ratherbereading

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.

Agree with everyone else who has commented. You have a lot of divorce questions on here - you need to consult a good attorney!

Go Texas!!!

Contributions must end after the termination date, but they can be deposited a day or so later. Testing has to be done before assets are out of the plan. Generally, you have one year to get assets our of the plan from the plan termination date. Here is a good link from the IRS: https://www.irs.gov/retirement-plans/terminating-a-retirement-plan

Again, check the doc. No she is not exempt. Does the plan allow for hardship withdrawals? She is too young for an in-service w/d. A hardship can only be taken for the amount needed.

Yes, Nationwide went to a new platform in mid-Jan. this year. Yes, it's been a challenge. But no it shouldn't take weeks. Days maybe. The employee should check with NW for a status. Not much you can do about the market though.

HCE was a W2 employee for the first 4 months in 2023 then became an independant contractor paid via a 1099 (legitimately). Would they be on the adp test in 2023 with their W2 comp and contributions? TYIA!

It is actually 12/31/2025...

You will be 73 in 2025. If you are an owner, or terminated in 2025 it is due 12/31/2025 or 4/1/2026. Or someone can correct me...

Yes, look at the document!

Have the investment house return it to the client and they refund it back to the participant. Not as wages.

We don't check it unless the documents says it should be done on plan year comp and they are doing it each payroll.

This seems to be a question for your IT department.

Crazy stuff!

Hence my comment - I figured he wasn't excluded from the contribution to begin with.

Why would they not have to make it?