BFlash

We use Pension Pal (owned by ASC) & we love it - the system resides on your server & you can customize it to your needs - we also use it to log emails, create email/mail merges, track contacts associated with a client, new business opportunities, etc.

Have you looked at Pension Pal (an ASC product) instead of Pension Pro? We really like Pension Pal! We find that it is really flexible & we've been able to customize it for our practice & it has really helped our efficiency. The support has been great & we like that all the data resides on our server.

We use Pension Pal & we love it - we're a small office (8 employees) & Pension Pal is easily customizable so you can delete items that you don't want to track for workflow - Pension Pal also contains all of our contact information, handles all of email merges (including year end data request), logs our emails, etc. It has quickly become the workhorse in our office & we customized it in-house to fit our needs. I definitely think it's worth the time to have them demo it for you. BF

Yes!!! I spent way too much time trying to get this data from American Funds - it's a special report that needs to be run & the customer service folks don't know about it - our sales rep, Jason Brady (jason_brady@capgroup.com) was the one who finally got the information to us - I'd reach out to your local sales rep or Jason directly.

An additional preceding portion of Rev Proc 2016-51, Section 6.02(5)(a) says . . . "if . . .it is not possible to make a precise calculation . . . reasonable estimates may be used in calculating appropriate correction. If it it is not reasonable to make a reasonable estimate of what the actual investment results would have been, a reasonable interest rate may be used. For this purpose the interest rate used by the Department of Labor's Voluntary Fiduciary Correction program Online Calculator . . . is deemed to be a reasonable interest rate". When the client isn't filing a VFCP application, we've been able to look at the overall rate of return for the plan (either on a quarterly or annual basis) & have used this rate of return for a "reasonable estimate of what actual investment results would have been" (which has been higher than the DOL Calculator in the last few years). Does anyone else follow this methodology?

Thanks for the help - I can move forward with 2017 now . . .

We have a takeover DB plan for 2017 & we're working on 2017 now . . . Client made a $220K contribution in Sept, 2017 for 2016 & $20K was needed for minimum funding purposes for 2016. Prior actuary prepared SB detailing this contribution. While balancing the trust, we discover that the client contributed shares of stock to the plan & not cash. Now what? We're got a PT that needs to be fixed (by selling the shares that were originally contributed in Sept. 2017) & excise taxes to be paid for 2017 & 2018. Does the client still receive the 2016 deduction? Does our actuary need to amend the 2016 SB? Any other issues that I'm missing? Thanks!

Thanks for pointing me in the right direction

A client fired an employee who has a small AB in the DB plan (approx. $340/month @ 65) - the employee did not sign distribution paperwork so distribution has not been made - the DB plan is now terminating - due to bad feelings, the participant does not want to sign distribution paperwork - any words of advice on how to encourage the participant to sign the distribution paperwork? We're trying to get the plan paid out by year end but this one participant is gumming it up. THX