ratherbereading

I've done several plan terminations and had 1 client decide to get a DL. If it's a plan with no issues and the document is in order, I don't see a reason for a DL, but as someone said, it's up to the client.

Thanks everyone!

Yes, it's still a late deposit. I've had that issue before and it was treated the same as if there were 100 non-owners affected.

Thank you ESOP Guy!

Thanks Mike!

I have a plan with 5,000 plus EEs in it. The previous admin put it into Relius years ago, then took it out and did everything manually for the past few years. I have been working for months getting it back into Relius. Plan eligibility is 21/1 M.O.S./monthly entry dates. When I run the ADP test, Relius is not agreeing with my excludable EEs and I wonder if it's because the complete history is not in Relius. Relius is excluding 300 plus people I think should be on the test. For example, one person has a date of hire of 5/15/2016. Date of term is 8/7/2017. Did not work 1000 hours in 2016 or 2017. Is that why Relius is excluding them? But then, I have someone who hired on 5/16/2016, and worked 930 hours in 2016 and 1,000 plus 2017 and term'd after July 2017 it's excluding them as well. Third example, someone hired on 5/16/2016 and worked 1000 hours in 2016 and 2017 and term'd after July 2017 and they are excluded. I might be getting confused with this because it's such a huge plan. Not sure if I should just go with what Relius is spitting out or change 300 people to be on the test ... Thanks!!

Happy mother's day to her! And what a wonderful tribute. My mom is 97 and I am also thankful that God has been so good to me!

I actually prefer an integrated design. I have quite a few plans with older owners who hire their younger kids and then the new comp no longer works.

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!