benefitsguru

Does a notice have to be provided to participants in a non-qualified individual account plan for which a top hat filing has been made? No per 2520.104-23? Thanks in advance for any guidance!

Thanks for your reply. Yes, all investments are deemed investments so the plan remains unfunded. So any offering of employer stock would be a deemed investment. I'm thinking there may be an accounting reason because I can't determine any ERISA/securities laws reasons.

I oversimplified the question. Stock is publicly traded (registration not an issue), and supplemental plan is a NQ plan that mirrors a 401(k) except that the Code's limits are not taken into consideration. I understand that some employers don't offer employer stock in their supplemental plan despite that all other 401(k) investments (deemed) are available in the supplemental plan.

Any reason to not offer employer stock fund in a supplemental 401(k)? Thanks!

I want to track down the DOL guidance that recommends formally assessing a plan's recordkeeper on a regular basis. We look at fees all the time, but how often should we do a full-fledged RFP. Anyone know the DOL guidance off-hand? Thanks!

Thanks. I appreciate the insight.

Sprintrider - I did read your response, and I totally get that the trust can be a beneficiary of an IRA. That wasn't my question. The issue is who is the "owner" of the beneficiary IRA? The trust? the beneficiary of the trust? the trustee? The bank is asking who is the "owner" of the IRA.

I want to move my uncle's IRA to my bank. The IRA is with a bank out of town. I'm being told that the trust can't be the owner of the IRA, and since it can't be the owner, I can't open up an IRA at my bank in the name of the trust and have the IRA transferred to my bank. For example, the bank's IRA application is written for an individual to open an IRA.

The beneficiary of my uncle's IRA is a trust fbo my brother (my brother needs someone to manage the funds or else he will spend them). As trustee of the trust, I want to change custodians. How can I do that without suffering tax consequences? I want the IRA to be at my bank so I can make quarterly distributions to my brother (which I know he will be taxed on when paid). My bank is telling me that the trust can't be the owner of the IRA. Any sight would be greatly appreciated!

Thanks for all the responses. The documents are silent as to who the default beneficiary is unfortunately.

Help! I'm trying to find a source that says the estate is the beneficiary when an IRA owner doesn't name a beneficiary (assume the IRA agreement is silent, that it doesn't provide a default beneficiary such as the spouse or the estate). Without a beneficiary, I guess state law says that it goes to the estate (assume not a community property state)?

I know a QACA has to be in effect for a full 12 month plan year, but what about a EACA? Can it start mid-plan year?

Benefits will be provided in accordance with 414(u) and USERRA. Not very helpful.

If an employer reemploys an employee even though she has been on a military leave of absence for > 5 years, does that mean the employer has to provide the employee with credit under its pension plan (participation, vesting, benefit accrual)? It doesn't seem right that the employer that is more generous than it has to be in reemploying the employee then has to provide service credit for all those years in the pension plan (about 7 years in this case and the employee only worked at the employer for 5 years). Thanks in advance.

I agree that it would be best if the son was named the bene., but the IRA owner named his estate and has passed away.

Estate is bene. of IRA. The IRA owner's will says everything in estate goes to adult son. Can't the IRA be moved over to the son as an inherited IRA of which he is the sucessor bene.? Thanks in advance for any responses.

Good point so the haircut applies to all amounts deferred thus far in '15 + amounts that would be deferred if the election remained in place for all of 2015.

Employee wants to cancel a 2015 deferral election (1st year in the plan and it's the only one he's in) and just pay tax and take a 20% haircut. Can it be done??? Neither the disability nor hardship exception applies in this case.

Can a qualified plan document include an excess benefit plan formula/other language but there also be an accompanying separate excess benefit plan? Assume that benefits will be paid properly with qualfied benefits paid from trust and excess benefits paid from general assets. I've just never heard of this before! Thanks in advance.

An IRA owner dies without a beneficiary but lives in a community property state. Don't the IRA proceeds go to his spouse (as if the spouse was listed as the beneficiary on the beneficiary form)? Thanks in advance!

Is an insurance payment that identifies the family members covered "individually identifiable health information" as defined by HIPAA? I appreciate any thoughts!

If an IRA owner is beyond 70 1/2 and there hasn't been any activity in the account for a certain number of years, some states require the funds to be turned over to the state. It just seems odd to me that we turn the funds over to the state without accounting for them with the IRS because there wasn't a 1099 filed nor were 5498s filed.

How do I characterize an IRA that has escheated to the state? Is it a disribution reported on a 1099? Is it simply a transfer of some sort? Any help would be greatly appreciated!

Can plan assets be used to pay litigation costs incurred to defend a trust against bogus allegations (not concerning breach of fiduciary duty or ERISA)?

Help! My brokerage firm didn't process my request for a distribution from my IRA last year (its not a minimum required distribution). The firm processed it this year despite my instructions. Is there any way to appeal to the IRS since it's not my fault?