abanky

Comp 245,000 Date of hire was centuries ago. I've got a participant in a frozen DB plan with an annual benefit of 100,000. The same participant is also in a New Multiple Employer plan (Same ER in both). The participant has an benefit of 95,000 in that plan. The participant's combined 415 annual benefit is not violating anything... however, when I calculated the lump sum in the old plan and add it to the lump sum of the new plan, I'm above the 415 lump sum limit. Individually, i'm not. Is the 415 lump sum limit plan specific? or combined like the dollar and comp limits?

Do you mean the present value of accrued benefit is $850,000?

nope... just hces

I just saw this allocation formula... why does this not seem right? 1 hour for accural. Group A Allocation: 10,000 if employed from 1/1 to 3/31. 20,000 if employed from 1/1 to 6/30, 30,000 if employed from 1/1 to 9/30 or 40,000 if employed from 1/1 to 12/31.

It is a trust department. Didn't even think about checking to see if they do the dirty work. Thanks Andy, I'll send them an email right now. You done with exams?

Good point. Thank you.

in case they want to withhold taxes and we don't have their current deduction.

I have a plan sponsor who is changing banks. Is there any special notices that need to be sent to current retirees receiving payments? other than new ach forms and w-4ps

2. I get that error too (for every plan)... I am assuming it's a rounding error. It hasn't affected any of my efilings.

Each plan requires a separate valuation and schedule B correct?

Just trying to get a handle on this... Some basic questions. Do the assets need to be pooled? How are assets divided up for funding purposes? (are the pooled, but tracked separately?) If an employee leaves one employer and goes to another, how is the shortfall liability made up? Thanks,

That is really funny.

Yes, and more times than not yes. Important to note, that the hypothetical contribution (or Hypothetical account balance) is different than the Target Normal Cost (or Funding Target)

but doesn't 417(e) require that the interest rate be determined using a lookback of 1 to 5 months preceding the stability period?

I am reviewing a takeover plan and found this weird phrasing... (maybe it's not so weird, but the first time I saw it). "The "Applicable Interest Rate" means the annual rate of interest on 30-year Treasury Securities determined as of the first day of the Plan Year during which the Annuity Starting Date occurs." Do I take that to mean that there is a zero month lookback? Is that even allowed? or does that mean December's rate, because the 30-year isn't published until mid January?

I won't hold my breath with the IRS... i was on hold for an hour yesterday. (i nearly passed out)

Can i just use the 2009 5500-EZ to do a final/short filing for a 2/1/2010 to 2/26/2010 plan year?

have no plan books open... utilities/electronic filing/create efast filing i might be mistaken... but the person i talked to said that when you get to the point prior to transmitting, you'll be able to put in your # as signing on the authority of the client.

they said the update would allow someone to upload using efast filing assistant

Relius told me last week that they would have the update ready this week... but we'll see.

The HCEs are a married couple who owns the company

what if none of that helps... most of the mrc is based upon a very high target normal cost.

I have a client who has a 12-17 to 12-16 plan year. For the 2008 plan year, they have a contribution of 440k and are saying there is no way that they can make it. They want to terminate the plan as soon as possible. They are pbgc covered. 2 hces and 1 nhces. We are past the deadline to apply for a MRC waiver.... is there anyway for them to get rid of the 2008 contribution? Any suggestions?

I don't adjust them for the 2009 missed quarterlies... I don't think it is necessary.

That's what I thought... The plan had an actuarial loss, so it reasons that it would go up. Follow up, if the plan is 100% funded (assets greater that PBO) can the transition obligation amortization go away?