ratherbereading

Jim Gaffigan is funny, your post, no.

Thank you!

Plan suspended their safe harbor match as of 9/1/2019. PY is 12/31. There was no other match made for the year. Do I need to do both the ADP test, and the ACP test for the safe harbor that was made during 2019 prior to suspension?

We use Relius documents and there was nothing available in Spanish, for the SPD that is.

Some documents specify that true ups must be made. Personally, I wouldn't bother with $.02.

Google is your friend!

We added this service last year for a few of our clients and it's working out well. Especially for those clients who ignore our repeated requests for census and other information-

That would be a question for a bankruptcy attorney. Is it a Chapter 7 or a Chapter 13? So many variables to it. I don't know a lot about the subject, but there are new rules in place that make it harder to file bankruptcy.

Thanks!

I am trying to see if I can correct it but I don't see a way!

Thanks Lou -- and thanks for picking up the typo-- yes, 401k deferral!

Small plan-professional corporation, 2 owners (husband and wife). Everyone is paid via W2, including owners. They just moved from a SDBA with individual accounts to Nationwide. The owners typically deposit their 401k contribution out of one payroll check (max amount). Their plan year is 10/31. They are still trying to decide whether to defer for PYE 10/31/2019. They insist they have until their tax filing deadline. Since they are not a partnership, and don't receive K1s, I believe their 401k contribution needs to be deposited by 10/31/19, or a couple of days after. Yes? No?

From the IRS https://www.irs.gov/retirement-plans/correct-common-hardship-distribution-errors

Okay, them my answer stands! She shouldn't have any problem getting a distribution.

She needs to speak to the plan administrator at her former company, who should have paperwork they can send her to facilitate the distribution. Since you said she was an employee .... I am assuming she no longer is.

Maybe "crime" isn't the word I was looking for. Unethical maybe? But I can fully understand why you would consider that route - no judgment. Please do keep us posted.

I'm so sorry you are going through this. It definitely is a crime to falsify date, so I wouldn't do that. Others may have different advice, but can you consult an attorney versed in employment law? Also, many employers are sympathetic to what their employees are going through. You may be surprised. Here is an article that may help your situation -- https://americanaddictioncenters.org/rehab-guide/with-a-job I also recommend counseling so you are not going through this alone. One step at a time.

Buddy- best wishes to both you and your wife. Life is short, enjoy your trip!

I get it- our tpa owner said do what the auditors say to do but our compliance dept is researching it.

They do it because they feel that since the match is discretionary they can put it in whenever they want...

Thank you Kevin

Good morning-- I hope someone can help with this -- Larry Starr maybe? We have a plan who does not fund their discretionary match until 2 years past the plan year end (12/31) Ex: the match for 12/31/16 was funded on 6/5/2018. The auditor is saying that earnings should be calculated on the late matching contributions. I cannot find anything on this other than making the ER contribution prior to the filing deadline of the employer’s income tax return, including extensions, if they want to take a tax deduction, which they didn't. Has anyone heard of this, or can anyone site a regulation? Thanks!

I believe they can as a voluntary plan amendment has to be signed on the last day of the plan year in which the change takes effect, so they have to sign by 12/31/2019.

Can't they just have it forfeited from the participant's match source?

As you noted above and any eligible employee regardless of plan participation.