! I will let the person preparing the report know and hopefully that will help out. We've been on Quantech for only two years, so a lot of the Crystal Report Writing is still new to us. Thank you for all the help.

No, there is no report that gives us the modeling totals. If there were, I don't believe it would be too hard to suppress the underlying investments. All the reports give ONLY the underlying investments, not even mentioning what model they are associated with, which I find odd to begin with because most employers would not want to have all the underlying investments printed for each model. I understand that it has to be tracked by the underlying investments to allow the models to work correctly, but it would make sense to me that the models themselves should be the only thing that is printed- But what do I know!!

I'm not sure if it is by source that we want to print. This particular client only has deferrals, but the participants have the option of Growth Model, Income Model or Balanced Model. They may choose any variation of the 3 as to how to split their money. Within that, each model invests in 10-15 different underlying investments. We want a report that just prints their balances in Growth Model, Income Model and Balanced Model and NOT their tiny pieces of each of the 15 underlying investments within those models. Kind of complicated, but Corbel says a report can be written, so I am trying to hunt one down before we try and tackle it!

We have a plan that we are setting up on Quantech. It will be tracked daily and involves modeling. The problem is that all the reports print all the underlying investments relating to each particular model. Our client just wants to see the Model Investments and does not want to confuse the participants with all the underlying investments. I have spoken with Corbel and they do not have any reports that suppresses the underlying investments, but says that Crystal says it can be done. Before we attempted to tackle it, I thought maybe someone may already have something like that. I'd appreciate any help in this area.

I was talking about the reports. Since I wrote, I have found the ones that sort by division. We have an internal problem because we have converted the reports to automatically print on our letterhead, but none of the reports we converted sort by division. I will have to get our people here to work on it. Thanks for the help though

Does anyone know if you can specify how you want the system to sort your data? I haven't found much help on this nor does it seem that we have much choice. Specifically, I have a 1000 life case that I need to sort by location. We have imported the locations in under the division thinking we could sort by division. I have been unsuccessful so far. Does anyone have any ideas?? :confused:

Well, the client requests to see the fees per person, per fund. We will not supply this to the participants, but the client wants it for their records in case anyone asks them about it since it is netted in with the gain/loss. So it does not have to be anything fancy.

Does anyone have any reports that will print a fee allocation per person, per fund? I can pull the numbers from the Summary of Accounts, but this is a large plan and it is very cumbersome and time consuming. Any help would be appreciated. We are currently using 5.0, but will be converting this weekend to 6.0.

I just returned from a Corbel 5500 seminar and the DOL is asking what the plan features are. You cannot have a "401(k) Plan". It has to be part of a Profit Sharing, Stock Bonus, etc. So if the code does not indicate that the plan is a Profit Sharing, or some other plan, the DOL will kick it back and say that it is subject to minimum funding and will expect to see the related schedule. I have not heard that they plan to "turn off" that switch. If they are, that is great, but to be accurate, the 401(k) feature must be accompanied by something else.

We generally allocate the forfeitures back to the originating investment. If the particpants receiving the forfeitures wish to transfer the money later on, that is always an option, but we have found that they usually just leave them where they are. It works well for us because you don't have to actually move the money.

Can your reference any law to that affect? This bankruptcy trustee doesn't think that he is in any way connected to this 401(k) Plan.

Thanks for the advice. The plan trustee does not care whether the money ever gets distributed because he, of course, never participated in the plan. I'm not sure we could ever get him to do anything, although he can be held personally liable for this. The bankruptcy trustee does not care because there's nothing in it for him and does not feel like it is his problem. I feel sorry for the real losers in this deal- the plan participants. The DOL has already been contacted (more than once) and does not seem that interested in pursuing the problem. I'm not sure why. And here we are, the TPA, stuck in the middle (as usual!!) trying to do the right thing.

I have a client that went bankrupt. Everything was turned over to a bankruptcy attorney who appointed a bankruptcy trustee. The bankrupt client has no assets. The bankruptcy trustee did not know the employer even had a 401(k) plan until we called him. The trustee of the plan is no where to be found. In the meantime, the participants are knocking down our door wanting their money. We have no aurthorization to distribute. How do we go about terminating this plan and distributing the assets when we can not find the trustee and the bankruptcy trustee is of no help??? Not to mention the several payrolls that never went into the plan.

I'm glad to hear it. We received an e-mail from Corbel saying that "on Quantech version 6.0 the duplicate current field was removed due to allocation percents being done with dates now..". I didn't really understand that since we are on 6.0 yet. Maybe I misunderstood her, but at any rate, I'm glad it is there.

That's what I did and it worked like a charm!! We are currently on 5.0 and Corbel told us yesterday that they have removed the Duplicate Current Field function on 6.0 and we will have to import them in to get it to work once we convert to 6.0. I hate to hear that!

That's true. I'd not thought of that. Thanks for the help.

I have a call in to Corbel, but in the meantime, does anyone know if there is a way to copy election percents from one person to everyone else?? I have a client with about 250 participants and they need to have the same election percents keyed in their secondary allocation set because we are allocating forfeitures back to originating investments and from what Corbel has told me, this is the only way to make it happen. The copy feature would be extremely helpful to us if there is a way to do it.

Thank You! I just spoke with Corbel who told me the same thing. We are still in 5.0 right now and hope to convert once the 1st quarter crunch is over.

I have already posted the question on their website. We use it very often too. I thought I'd post the question here as well to try and get an answer as soon as I can!