Soundbc1

Thanks for confirming my understanding.

A 401k plan owns company stock, in fact owns 95% of the company stock. One participant has more that 5% of the company stock within his account balance, no company stock outside plan. Is he a more than 5% own of the company? Thanks,

In my many years of practice, I have never ran across this question: Can a plan have an "inservice rollover" provision for any reason? No age restrictions or years of service provision. I have never seen this in a pre-approved plan document. Several internet providers are saying this is possible and we know how reliable the internet is. Could it be done with an IDP?

I use the Efast system directly and get the same "warning". I go ahead and sign, then submit. It then wants to know if you want to submit anyway. I hit submit. I checked "filings recieved" and it shows the DOL got it.

Could there be an amendment effective 2015 hiding out there? I could be naïve in my old age, but it is hard to imagine there are still "bad" TPAs. On second thought, I worked for a bundled provider 7 years ago, I pointed out what they were allowing in a plan I reviewed was an operational failure. They acknowledged it was, but they didn't want to change because "it might upset the client" and the bundled provider had been doing it wrong for years. I stuck around for about 3 more weeks and started my own firm.

Reminds me of the CPA, who got caught back dating documents, way back during the TRA '86 restatements. He was fined $200K and barred from ever working on qualified plans. He was having his clients back date the previous document (DEFRA). He needed to submit the old docs to the IRS, along with the TRA documents. The problem was the old documents were printed on a laser printer, "when the laser printer hadn't yet been invented".

As far as I can tell the responsibility is on the service providers to document they discussed/ determined it was in the best interest of the participant to roll to an IRA. The plan sponsor would not have the necessary information to make determinations if the IRA service provider was acting in the best interest of the participant. The participant would need to hand over personal/private information to the plan that the plan sponsor/trustee has no right to demand.

Just musing before going in to a meeting. Under the new DoL Fiduciary rules, wouldn't a promoter of a ROBS plan become a fiduciary under the new rules? They are being paid a fee and recommending the client move funds from and IRA to a qualified plan for the purpose of purchasing employer stock. I got to go.

These are low paid individuals, I suggested they may want to go to "legal services" to start the process for a legal separation. Thanks Have a great weekend

Have a new 401(k) plan and am doing enrollments. This question came up twice: Both employee are separated from spouse (not a legal separation), they have not spoken in 4 years, one only knows the general where abouts, the other knows the spouse is in prison (domestic violence, etc). Neither wants to contact with ex. Suggestions on how to name someone else as primary beneficiary?

Yes

I have used click2mail.com in the past to mail postcards. I think they are affliated with the USPS.

This was common in the 80s and 90s with professionals. You can still file a 5500-EZ. Investments do not determine if it is subject to ERISA, so since not subject to ERISA, they can file the EZ.

I am surprised that no one came back to correct me or agree with me regarding the trust issue. As for the top heavy, I would say it differently, excess only plans brought in to existence top heavy rules, which is slightly different.