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Mike Preston

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Everything posted by Mike Preston

  1. Mike Preston
    Indeed.
  2. Mike Preston
    Understood. Maybe your penance is answering the original request for a tutorial on all things discrimination? 😁
  3. Mike Preston
    I think so. But I'm not going to quote from multiple messages to see how we got there.
  4. Mike Preston
    It is my understanding that this was later modified such that the hces received nothing.
  5. Mike Preston
    Did you miss the fact that in this construct nobody is receiving any benefits if they are an h c e?
  6. Mike Preston
    You need to align yourself with a good TPA who can explain everything to you.
  7. Mike Preston
    Not a thing.
  8. Mike Preston
    You are over thinking it.0% groups a and c. No gateway. Passes all tests.
  9. Mike Preston
    Why risk it?Adoptt ew.
  10. Mike Preston
    Not a legal one.
  11. Mike Preston
    The opposite? Not if officially adopted.
  12. Mike Preston
    child in law was discussed, not child.
  13. Mike Preston
    Point of order, your honor. The phrase "cross test on a contribution basis" is, at best, a Norm Crosby delight (malaprop) and, at worst, a description that should be discouraged with a random number of lashes. Try "test for non-discrimination on a contributions basis" instead. You'll like it. And I won't hear fingernails on a chalkboard in my head as I read.
  14. Mike Preston
    Conventional approach leads to deduction of -11g amendment contributions in year of adoption.
  15. Mike Preston
    It would be disqualified. Outdated design. Needs a competent service provider.
  16. Mike Preston

    IRA Rollover

    Mike Preston replied to PS's topic in 401(k) Plans

    Of course the presumption is that the new 401(k) plan will allow rollovers. If not, well, things are different. Nothing to correct in either event re: 1099's.
  17. Mike Preston
    Perfect! Thx.
  18. Mike Preston
    Non owners.😁
  19. Mike Preston
    Client is looking for somebody to go along with a 420 transfer. Every time I read the rules regarding 420 transfers the complete absence of NHCE's blows it out of the water. A technical reading does not preclude a transfer. However, the amount that can be transferred is limited to $0 when there are no NHCE's.
  20. Mike Preston
    Besides calling in an ERISA attorney to help with the VCP? Well, here is the direction I would go. As you indicate make the plans the same, whether that is safe harbor or not. The NHCE benefitting percentage should well exceed the safe harobr percentage (20.75% it looks like), so your target is passing the ABT. Assuming your HCE's aren't significantly older than the average age of the NHCE's you will need to goose the NHCE percentage. This calls for a bottom up QNEC (remember the 5% limitation). Another thought: what about excluding the two HCE's, wouldn't that fix the future?
  21. Mike Preston
    There is no need for your new document to be anything other than pre-approved.
  22. Mike Preston
    Thanks, David, for years of sage advice. You will be missed. Enjoy.
  23. Mike Preston
    A
  24. Mike Preston
    If the plan administrator chooses not to communicate with you, you can play hardball by submitting a claim for benefits. That will force them to either agree with your claim or explain why your claim is inaccurate. Do not take this step lightly. It will not win you friends.
  25. Mike Preston
    This is perfectly acceptable.
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