stevena

We are using the $200 limit. Mostly because we wanted it to be $0, but didnt want to have to get consent on residual balances, so we had to pick a low number. That and the withholding limit made it seem reasonable.

isn't the match contribution calculated monthly and therefore based on monthly salary? if there isnt a true up, your match isnt defined by plan year comp, is it?

We gave the employer the option to eliminate cash outs or set up the auto rollovers, but we are urging them to eliminate the cash outs, for many reasons. Some of them are amending to eliminate cash outs under $1000, but most are amending to eliminate under $200. We havent had anyone (yet) who wants to go with the rollovers.

I am looking for the same thing. However, I havent been successful. Im not sure specifically what you are looking for, however, I have gone to www.tagdata.com to get specific companies, then gone to each company website. Time consuming but helpful. Lisa

I dont work with SEPs often either, but I do have the SEP answer book (although because I barely work with them, its older) [The 10th Edition of the Simple, SEP, and SARSEP Answer Book is now available (1-800-638-8437). Rolling eligibility, in this situation, would not be a good idea. The zero eligibility (to allow immediate participation for new employer--and owner) will have to remain at zero to prevent discrimination....--gsl] (Yes, I think they would need to adopt a different eligibility for entry than the 3 of 5.. one of the examples in the SEP book is a startup in 1997 wanting to set up a SEP for 1997, and the eligibility had to be immediate upon employment) It says in 2:50 "May an employer amend the plan each year to lengthen the service requirement to participate?" A: "Amending the plan to increase the service requirement for eligibility to participate is permitted. However, if new employees are added to the workforce, the successive amendments are likely to result in prohibited discrimination under 408(k)(3) since the present employees who are highly compensated cannot meet the eligibility requirements the new employees at the time the plan was originally established. Another approach would be to terminate the plan each year and establish a new plan. In either case, it might be prudent to seek written assurance from an ERISA attorney or submit a request for a private letter ruling for such a scheme." In 2:52, the question is whether future employees can be required to satisfy an age or service condition not applicable to current employees. the answer says that the IRS model and IRS approved prototype plans, while not expressly prohibiting dual eligibility, do not contain provisions for dual eligibility.

pmc...maybe some day, but for now, my kids are so little. (8,6,and 4). Maybe 10 years from now that would be an option. The amount I have learned from my past employers, both small firms, is amazing. However, I am not sure I am at that point yet, I still have learning to do. I was thinking that maybe if I did a certain position, like plan implementing, that it might combine all the areas I am used to working in into one. The position would be designing new plans and doing all the work to get them set up and brought in. Then I would have to keep current on regs, and testing, and design. But I have found (suprisingly) that this isnt really a position...the brokers do it. The "conversion" people tend to just work on data entry, essentially. When I work with the brokers to sell a plan, I often think, I am designing this plan, I am setting it up, why shouldnt I go into sales? I would love a position assisting a broker, that would be great. Generally I have found, though, that they arent much interested in plan design, or setting it up properly, etc...they tend to just want to get that money! My worry about sales is not only the fluctuating salary but the traveling. I need to be home with my kids after work. I wonder if small firms like I work at now are rare? I cant seem to find them. If anyone has any ideas, (in the NC area), I would love some help! My plan for the weekend is to scour the ERISA attorney offices and CPAs and see what I can come up with. thanks for the input, Lisa

I think I am getting a little bit discouraged. I visited and interviewed. Had some great interviews. The problem I keep running into, is that companies seem to be so departmentalized. In the position I have now, I am the one who does testing, and compliance, and distributions, and deals with legal questions and consulting the attorneys. I fill out adoption agreements. I design new plans. I terminate plans. I do CPA, and IRS and DOL audits. My clients are my clients. It seems that everywhere I go, these are seperate positions. There are "people" who handle each piece. My fear is, that if I get put into a peg hole, a few years down the road, I will lose my ability to work in all the other areas. I dont want to be the testing "person" or the audit "person" or the distribution "person". I dont want to spend my days transferring clients to other departments. Is this the way things are going? It seems to me that full service people are just not seen as necessary anymore. I wonder if I should move into another area. For instance, if I move into sales, I could have client contact, design plans, and keep up on legislation. Only problem with this, is that I have a family and hate the thought of an unstable income. I guess I am looking for some insights from all you owners out there. Any helpful thoughts? advice? Thanks! Lisa

Interesting article...I love the idea of being able to fill out a questionnaire. I went last week to interview...had a great interview at one firm. Have one firm that I wish would return my calls..the position sounds so perfect, but they havent called. I bet they shy away from relocating applicants...Hope it works out. (weather was so beautiful! nice break from the ice and snow!!)

http://benefitslink.com/IRS/notice2002-3.html is this helpful?

I'm out of state...I see what you mean, I could do that easily in my area. I'm venturing, though, into a little bit of unknown territory...I dont know the area accountants or the fund group reps. Maybe I can network around with my guys up here, and try to see if anyone knows anyone...etc. thanks

Morning all, I am looking for more suggestions. This time, does anyone have suggestions on how to check out a company. How good are they? What is the reputation? What is it like to work there? Etc. I have gotten some responses to my resume, and will do some interviews. But I want to be careful of where I go...not make a bad move. Any thoughts? Thanks!

