ratherbereading

Written today and shared on ASPPA -- not passed yet. https://www.asppa.org/news/browse-topics/senate-takes-coronavirus-stimulus-bill-retirement-relief

If you read my post there is no such allowance for ADP refunds. You'll have to argue with the ERISA Plan Compliance Calendar.

Deadline for distributing ADP/ACP refunds without incurring a 10% excise tax on the employer—i.e., due 2 1/2 months following the plan year-end. March 15 falls on Sunday in 2020. No guidance clearly allows extending the deadline to the next business day. --From the 2020 ERISA Plan Compliance Calendar. Most investment houses want the refunds submitted at least a week in advance.

It's sad that it hasn't come up? That's a good thing--it means my clients are hanging in there . I honestly think people are panicking. They need to ride it out. Eventually, everything will get back to normal.

So far it hasn't come up with any of our clients. Hoping it stays that way.

I would say it is not.

It may be, although with so many people working from home now, who knows? I guess we will have to wait and see.

This is really old, but may help you. What are you doing on here on a Sunday???

Who is "them", and 2 weeks to change your status where? I can only guess Awaiting Payment means payment of your 401k balance. But more details are needed.

Thanks!!

Larry Starr, please see attached chart - you will see the 2025/2026 years referenced. orig and ext tax due dates.pdf

For a 12/31 pye S Corp 3/15 extended to 9/15 not changing. C Corp 3/15 extended to 9/15. Change not until 2025/2026. I have a chart. If you want me to email it to you message me your email - I can do it on Monday!

I agree with WDIK and my vision is fine. Usually!

This is really old, but may help you:

The problem being the HCEs don't want refunds. They have little non-HCE participation. Nor do they want to go safe harbor, though.

Larry - yes, I am aware that it's unknowable - just wanted to make sure I didn't miss something. So yes, that was my real question, as much as I should have known better than to ask. Thanks, all!

I have a large plan that failed ADP/ACP testing for 2019. They have 11 HCEs and 200 plus NHCEs -- they want to know now how much HCEs can put away in 2020 in order to pass the test. Not sure how to figure this out. They do current year testing and are less than 5 years old so they can't switch to prior, correct?

Still sounds like it's one or the other, not both. EITHER OR.

I don't think that would fly. It just sounds ridiculous. Giving 2 weeks notice isn't a rule--unless the employee signed some kind of contract, which is unusual. When a company fires someone do they give the employee 2 weeks notice? No.

By "plan" I believe you mean source. They are not 2 separate plans, it's one plan. From what you are quoting, "You may make either Regular 401(k) deferrals (pre-tax) or Roth 401(k) deferrals (after-tax)." , it sounds as if you can do one or the other, but not both. I would clarify with the plan sponsor.

What's your question?

Thank you!! I will take a look. Relius still has not responded to me.

Our default is 10% unless they want a different amount or none at all.

Trying to run eligibility in Relius and getting the following error under Plan Specification Errors: Sub PerformBulkWriteNet () :Database write error. Relius no longer has their chat, so I put in an Incident but who knows how long it will take them to respond. Anyone ever have an error like this? The plan specs are fine.

Honestly, all we look at in our Relius test is if it passed 401(a)(4) non-discrim testing. I have no idea how to figure out EBARS and I don't think I want to !