ratherbereading

If you don't need the cash just take the money and put it into an IRA.

I think it's a very bad idea and would not encourage it. For one thing, paying back a loan can take up to 5 years (or longer). They don't want people deferring for that long?? Who are they to decide this for the participant? Second, the loan payments have nothing to do with the employer, so why should they even get involved? I have a plan who uses hardship reasons to give loans, but they certainly aren't going to tell participants, ok now you can't defer until your loan is paid.

If 12/31 was their last day at work, and they made an appearance, then yes, I should think they would get it.

I don't see an issue. I actually have a plan where one of the owners does not want a contribution. It's a new comp plan. The tests are all to make sure the plan doesn't discriminate against non-HCEs, not HCEs so I think you are fine.

Hi Jeanie. I am so sorry for your loss! I would suggest asking his employer if he indeed chose the funds, or if they did. With most investment houses like Vanguard/Nationwide/John Hancock, the participant fills out an enrollment form and indicates the funds. Honestly, as close as my husband and I are, we didn't discuss what funds we are choosing for our 401k accounts. Perhaps you can find his original enrollment form among his papers at home? Best of luck!

I have a plan that in Greenwich CT. The company is based in Italy. The only owner/trustee is a non-resident alien with a visa.

He mentioned a "plan checking account", which many employers have. So yes, the employer does not write a check, the investment house does.

To file electronically, you have to have software or a service provider that will create the file in the proper format. They may be better off finding a TPA to do this for them.

I think they need a bond. Here's a good article on the subject...http://www.401khelpcenter.com/401k/kalish_erisa_bond.html#.Wru_omc5CUk

Also here: Search for "Spouse" https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/faqs/retirement-plans-and-erisa-consumer In most 401(k) plans and other defined contribution plans, the plan is written so different protections apply for surviving spouses. In general, in most defined contribution plans, if you should die before you receive your benefits, your surviving spouse will automatically receive them. If you wish to select a different beneficiary, your spouse must consent by signing a waiver, witnessed by a notary or plan representative.

If you are married, federal law says your spouse is automatically the beneficiary of a 401k or other pension plan. If you want to name a beneficiary who is someone other than your spouse, your spouse must sign a waiver.

The refunds have to be processed from the investment house prior to 2 1/2 months after the end of the plan year. So for a 11/30 plan refunds should be processed a few days before 2/14 to be safe. The plan cannot write checks for the refunds.

Fortunately, he finally responded and has been taken care of!

We are only allowed to use the DOL calculator if the plan goes through VFCP. Is that how other TPAs function?

This participant is not deceased. Nor is he missing. He just doesn't want to respond; however, the SPD says that if a participant does not answer within a reasonable time, the Plan can pay him out in a cash distribution. That's what I will do. Thanks again, everyone!

Thanks everyone!!

One of my 401k Profit Sharing Plans terminated as of 2/1/2018. There is a terminated participant with a large balance who refuses to send his distribution paperwork back despite numerous follow-ups. Technically, the plan has 1 year to liquidate their assets, but they want to wrap this up. I can't cash him out and the plan doesn't have an auto rollover option. His balance is too big for that anyway. Anyone else have this issues and how did you deal with it? Thanks!

If the plan allows for loans, it's legal. Most of our plans only allow for one loan at a time, however.

jpod, yes the new entity has a different EIN and the plan was restated to reflect the change prior to the end of 2017. I meant to say they went from LLP to a PC.

I have a plan that during 2017 had 2 partners. One partner retired midyear. The plan then went from being an LLC to a PC. The remaining partner received a Schedule K1 and a W2 for 2017. Not sure if I should combine the 2 for the SH calculation, or just use his W2. The retired partner is just getting a K1. Thanks in advance!

Wow! Kudos to your company. I didn't know companies even had this benefit anymore.

Yes, we received the FIS Relius amendment today!

Sammiemor, I have a checklist we use at our TPA but it involves more than testing. If you want it please send your email address and I will be glad to share...

Yes to all the above. Companies have until their federal income tax due date (including extension) to deposit profit sharing/safe harbor contributions/discretionary matching contributions into your account.

If the plan document defines wages as W2 wages, I say no. I don't think it makes a difference that they happen to be employed there for their day jobs as well. If it were outside cleaning people that they were paying on 1099s they would definitely not be included in the plan.