Jilliandiz

A participant actually read the SAR provided to them They want a copy of the full annual report...what exactly are they privey too? Is it a copy of the 5500 and that's all? Thanks

Participant made a 401k election for 2007, however the Employer did not withhold any 401k money for the participant, in error. The employer found the error and made the participant whole for 2007, by depositing the corrected amounts in 2008 to make the participant "whole" for 2007. 1. Does the 2007 ADP/ACP test need to be rerun for 2007 with the correct information? 2. Or is the 2007 corrected deposits applied to 2008, since the deposit was made in 2008? 3. What about the taxes? Does the employer get a tax deduction for these corrected contributions, and if so, is it for 2007 or 2008? Does the participants payroll get affected? Anything else you think I might be missing. I know this is common, but this is the first time I've had it cross my desk. Thanks for the help!

Can a Schedule C tax filer, deposit into both a SEP IRA and Traditional IRA for 2007? Is there anything that states the rules on this? Thanks

Is there a Summary Annual Report required for Health Benefit Plan filings if the client files a IRS Form 5500? Not a Flex Plan, but a Health/Medical Welfare Benefit Plan? Can you let me know somewhere to reference?

Can a 70 1/2 year old participant contribute to Simple IRA Plans, Roth IRA's, Regular IRA's, SImple 401(k) plans, etc? Thanks

There is nothing written that says a participant over 70 1/2 cannot participate in a 401k plan correct? They are just still subject to RMD's right? But they are allowed to continue deferring?

The plan sponsor does not want to go after the participants for the over paid money, then what?

Profit Sharing Plan Only: What happens if a plan sponsor accidently over paid $1,000 on participant distributions (That is the combined overpayment on about 5 accounts)? How do you correct this? Do they just make an additional $1,000 deposit to make the cash account whole? Any ideas?

What happens if a plan sponsor accidently over paid $1,000 on participant distributions (That is the combined overpayment on about 5 accounts)? How do you correct this? Do they just make an additional $1,000 deposit to make the cash account whole? Any ideas?

Do I have to amend the entire plan document or can I just do a Amendment Attachment to the plan document?

Plan is a Safe Harbor Matching Plan. The client does not want to use the Safe Harbor Match Provision for 2008, do I have to amendment the plan or do anything? Or as long as the SH Notice does NOT go out for 2008, its fine?

New Business is established 10/1/07, however it is not operating with employees until 10/15/07, can I still make the effective date of the plan 10/1/07? Thanks!

What is the treatment of employer stock (not cash) that is distributed out of an ESOP to a participant? Reported on a 1099-R? Is the participant given capital gain treatment upon his sale of the stock? If so, how is basis for the participant calculated?

Can you do a SH Match Wait and See Notice or does it have to be a Safe Harbor Nonelective Minimum 3% contribution for the Wait and See? Thanks

What if they were all Hourly employees as well, I believe they can be excluded as "hourly employees"? Any thoughts?

Employer has 90% of their payroll considered "contracted employees" NOT Independent Contractors since they are on the payroll. Can they establish a 401k Safe Harbor Pla, where the only employees eligible are all the Administrative and Internal Operations employees, can they exclude "contracted employees" eventhough they are on the company payroll?

The owner gives everyone the required 3% safe harbor non-elective, however he decides he does not want one for himself for only the 2006 plan year....can he do that? Being the owner, can he elect on a year to year basis, when he himself, would recieve the 3% if in fact all NHCE's got their correct allocation?

A Financial Advisor was told today, that in the next 2 years all 401k plan must allow for In-Service Distributions, is that true? What can I read about this if it? Thanks

A Financial Advisor was told today, that in the next 2 years all 401k plan must allow for In-Service Distributions, is that true? What can I read about this if it? Thanks

What's the definition of a "disqualifed person" in an ESOP plan?

Can K-1 Wages be used to allocate employer contributions?

My accounting client has a Prevailing Wage plan with another TPA firm. They are a calendar year plan and on 1/1/06 they had 106 participants and at 1/1/07 they had 124 participants...do prevailing wage plans need to be audited? Can someone give me some information on the rules governing the prevailing wage plans, and if they need to be audited over a certain participant count? Aren't they non-qualified plans? If so, do those not get audited? Is there anything that needs to be done in this case? Thanks for your help!

Client gave a Mortgage Note to someone for $100,000 out of their profit sharing plan. The lender is paying $500 a month in interest into the plan, but the prinicipal is not required to be paid until 2011....are you allowed to do this type of investing?

What are the rehired rules if you are already considered a participant. Eligible participant terminates employment and gets rehired 3 years later, don't they become eligible immediately upon rehire? What if the document is silent on this issue and there is nothing regarding rehires?

Client failed their ADP test for 2006. I will refund the necessary HCE's and give them 1099's, but when do they need to be completed by? I thought it was 3 months after the plan year ended. Also, what year do I issued the 1099 for, if I'm correcting the 2006 ADP test, but refunding them in 2007? Thanks