Thanks. We have timeslips already, but an older version. We use it to create our invoices as well but don't use it to track time. What I am having problems with is that I often need a certain report.... I need say, everything billed to a client for a certain year, but broken down by code (we code all our entries, testing is 120, annual report is 100, etc.) Say, if so far, a client has been billed $600 for 2004, I need to know what that was for. How many $ for annual report, how much for distributions, how much for testing, etc. Right now, if I need to do that, I have to print out all the bills and add each code up manually. Its such a pain. Our timeslips cant do that function. Can yours? Appreciate the help

Along the same lines, I would love to know if anyone has a good billing system for clients. We bill hourly and are trying to find a good system. (Right now our system consists of timesheets written by hand.)

We have had 4 DOL audits in our office in a few months time (all late depositors). There have been two different auditors. The timeline they have used depended on the client. They looked at the absolute earliest the client ever deposited (looking back a few years!) and used that time frame. SO for example, if two years ago the client deposited their deferrals 2 days after payroll, they used 2 days.

We dont use software...just excel. I wouldnt do it with huge groups, but my biggest plans have maybe 250 participants. I like it better on excel, when I worked at my old firm, we spent more time struggling with the system than I spend on testing now.

On an enrollment form: Marital Status: "Somewhat happy". Ah, participants....who says this is a dry business?

Anyone have a clear idea as to when these need to be done? In a daily valued plan, do these have to be done as soon as someone terminates employment, on a rolling basis? or can you wait until year end, or every six months, or whatever, and roll everyone into an IRA who hasnt responded in that plan year? I read the IRS notice but I am still not clear. And how long do you wait until someone is deemed to "not respond"? WOuld that be part of your policy, and it will be different for every plan? or is there some magic time limit (do we use the 90 days?) am i missing where these issues are addressed?

I dont know if its that way everywhere...I hope not! But, I have seen employers who think that someone who has been somewhere "too long" get "set in their ways" and "lack flexibility". I hope the people I am sending resumes to think like you!

Well, I dont have 5 years, I have 10 years. Granted, 5 years of my experience wasn't at the best TPA in the world. However, no one's experience is all good. I can't imagine these days paying anyone who has a college degree anything less than at least 35 to 40, and I havent heard of anyone who would. And in Boston, thats a pretty low salary, really entry level. My salary is up there, however, I have been doing this for awhile, and the fact that I went from 35 to 70 in 5 years at my current employer means I must be doing something right. I do think that the fact that I do everything by hand is a disadvantage in a way, because I dont know anyone's software program. The last thing I used was Pentabs and Quantech...how far back does that go?? However, I am hoping that having to teach me a software program (what would that take, a few weeks?) will be a small thing, and that the fact that I know what the system is doing behind all those churning sounds coming from the computer will be a big plus in my favor. I can't tell you how frustrating it is to talk testing with the person who keeps saying over and over "my system says...my system says..." I would love to see that ASPA publication.

Yeah, I know. Applying for a job feels like when you meet a boy when you are a teenager. Do I call them? How many days should I wait? Do I wait for them to call me??? Too funny.

Which figures sound high...starting salaries of 35? or my salary of 70? My salary may sound high, but I have 80 cases and do everything by hand. We have no system for testing, so I do everything on excel. So the job is pretty labor intensive. We also hand hold every single client and do absolutely everything for them, down to writing letters for them to fund groups for participant distributions and telling them when employees are eligible to be paid out, etc. It really is an unusual position, compared to the work I see other TPAs doing, at least locally here. But, I do know that many area TPAs pay what we pay, if just a little less. I am curious where you are located that the salaries sounded high? (to be sure I never move there!) SOrry I cant help with the DB info...I am trying to wade through the ASPA DB book right now, and find it so boring I want to cry.

I'd go for BrunoMagli wingtips (if I were a guy, that is).

OK, I put it on there. Hope it goes over ok... now just waiting for the phone to ring! Thanks for all the input. Again, I wasnt ever trying to be deceptive. And yes, I do know how small this business is, that was my hesitation. I guess my hesitation was because I see this all the time at my firm when resumes are sent in. If someone works (worked) somewhere that we know has a bad rep, the boss wont even consider them. Unfortunate, but true...they have the scarlet letter. So now my only worry, that I have only had two jobs total in the past eleven years since I graduated from college. Sometimes I think that goes over as badly as the resumes we get in that show a new job every year....

Would anyone else have an issue with that (above)? Pax, would you look at this as lying? or would this be ok with you?

thanks. Pax, that's why I asked about not listing it and what everyone thought. When the recruiter told me that and said not to list it becasue it was too long ago, I wanted another opinion. It didnt sound right to me that I could just list one job. But his opinion was that employers "dont care about jobs you had that long ago". Guess he is wrong, eh? I guess I will just list it and hope for the best. Maybe someone will be willing to overlook it. thanks for the insight. Hopefully i can use some language like you suggested if I can get my foot in the door. My only fear is that I won't get that chance...