ratherbereading

No need to apologize!

Our plans have a cash out provision of $200, so anyone with a balance of $200 or less can be forced out. Most of our clients do pay a fee on their participant balances. I find that most of our participants take their money, or roll it over to a new plan or IRA.

But how do you not notice this for 9 years????

No and they shouldn't. We have plenty of other stuff to do so wouldn't be a good idea at all.

Personally, I don't care what it's called. When people aske what I do (which I hate since I am much more than my job!) I just say I work with 401k plans.

In the previous TPA I worked for we would tell the client "It WOULD HAVE BEEN signed on such and such a date..." for missing documents, amendments, resolutions, etc. etc. They always came up with it.

I don't have any plans like that. All mine are with one carrier for all sources.

Yes, a 401k plan that is with Nationwide, John Hancock, etc. is considered a daily valued plan. Participants' accounts are valued daily.

I find different TPAs have different titles. All our TPA admins are Plan Administrators, regardless of initials after their names, which just mean you know how to study for a test.

Why are you asking? Do you work for a TPA; an investment house? You can Google and find a ton of information on 401k plans (not all accurate); you can take classes. Compliance convers a big area. You can take the ASPPA exams which you queried about before. That's a good starting point.

Ours are signed electronically

Interested to see if anyone will respond. We only send Relius statements out for our pooled accounts, otherwise they get them from the investment houses. But we don't email the Relius statements to participants, we put them in the valuation for the plan sponsor to distribute.

Someone else has a post on this as well

There is 100% vesting after death, but, he terminated before he died so his original vesting stands.

Thank you, Degrand!

scroll down to 5500-EZ... Attached is the form they reference that does have a phone number in the header. Here is the link: https://www.irs.gov/Retirement-Plans/Form-5500-Corner

https://www.forbes.com/sites/kylewestaway/2020/06/10/how-the-payroll-protection-flexibility-act-affects-entrepreneurs/#5cdae4446b48

Maybe this will shed some light on your question https://www.morganlewis.com/blogs/mlbenebits/2020/03/hardship-withdrawal-amidst-the-covid-19-crisis

No, he shouldn't. However, that being said, I have a plan who has had 3 corona related distributions and absolutely none of the people are affected at all. They just wanted to be able to take a large distribution, and loans and be able to put off the loan repayments. Because it's up to the participant to self-certify, the plan sponsor/trustee ok'd them.

Thank you!

I have a 403(b) plan who calculates their matching contribution each year using compensation as of their fiscal year (e.g. this year's match calculated on comp from 7/1/2019 - 6/30/2020). Their plan year is 1/1 - 12/31. They have done this since before I came on board. Is there anything wrong with doing this? The document does not address other than to say the matching contribution shall be determined by the employer with respect to each plan year. Compensation is W2 wages increased by elective deferrals for all contributions/no exclusions.

Thank you Dave!

Got it-- thank you Kevin and MWeddell!

2 people whose comp is in excess of 80% of the TWB +$1.00. One is the owner who wants his contributions to max out. That means he gets an $18,600 profit sharing. His remaining contribution is $9,221.33, which added to 5.40% of his excess = $18,600. That means 3.29% goes to staff ($9.221.33/$280,000) -- does that percentage also go to Person #2 who has excess comp? See example below. Thanks!! EXCESS COMP. 5.40% OF EXCESS Remaining 280,000.00 173,679.00 9,378.67 9,221.33 18,600.00 3.29% 199,999.80 93,678.80 5,058.66 6,579.99 11,638.65 3.29% 54,000.00 - - 1,776.60 1,776.60 3.29% 71,848.75 - - 2,363.82 2,363.82 3.29% 62,960.00 - - 2,071.38 2,071.38 3.29% 55,304.25 - - 1,819.51 1,819.51 3.29% 96,949.98 - - 3,189.65 3,189.65 3.29% 22,222.00 - - 731.10 731.10 3.29%

Thanks Lou! I figured it out finally!!