mjf06241972

Does anyone use Congruent Solutions for administration/distributions in their TPA office? Any feedback? Are there any other companies that offer administration? Thank you.

Hello, We are looking for an actuary for a school district defined benefit plan in CT. Can you please contact me if interested? Thank you.

What is the penalty for a client that has not funded their safe harbor match yet for 2020? Thank you.

A client provided bad compensation data on the plan for 2019 and we are realizing adjustments need to be made. They also switched carriers and are in blackout until 2021. Can they still make the adjustment matching contributions. Document is set up for annual matching contributions and now need adjustments (additional matching contributions) that most likely will not happen utnil 2021.

Simple IRA. Thanks for link. That answer's question.

Is there a compensation limit on a Simple Plan for calcuation purposes? Is it the same as 401k Plan? Thank you.

Client did not deduct the 2018 employer profit sharing contribution and will be deducting on 2019 return. Does this amount get used in the calcuation of the max employer contribution 25% rule for the 2019 employer calculation? Thank you.

What is a daily valuation vs. a annual or monthly valaution? for a 401k plan with a recordkeeper, is this considered a daily valuation? Thank you.

Plan has 1 year wait and entry on the following 1/1 or 7/1. Someone meets the year and now wants to enter the plan in February. Do they have to wait until July (next entry date?) What is the timeframe after the entry date to enter the plan?

We have a client that moved from one recordkeeper to another. They were provided with several notices by the new rk and the funds have already been transferred. Yesterday, we found out the client did not distribute any of the notices. What are the penalities for something like this and does it require reporting to DOL/IRS? Thank you.,

Hello, I am a TPA looking to outsource our current DB/CB Plans to an Actuary. About 20 Plans. Having alot of issues with current company we work with. Thank you.

Hello, If someone wants to do an IRA Conversion to Roth IRA, does that mean the taxes are paid at time of conversion for the IRA? What federal taxes are withheld and I would assume normal state withholding would apply? Thank you.

Hello, if a company is planning laying off employees due to Corona Virus, can they stop 401k contributions and would they restart when the employee resumes work? Is there a difference between furlough and layed off for 401k deferrals start and stop? Thank you.

Thanks Larry.

If a plan has a Simple and then converts to a 401k plan, can they still use the tax credit under the SECURE Act for the new 401k Plan?

Thanks for info Larry. Very informative.?

is there a rule for matching contribution adjustments at the end of the year? Meaning if a client is off by 2 cents so they still have to deposit this amount? Thank you.

1. Does a client have to set up a retirement plan (with 5500 filing) when starting Prevailing Wage Job? 2. Is there anyway around this? 3. Can a Simple 401k Plan have Prevailing Wage? I dont think so but trying to think out of the box instead of setting up a plan with Prevailing Wage requiring 5500. They are trying to avoid admin cost of a Prevailing Wage Plan. Thank you.

Trying to get people's opinion of if it makes sense to add 3(16) services as a TPA. I would assume it is an add on service and not required (more of a convenience for the client.) I am a small TPA about 180 clients right now and not sure if it makes sense or is a way to prepare for the possible open mep legislation. Is there certification to become 3(16) authorized and how are people billing clients for this, are a couple of my questions. Any input would be greatly appreciated.

Can a under Age 59 1/2 employee withdraw funds from a Rollover Account that used to be a Simple IRA? Meaning company had Simple IRA Plan. They converted it to a 401k Plan and Simple funds were rolled over. Now an employee who is under Age 59 1/2 wants to withdraw his Simple IRA Rollover Funds from the Plan. Thank you.

Thanks Bill. That's what I see too.

Can someone provide me some pro's and con's on each type of contribution? 1. After Tax Contribution to 401k plan 2. Mega Back Door Roth Contribution Normally the plans we work on are just pretax 401k and roth 401k. Thank you.

Can a hardship distribution be take from safe harbor source?

Thanks for the information Pam.

Anyone offer 3(16) services as a TPA? What details can you provide with regard to experiences? Thank you.