ratherbereading

I don't have any plans with dual eligibility so maybe someone else will chime in!

Splitting the eligibility requirements between 401(k) and safe harbor generally does not affect your ADP/ACP test, but it can affect the impact of the top heavy requirements.

Although the initial provision for penalty-free 401k withdrawals expired at the end of 2020, the Consolidated Appropriations Act, 2021 provided a similar withdrawal exemption, allowing eligible individuals to take a qualified disaster distribution of up to $100,000 without being subject to the 10% penalty that would normally apply. This extended the timeline for penalty-free distributions through June 25, 2021.

Lol! Bugs me too! Not that the Yankees are so fantastic...

I don't have designations and was never interested. If you have them, use them, but all it means is you know how to study for a test. I've worked with a lot of people with designations who know less than I do about plan administration... But your point about doctors doesn't make sense, no one I know uses their undergraduate degrees under their signature, and doctors do in fact - at least some - use designations after their names.

Think I mentioned it before but I have a client who has his wife and 2 daughters on the payroll and they don't show up ever! The daughters have high paying jobs elsewhere and the wife doesn't work at all. But each year they all get a W2, their 401ks maxed out out of 1 paycheck, profit sharing and SH match. Nice deal if you can get it. Client's CPA is a friend of mine so it's absolutely true.

Yes I definitely remember Curtis!

My husband lived in Cleveland for a few years and hated it. He said it was the worst city he ever lived in and he's lived in a lot.

Other teams hate the Yankees only because they know they will never be the Yankees, lol! No other team has a following (world-wide) as they do. My husband is in the process of selling his 50+year huge collection of baseball media guides and other publications on EBAY - he just got good prices on quite a few Indian items so you have a point!

Yuck! What a horrible change. As a Yankees fan I prefer what my husband calls them - the Cleveland idiots, lol! In Cleveland, the mistake by the lake!

I actually only have a handful of plans that even need a Schedule A (5500-SF filers) and none that need a Schedule B. For my EZ plans I don't prepare any schedule. Hope that helps!

Welcome! Yes, that is what you do.

What does the plan document say? Having an outstanding loan doesn't mean you can't have a hardship.

No. If you have a plan that needs a Schedule A then file a 5500-SF.

I believe the IRS released final regs that employers can use forfeitures to fund QNECs and QMACs as well as SH contributions. Our documents allow for all that.

All affected participants become fully vested in their account balances on the date of the full or partial plan termination, regardless of the plan’s vesting schedule. Affected participants are current or former employees who haven’t received full payment of their vested interest by the plan termination date, unless they’ve incurred at least 5 consecutive 1-year breaks in service. Retirement Plans FAQs regarding Plan Terminations | Internal Revenue Service (irs.gov)

Thank you!

Thank you!

With all the new hardship distribution rules, is anyone still advising the Plan Administrator to get proof of hardship in case of plan audit? Participant wants to take 100% of his funds ($360,000 plus). He provided the wording below from the IRS to show he did not have to submit proof: Also, he claims the IRS told him via phone call he did not have to submit proof. Thank you! 3. How does a participant show that he or she is experiencing a hardship? Generally, if a 401(k) plan provides for hardship distributions, the plan will specify what information must be provided to the employer to demonstrate a hardship. Most 401(k) plans use the "deemed necessary" rules described in Q&A-2 above, so that inquiry into the employee's financial status is not required. In other cases, an employer may generally rely on the employee's representation that he or she is experiencing an immediate and heavy financial need that cannot be relieved from other resources. However, an employer cannot rely on an employee's representation if the employer has actual knowledge that the employee's need can be relieved: (1) through reimbursement or compensation by insurance; (2) by liquidation of the employee's assets; (3) by stopping elective contributions or employee contributions under the plan; (4) by other currently available distributions (such as plan loans) under plans maintained by the employer or by any other employer; or (5) by borrowing from commercial sources. (Reg. Section 1.401(k)-1(d)(3)(iv)(C))

I'm sure it's legal. These teams have attorneys/accountants, etc. The Yankees CEO Randy Levine is an attorney. I wouldn't mind that salary.

Very similar issue with one of our plans and yes we did complete question 4.

The first paragraph is a little confusing ... it sounds like the violation occurred because he was very upset? I think this question is beyond the scope of this board, but maybe someone else will chime in.

Thank you!

No 1099R was issued, it's just showing as Deemed. The loan was for 2 years and the client thinks it was paid off timely, but it wasn't, there is still $200 plus left. Not sure if the CARES Act can come into place as no paperwork was filled out to defer the loan. Thanks!

In 2020.