RatherBeGolfing

The best method is detailed time tracking, but it is a chore most people hate. For admin, it doesn't have to be super detailed, just your basic steps (census work, testing, trust accounting, form 5500, etc). Tracking these tasks will give you the metrics you need to split the workload appropriately, where to focus training, if some plans could be shifted to another admin, if you are under charging the client, etc.

You would pay the beneficiaries from the participant account right? One participant account. EZ.

He is not a non-resident alien without US income , but on a student visa he most likely is a non-resident alien*. *depending on the student visa type, 1-5 years before he would be considered a resident alien for tax purposes.

The better question is: how many business M & A transactions have you seen where the attorney's DID consider the impact of the retirement plan? I might not even need both hands to count...

The plan sponsor might have lost it like they lose most things.... If that is the case you probably have a duty to provide it to the client (perhaps for a reasonable fee)

With the exception of hockey, I prefer college sports, but I don't watch much of it anymore. I do enjoy the business end of pro sports though, especially contracts. One of my old law professors worked on a database of college coach and AD contracts that was very interesting. Some of them were openly available, others obtained through FOIA requests.

This is a very creative contract, even for baseball. It is designed to allow the player to walk away after each season, avoid some luxury tax for going over the soft cap, and defer some salary payments if the player opts out (probably partly for cashflow reasons) It goes like this: Player signs contract prior to 2021 season, and receives a $10 million in signing bonus payable in 2 installments (3/1 & 7/1) Players salary is $28 Million for 2021, and $32 million for each of the final 2 years of the contract Players salary for 2021 is payable on 11/1/2021 (after the end of the 2021 season) If player opts out of the 2022-2023 seasons in the contract, $20 million out of the $28 million salary will be payed out in annual $2 million installments from 2031-2040. So if player opts out, he is payed on 11/1/2021: $8 million salary and a $2 million buyout, with the remaining salary paid out during 2031-2040. The contract binds the team to the $2 million buyout if exercised, but defers the majority of the salary interest free. If player opts out after 2022, he would receive his $32 million 2022 salary and a $15 million buyout. While this sounds like a bad deal for the team, it really isn't (in baseball salary terms at least). It is basically two year contract with a player option for just one year or three years, but in reverse 😎 The team pays the most per year if it is 2 years, due to the $15 million buyout after the second year, but the player can elect to stay for the third year, dropping the per year salary for staying the extra year. The team is also "protected" if the player bails after the first year, since they get the interest free salary deferment. I hope that clears it up a little bit more

👍 And in the end, it is the plan's responsibility to make sure it gets filed. Whether TPA or client is at fault is a contractual issue, not reasonable cause for late filing of a required annual return.

Will spend? That is a tad extreme...

Guidance can be found in Notice 2020-50. In a nutshell, payments scheduled between 3/27/20 - 12/31/20 can be suspended for a year, but payments scheduled after 12/31/20 still have to be made as scheduled. There are lots of ways you can accomplish this, ranging from simple to complicated, and you don't have to use the example in the guidance.

Correct, you have to name the state or commonwealth for choice of law in the adoption agreement. The document will not pass the FTW edit checks without completing this item. Which makes sense, the licensee has been issued the IRS opinion letter in its name. Also, it would be very inconvenient to have a practice in Florida, a plan sponsor in Florida, but have document governed by laws of another state. I would assume that if a service provider utilizes a document that is in the document's publishers name rather than its own, it would be governed by the law of the state of the publisher.

Your prior enrollment is good until 9/30/2021. Renewal takes place during the last 6 or so months of the prior cycle, and is good for 3 additional years. Its timed this way to avoid gaps in enrollment due to an expired enrollment and OPR processing the renewal application.

I had a similar issue last year. The folks at OPR were very accommodating.

Eh, that really depends on the position. Once you get past pure sit at your desk admin, you are going to have a very hard time finding an employer if you think it should be clock in - clock out 40 hours mon-fri.

This isn't limited to the employee benefits. CPA firms are having a very hard time finding applicants to fill vacancies, especially as you get to manager level. It is for a variety of reasons, but quality of life or work/life balance seems to be towards the top. Many applicants are just not willing to take on the heavy workloads anymore, and this is especially true you do not offer work from home to offset some of that time. The major CPA firms have started to increase pay and benefits to attract new applicants and folks who previously left the industry for something else. I would assume that we can apply the same issues to our corner of the industry.

This sounds like an employer/plan admin error, why would you make the participants pay for it?

Im not sure what the question is here. What employees/participants are you questioning? How many participants were eligible on the first day of the first plan year (5a)? For the first year, I would expect 5d(1) to equal 5(a) since you probably don't have any former employees who are participants on the first day of the first plan year.

You know you haven't been to an in-person conference in a while when you read this as a @S Derrin Watson song....

I say yes, you have to limit the correction to the 402(g) limit. If the participant has contributed the maximum for the year, how can there be a missed deferral or missed opportunity?

We are talking about eligibility requirements, not allocation requirements. If I have no eligibility requirements with immediate entry, and I amend to require age 21 + 1 YOS, anyone who has not attained age 21 or had 1 YOS has not met the eligibility requirements. Whether you are still eligible depends on the current requirements, not what the requirements were when you first entered the plan (unless the amendment or document itself makes an exception for current participants).

The employee became a participant because there was no service requirement. If the plan is amended to require 1,000 hours, and the employee has never had 1,000 hours, the employee is no longer able to actively participate unless there is an exception to grandfather current participants. Like BG said, participation is not a protected benefit.

More Florida representation on the boards 😎

100 % this. Do not create an accidental benchmark or standard of care where one isnt required. Especially when the regulatory agencies dont know/havent decided what that standard is. "I was trying to be helpful..." will doom you in court when someone relied on it and got hurt.

It is usually the IRS, and they are usually at least a year after the filing deadline. The DOL letters I mentioned were sent out to the plan sponsors mid-January 2021 indicating that their review of the database for PY 2019 indicate no return has been filed, and that the 2018 return was not a "final return". The letters were mailed UPS - next day and gives the sponsor 15 days to review and respond. You can respond via phone or email (email preferred by DOL), and the letter says to consider filing through DFVCP if the return has not been filed. It took us much less time to respond to DOL (email yay!) than a similar response to an IRS notice (you also do not have to sacrifice your firstborn in order to have the rep talk to you...)

We had some DOL inquiries on 5500's that were not filed by 10/15/20. They were filed by the 1/15/21 hurricane extension. In these cases, they were all 5 minutes or less on the phone. EZ vs SF should be similar I think.