ratherbereading

DIvorced plan participant dies. QDRO $$ was allocated to the ex-wife a few months ago. Plan participant dies last week and his bene is still the ex-wife. No updated bene form was completed. She is entitled to his 401k, correct? His contigent benficiares are his 2 sons.

I am going to hijack this thread. I have a plan terminating also due to an asset sale effective 8/1/2022. Does a safe harbor 3% need to be done for 2022?

Same situation many times. No we didn't report it to the DOL. We had a client or two that we fired for that. Up to them to fix it. I would just resign from the plan and go on.

I turned 65 in April. Signed up for Medicare online in January along with my Advantage plan. No problem whatsoever! Not taking Soc Security until age 70 though because that is the max I will get. If you have an HSA account you have to stop contributing to that when your Medicare kicks in.

Thank you, Nate

The compensation in the document is W-2. Spousal travel in an expense reimbursement (apparently it is $$ paid when your spouse travels with you for business reasons). Document is silent on fringe benefits-- doesn't include or exclude. Thanks!!

Considering gross compensation for plan purposes is Box1 on the W2 + deferrals + section 125 + bonus + commission. What about spousal travel and group term life? Are those also included in gross compensation?

I think your best bet is to use Penchecks. https://penchecks.com/

Is this going to be a thing now? https://www.aaepa.com/2018/11/qdro-not-just-for-divorce-anymore/

Dislike: Too much government interference which, unfortunately, is becoming the norm/ Like: Helps EEs save for retirement/may help testing pass/encourages plan participation/the added bonus of a matching contribution

You can't use your HSA for expenses prior to your eligibility. Only for those occuring after your account opened. If you are Medicare eligible, that may be cheaper than what you have now. You can enroll in Medicare and still work.

I have a plan for which I have to do a Schedule D. I cannot get it to take my entries past page 2. I keep adding page 2 (page 3 is not available apparently), but it still only fills out the first 2 pages no matter how many I add. Just spent 45 minutes imputing the info to see that most of it didn't take. How do you keep adding so it shows up? Thank you in advance!

Yep, they are on the census every year and their W2s back up their compensation, contributions, but they absolutely do not work there. Every year their CPA asks me if they can max out to both plans they are all in (in their "real" jobs) and every year I have to say no. The CPA is a good friend of both the owner and myself so I know he's not lying.

I have a plan who gives safe harbor/PS to 3 family members who do not work there at all. Ever. So they get a nice salary in addition to their real jobs, the max 401k, etc.!

I don't attach any schedules to the 5500-SF.

It's a good place to come for information and help. Lots of different topics. Everyone is professional. You will usually get an answer no matter how "silly" your question is-no judgment.

No, you wouldn't go back and fully vest them. I wouldn't fully vest anyone until the amendment to terminate the plan is signed. They could change their mind. Hope that helps.

Basically they are the same- this may be helpful: 403b vs. 401k: What's the Difference? - Good Financial Cents®

Do you mean 2022? Why would you think it's not allowed?

Thanks, all! It's an enhanced sh match capped at 4%. I said basic match in error!

Yes!

The doc doesn't actually address that. No compensation is excluded.

See above for replies.

5500EZ is for owner + spouse so believe they need to file 5500SF

Plan is a basic safe harbor match - participant receives a $1000 bonus and elects to defer 100% of said bonus. Does he get the sh match as well? Thank you in advance -