JanetM

They issued the notice today? Don't seem to find anything on it.................. Where can we find it?

Prrrrrrrrr

Yes, 1099R issued to deceased and included in final years income tax return.

I agree Chaos, if the participants have the right to get in or out of company stock at anytime the notice doesn't need to be sent. Am guessing sponsors who offer stock don't want to send notice that implies that company stock isn't a proper investment.

Just to play devils advocate, they can max out deferrals and make catch up without getting to 402g limit. Say the plan limits deferrals to 20%. Person making $50k maxes out at $10 and can still make the $5,000 catch up. I agree with Bill, there is no need to make separate election. But depending on how the payroll system works and your record keeper you may want/need separate election.

HMMMM, this must be a small plan where the mutual fund company send individuals stmts and then duplicates a set to you the TPA. I don't see that the fund company would have requirement to add verbage since they aren't the record keeper and don't have the knowledge to add the data. Interesting ............ If it were me, I would get sponsor to ask fund company to send stmts to TPA only. TPA would prepare the quarterly stmts for each participant.

Very few plans do this for individuals and when they do the participant picks up the expense. On the IRA side it is common, and the participant is charge the wire fee. Does the SPD explain the distribution provisions?

I don't see that you have a problem if you amend plan with last day rule before 12/31. PS contributions are discretionaly. Why not amend the plan to say the PS is discretionary rather than specific formula?

Opps, CCH section 635 and PPA section 612. Question still stands, do you read the 14 day correction period to mean make the following change. If you have PT due to not timely depositing deferrals and fix (fund lost earnings) in 14 days there is no need to file 5330?

Anyone?

Squashed, mashed, whatever you like as long as there is lots of gravy.

Does the plan allow for after tax contributions? Participant still out the tax withheld but the money could go back into the plan.

Basically all you file is the 5500 form. The code for 8b is 4I (serverance) and then you fill in line 6 with last years counts (all eligible at end of last year) and 7a with all eligible on current last day. The other lines on 7 are blank unless the CIC has taken place and you have folks receiving benefits.

Sort of, we have a bunch of severance/CIC plans and we file 5500s for them.

Section 635 of PPA. Has anyone looked at it?

Death index shows last city and state. Start searching obituaries. Write letter to local newpaper to see if they will do search of their death notices.

Depends on what the plan says. SHNE may not be eligible at 59.5.

Has anyone else read this one? PPA establishes a 14 day self correction period for fixing sec 4975 PT. Does this mean if you correct late contributions within 14 days of finding the missed/late contributions you don't need to file 5330? Any help appreciated. Reading this stuff makes my head hurt.

Statements would be Statement of Net Assets Available for Benefits (balance sheet) and Statement of Changes in Assets Available for Benefits (income statement). If TPA prepares these they should not also be auditing them.

You can't offer COBRA unless you fire them or they terminate over this mandatory HRA.

If the TPA is preparing financial stmts for the Plan they can not audit the plan.

I am sure they spend hours working on getting this stuff drafted. The definition of a security is 143 words, all in a single sentance.

Austin, maybe they should read 2(1) of 1933 act. Section 2 -- Definitions; Promotion of Efficiency, Competition, and Capital Formation -------------------------------------------------------------------------------- a. Definitions When used in this title, unless the context otherwise requires-- 1. The term "security" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

Aspen publishing owned by CCH (who is owned by Wolters Kluwer). You can go to hr.cch.com or cch.com to find information. Best thing you can do, IMHO, is to get a rep to come visit you and show you what they have online. They do have a vast resource you can tap into.

I would ask for copy of decree and settlement. If there is no mention of DRO then I would allow the rollover.