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jim241

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Everything posted by jim241

  1. jim241
    They're trying to use the surrender charge to get below the 415 limit. The annuity would be valued using FMV.
  2. jim241
    I think the intent is to have the plan purchase an annuity in order to "eat" some of the assets to get below the 415 limits.
  3. jim241
    Yes, but it's more of an attempt to avoid 415 issues, penalties, excise taxes etc.
  4. jim241
    Would you mind elaborating Mike?
  5. jim241
    There's a cash balance plan with the annual benefit going to the owners (HCE's) in the plan that is above their 415 limits. If their benefit is limited, the thought is to have the plan buy each of them an annuity with a X% surrender charge. This would make the taxable distribution effectively identical to the 415 limit. The annuity would be transferred to them for conversion to an IRA after IRS approval was received. We would offer this identical distribution to the other participants. Any thoughts on this?
  6. jim241
    Can a governmental plan mandate that participants may only select a lump sum (in lieu of a month annuity) if the value of their accrued benefit does not exceed $5,000? If so, can this be done without consent?
  7. jim241
    I have a situation in which a church defined benefit pension plan has two participating employers that have been giving participants contributions and have adopted the plan without an official participation agreement. One plan has been operating in the plan since the spring of 2017 and the other since the mid 1980's. I believe SCP might be able to be used for the first issue but VCP for the second. Any thoughts? The employers provide contributions on behalf of participants.
  8. jim241
    Essentially the Employees of one of the employers (A) were transferred to the payroll of another employer (B). A owns B and they both still exist.
  9. jim241
    There is a multiple employer plan that has several adopting employers. One of the adopting employers has been operating under the plan without an adoption agreement since the spring of 2017. Can this be corrected with an amendment because it's still within that plan year or does it need to go through a correction program? Also, one of the adopting employers has merged into another adopting employer, does the merged plan need to sign a new participation agreement or should it be terminated?
  10. jim241
    I have a governmental plan that is individually designed and has not been restated since 2001. If it is a cycle C (I realize that remedial amendment cycles are no longer around), what years should the plan have been restated? In other words, what years did the plan miss a required restatement?
  11. jim241
    Can loan requests be signed electronically by a participant and his/her spouse? If so, what are the rules/requirements that need to be or should be followed to satisfy legal requirements and ensure a participant’s identity?
  12. jim241
    If a defined benefit plan is terminating and it has an Early Retirement Age of a certain age plus a number of years, do they have to continue to count years of service after the termination date to determine when someone is eligible for an early retirement benefit?
  13. jim241
    this post has been deleted.
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