JanetM

If you are transferring the loan asset and the cash in rollover to new plan I would use the G. 100% of account rolled over so why does it matter what the actual asset was that transferred to new plan. You use G for in kind stock distribution to IRA. How is loan assets any different?

When you put multiple plans in single account(s) it is a master trust and you normally you have additional filing requirements. Is there a monthly allocation to each plan done?

Not in restatement. As long as you have MP funds you are stuck with it.

You should ask the record keeper why they posted the excess amounts to the account? The amounts should have been rejected or generated an error report if they have even a have decent computer system.

Here is how I understand it. Once COBRA continuation is elected, there is a 45-day grace period to pay the initial premium payment. The initial premium payment covers a period beginning the date coverage was originally lost to the end of the current coverage month. This means if they wait 45 days they can pay two months for first payment on day 45 or they pay one month on day 45 and one month on day 60. Subsequent monthly premium payments are due on the first day of each month of coverage and must be sent within 30 days from the due date.

That is just toooooo cute.

You would have the owner/plan sponsor on 10/01/07. I don't see why you couldn't use 10/01.

You can allow folks to roll qualified IRA funds to the plan. You can't force anyone to move the IRA funds into the plan. The funds are now rollover money and subject to the plans rules. Are now plan assets. If you do it this way no IRA contributions can be made to the plan.

Hey tom, isn't that simplest not lowest?

Belgarath you can't come back as bowl brush- it is inanimate. You have to be animate. The leaves NY sewer rat.

Thanks for adding that masteff.

From a summary done by Groom Law Group. The returned amounts are includible income in the year in which such amounts are returned, but the 10 percent early withdrawal penalty and the otherwise applicable withdrawal restrictions would not apply. If matching contributions are made, such contributions shall generally be forfeited. In general, the returned amount must not exceed the amounts that were automatically contributed prior to the effective date of the participant’s election to return such amounts. I am guessing the Service will add a new code for 1099. If they don't I would guess code 7 would be the one used.

Contact your state bar association and ask for a referral.

Our contracts are in DB plans - no participant accounts. One show staight contract value. The rest show and estimated market value - a different amount from book value.

Insurance company must give you schedule A data. You may have to ask, all of mine send it automatically.

I use FMV on H line 14 since all assets are reported a market.

AICPA bulletin EBPAQC_Stable_Value_Primer.pdf

Sad thing. He will be missed by many. His contribution to the board was appreciated.

Preface for online edition (5th) is dated May 2007 says the following. The 457 Answer Book covers all aspects of eligible and ineligible 457 plans, including the dramatic changes made by the final regulations to Code Section 457, the Pension Protection Act of 2006 (PPA), the American Job Creation Act of 2004 (the JOBS Act), and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPA). The final regulations reflect the changes made to Code Section 457 by the Tax Reform Act of 1986 (TRA '86), the Small Business Job Protection Act of 1996 (SBJPA), the Taxpayer Relief Act of 1997 (TRA '97), the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the Job Creation and Worker Assistance Act of 2002 (JCWAA), and other legislation. The final regulations under Code Section 457 made numerous technical changes and some clarifications to the rules regarding excess deferrals; self-correction for excess deferrals to eligible plans of tax-exempt employers; reporting distributions of excess deferrals; aggregation rules for plan eligibility purposes; the deferral of sick, vacation, and back pay; unforeseeable emergency distributions; plan terminations; plan-to-plan transfers; rollovers; the ordering of partial distribution from plans containing rolled-over assets; and the effect of deemed IRAs on plan qualification. The JOBS Act substantially affects ineligible deferred compensation plan rules and deferred compensation planning (see chapter 11). The BAPA extended protection in bankruptcy for most retirement funds governed by Code under Code Section 457 (see chapter 9). Nearly all of the chapters have been updated by their authors to address recent 457 guidance and related issues. In chapter 11 on ineligible plans, David Pratt expands his coverage of the major changes that resulted from the American Jobs Creation Act of 2004 on ineligible plans under Code Section 409A. In chapter 14 on Miscellaneous Issues (which is actually on the "odd and unusual"), Carol Calhoun expands her coverage of plan choice alternatives and adds a section on military reemployment, service credit, and make-up contribution rights under USERRA.

From the facts - your plan sponsor is the joint venture. An officer of the joint venture would be the person I would have sign it.

Owen, you will need checks from 1998 forward. That is when Roths were first allowed.

No I haven't seen that before. Think the TPA could have liability if the ER sent incorrect or fraudulent data.

When checking quality of their work you will need for them to disclose how many clients have been audited, what is the turnover rate for clients, get client references since you are buying the book of business. If the majority of the client base is small, do a complete review of some risky clients. Make sure the TPA isn't bending the rules to keep the client happy.

You can still make the correction. You will need to file 5330 and pay excise tax on section 4979 excess amount.

Have you checked the staff competence levels? Are you sure they did satisfactory quality work? Will you assume liability for past errors?