ratherbereading

Does anything prohibit a participant from taking a legitimate COVID distribution and using part of it to pay off an existing (non-COVID) loan? Thanks in advance.

Carol, I always print out yours! I was about to suggest your name and realized you were the poster . . .

Ok, I got it now! They really need to reword that!

I do see what you're saying, but the instructions so read that they should be on there until the year after they are corrected, no? I'm taking them off though because it doesn't really make sense to have them on there.

Large plan with late deposits in 2017. Corrected in 2018 with applicable earnings deposited in 2018 and 5330 submitted in 2018. All done. According to the 5500 directions, these late deposits go on the 2019 5500 for the last time, correct? See below--- The total amount of the delinquent contributions must be included on line 10a for the year in which the contributions were delinquent and must be carried over and reported again on line 10a for each subsequent year (or on line 4a of Schedule H or I of the Form 5500 if not eligible to file the Form 5500-SF in the subsequent year) until the year after the violation has been fully corrected by payment of the late contributions and reimbursement of the plan for lost earnings or profits.

Welcome!

Our 3(16) platform specifies we approve all distributions, including hardships. None of our employers want to override our decisions; that's why they utilize it. .

It depends as others have said. The TPA for whom I work, mandates the plan sponsor (i.e. the employer) approve online, or sign off on all distributions, no matter what they are. They have to make sure the hardship distribution is in line with the plan document. Not sure why it would be a big deal for them to know.

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