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Mike Preston

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Everything posted by Mike Preston

  1. Mike Preston
    Only if the document allows it.
  2. Mike Preston
    I would not word it that way.
  3. Mike Preston
    Not if deferral comp is not reasonable.
  4. Mike Preston
    Compensation for deferral purposes need only be reasonable.
  5. Mike Preston
    Repeat: terms of the plan.
  6. Mike Preston
    You can use SCP if the request was made timely but not acted upon by the deadline.
  7. Mike Preston
    I view them separate but I get where you are going.
  8. Mike Preston
    How does that generate cash to make the contribution?
  9. Mike Preston
    Allowing a participant to pay or pre-pay more than the amount necessary to extinguish a loan is ...............? Options: unwise, unfair, fiduciary failure, theft, other?
  10. Mike Preston
    Nothing in our business is that easy. If he is under 59 and 1/2 how does he get a distribution of any kind, taxable or not?
  11. Mike Preston
    You did catch my drift that the design that Firm 1 is presenting is two or three orders of magnitude more complicated than you want, right? That is, if I'm right as to what I think they are advocating. And the simpler design gives you complete flexibility in all years (within reason)?
  12. Mike Preston
    Theoretically, yes, but at the expense of a design which would be less expensive and more responsive to your needs.
  13. Mike Preston
    Steve, based on what you have written you can have almost 100% flexibility for the next five years. Have one of your actuaries call me (my contact information is easily found) and I'll guide them through the process. It really is trivial.
  14. Mike Preston
    If I understand what was written, the participant loan's original amortization calls for the loan to be fully repaid at the end of the year. In essence, the participant should be asking what the exact dollar amount is to pay off the loan in full. I doubt it would be 6 months of unreduced payments.
  15. Mike Preston
    That much I agree with.
  16. Mike Preston
    In what universe can this be a problem?
  17. Mike Preston
    Ditto. Ditto. Ditto. DITTO.
  18. Mike Preston
    Does the policy have an auto escalator?
  19. Mike Preston
    You are not wrong.
  20. Mike Preston
    Once a decision has been made to further investigate a top hat plan make sure that 100% of the HCE's fit the IRS eligibility.
  21. Mike Preston
    Each plan would calculate the maximum as if the other plan did not exist.
  22. Mike Preston
    Heaven's sake, the only advice should be FILE. An ounce of prevention is worth a pound of cure.
  23. Mike Preston
    Combine the qslob with a qserp and many fewer becomes many many fewer. In addition, a few targeted nhce managers can help a lot.
  24. Mike Preston
    Formulas are never testes for BRF. Just amounts testing.
  25. Mike Preston
    Can increase match to triple match.
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