ratherbereading

What Lou most excellently said.

You are correct for a distribution from a defined contribution plan. You don't need to withhold on distributions <$200.00.

I think you are asking if LTPT employees are excluded in your Untion ADP test. I believe they can be excluded but someone else can jump in here with a more indepth response.

We are a TPA & have counsel in house who are working on the correction. I was looking specifically for replies to my 5500 question but thank you!

Yes partly - and no not offerting in plan Roth Rollovers. I also have had 0 clients wanting to add their er contr. as Roth.

We are strongly discouraging our clients from adopting that measure.

Hello. Participant signed up to defer (403(b) Plan) in June 2022. Her choice was never implemented. This was discovered during the 2023 plan audit (large plan). Participant never noticed. She is going to start deferring this month. Client never noticed either. I am working on the correction now, but the auditor says the amount of her missed deferrals has to go on Schedule H line 4a. I'm not convinced as the they were never withheld by the employer for contribution to the plan so not technically late. Thoughts? TYIA!

Generally they must be used by the end of the plan year in which they occur or the end of the plan year following the year in whch they occur. They must be used up each year and cannot accumulate. The timing is specified in the legal plan document so I would check that for more information! Not using the forfeitures by the applicabl deadline is considered an operational failure.

Welcome! This was my only experience with TIAA and they did not provide any statement (to me at least), nor did I ask for one.

Basically the same issue -- here is the response I received from someone on this board - I cannot remember who though so I cannot give credit:

Owner died last week. 2024 RMD has to be processed to his wife (not his first RMD). Can she request the entire amount, $55,000 plus, be withheld as taxes? TYIA.

If they are not >5% owners they are not consdidered HCEs based on the salaries you mention. The officer test only applies to determining who is a key employee.

https://wrangle5500.com/2022s-natural-disasters-and-resulting-extensions-to-date-copy/

Someone else can chime in but this is beyond the scope of this board (at least mine) - sounds like you need a good attorney to address this. Bankruptcy isn't the end of the world; you can recover from that. Best of luck.

If the plan doesn't limit them then I don't see an issue. They are entitled to take as many withdrawals as they want if the plan doc allows it. Why would you want to limit that?

You need to check your plan's legal document for hardship provisions (safe harbor vs facts & circumstances). That may not qualify and your plan may not even allow hardship withdrawals. If your plan allows for in-service withdrawals at 59 1/2, and you are that age or over, the 10% penalty won't come into play. You can specity the tax amount you want taken but that won't guarantee you won't owe in April. I'm not qualified to give tax advice. Hope that helps.

You need to talk to your H.R. deparment again, and also get a copy of the Summary Plan Description for the plan if they have not already given one to you.

We use small distributions toward our fee so the participant will get zero. No 1099.

This is really harsh. What does "A case pending in a coury?" mean. See, we all make mistakes. Totally agree with Mr. Presson - a little grace is always a good idea!

Honestly, Nationwide is still a mess because they changed their platform earlier this year. Try contacting your previous employer and see if they can get you the information. Good luck!

Actually,their account balance will offset/reduced by the unpaid portion of their loan.

Not saying that this is true in your case but if a participant claims they never received a distribution to which they were entitled, my experience has been that they had and forgot. We produce the relevant paperwork showing the distribution happened.

I don't think you need 6 pages 🙂. After 1/1/2023, audits are generally required for plans with more than 100 participants with account balances on the first day of the plan year. The 80/120 rule still applies. Same concept as before, just now applies to number of account balances at the beginning of the plan year. https://www.dol.gov/agencies/EBSA/about-ebsa/our-activities/resource-center/fact-sheets/changes-for-the-2023-form-5500-and-form-5500-sf-annual-return-reports?trk=article-ssr-frontend-pulse_little-text-block

I have not - if you're not required to why do extra unnecessary work?

I don't know what exactly your question is and some of your sentences aren't clear, but it seems like something you need to pursue with Brighthouse.