ratherbereading

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!!

I know how to figure a Integrate with TWB but for some reason this is confusing me. What percentage do you use for staff when 2 people (1 owner) have compensation in excess of the TWB?

Yes, I am sure they passed in 2018. Assumptions are the same. There were 8 NHCEs in 2018 and 5 in 2019. Yes, I know the term'd people do not get the TH since there is a last day rule. This plan isn't one where everyone is in their own group--- "all others" are in one group-- meaning non-partners. They did pass with a 7% to staff. The issue too, is the ages between the partners and NHCEs are too close.

Thanks Mr. B and Jakyasar-

Should know this but brain freezing ---- plan wants to max out 3 partners and give 2 other partners $20,000 each. Staff gets 5%. Employer $$=Profit sharing only, not a SH plan, no match. Plan is TH. Two Terminated participants not getting the 5% gateway OR TH allocation because they were not there on the last day. 401(a)(4) fails unless I give staff 9%. The scenario is very similar to 2018 and it passed with 5% to staff, no contribution to 1 term'd participant. Am I missing something?

I believe they will. I have a few plans who had to add loans so they could utilize the COVID loan feature.

That is not how our TPA is interpreting that...

Yes, I see your point. I misspoke