coleboy

I am just taking over this plan in which the only employee is the self-employed owner. I can;t figure out how my predecessor calculated the 4% match. The net schedule income is $94,249.16. She contributed $16,900.00 during the year. This amount was not included in the Schedule C breakdown. What should be the match be?

We have a client whose plan we'll be taking over on 7/1/15. The document that I'll be completing for this client is updated to all the PPA,etc regs. The current TPA is insisting that the client sign the new restated document that they have completed and has an effective date of 6/15/15. My thought is why sign that document when you will be having a new document just 2 weeks later. Never mind the expense. Also, why restated documents with an effective date of 6/15? Any thoughts? Am I missing something?

She put in slightly less than $23k as she was eligible for catch-up.

I have a similar question. The CPA, after reviewing the client's Sched. C, wants to know if she can put in any additional deferral amounts now for 2014. Is it possible. My first thought is no.

Can anyone answer this? Or have an opinion?

The LLC is being taxed as a partnership. The majority owner's son is also an employee. Is the son allowed to participate in the cafeteria plan? From what I have read the LLC would need to be taxed as a C-Corp in order for owners to participate. Since this one is being taxed as a partnership the owner cannot participate. But do the code 318 owner attribution rules apply in this case and disallow the son from participating? Or would the son be allowed to participate and just be counted as a key employee?

Can you tell me who that company is that will be providing 3rd party services? I work for a growing payroll company and am researching what companies are out there providing these services.

I have been asked to find out if there are companies that will be offering ACA compliance software in so far as completing the 1094,1095 forms, etc. Does anyone if FT Williams is planning on coming out with anything? Thank you.

My company is looking into a new system for our COBRA administration. I was wondering what administrators were using out there.

The owner of a S-corp wants to make a $5000 contribution to his 401k plan on a pre-tax without it going through payroll. Is this possible? If so, how?

The IRS released 2 new qualifying event provisions for Section 125 plans that are optional for employers to add into their existing plans. As a TPA can we take the approach that all plans in our book of business get this update or should we be giving clients the option to include these new provisions? From our internal discussions it seems like this should have just been an addition to the qualifying event definitions rather than an optional provision to be amended on the plan. On another note, does anyone know if the deadline to update the Sect. 125 documents will be extended? Our document provider is not expected to release the updated documents until the end of Oct. during our busiest time of year.

My company has decided to make the leap into full service penson adminstration. I have done full service before but it was an existing business. What I'm looking for is some one to help me out and is willing to share their existing letters, forms ie new client checklists, takeover letters/checklists, year-end census/ information requests. Stuff like that. I am not interested in stealing anyone's clients, etc.

I am in the process of setting up a new safe harbor 401k plan for a company when I find out that there are 3 other companies entirely owned by the same persons. Do the other companies have to be included in the plan? That is, do they have to be offered the opportunity to enroll into the plan as well? Can just the one company have a plan and the other 3 not? Or can they have 4 separate plans? Sorry for the many questions, I am just getting back into pension adminstration after a 2 year lay off.

A participant recently noticed that no 401k deductions had been taken out of his paycheck since June 2013. He had elected to have 3% taken out. After checking with the payroll company, it was discovered that the payroll rep had accidently stopped his deductions. Accordingly, calculations are being done to correct the missed deferrals for 2013. The question that was raised was does the employer have to make up the deferrals that weren't done during 2014 even though the participant could still contribute enough to make up his 3% pay for 2014. The plan has a safe harbor match. Any replies wll be much appreciated. I am just getting back into administration after being out of work for over a year!

I have a basic question. I am setting up a 401k plan for a nonprofit company. The president of the company makes approx. $80k a year. Would he be considered an HCE?