roundlou

Why would an adoption agreement limit roth contributions to 50% of compensation?

I am confused two sites I use have different answers to the same question. It is in regard to if I can extend a participants loan past 5 years because of the CARES Act. Here are the excerpts from their websites: Website 1) However, a participant with an outstanding plan loan who is placed on an unpaid leave of absence may forego making loan payments during the leave of absence without triggering taxation of the loan, provided the following requirements are met: The unpaid leave of absence does not exceed one year. The loan must still be repaid by the end of the original term of the loan. Thus, the participant may make up the missed loan repayments upon returning to work, resume the original repayments with a lump sum payment of the missed repayments at the end of the term, or increase the amount of each repayment for the remainder of the repayment period upon returning to work. Website 2) Any participant loan payments due from Qualifying Individuals between March 27, 2020 and December 31, 2020 can be delayed for up to one year. If this one-year delay applies, the normal five-year maximum repayment term is extended to six years See my confusion, one says must be repaid by the original term of the loan and the other says I can change a 5 year loan into a 6 year loan. Can anyone clarify for me? Thanks.

With everything going on have a client that would like to switch from safe harbor non elective to safe harbor match. Can this be done mid year? None of the safe harbor non elective have been contributed yet.

Took over a plan that the document excludes highly compensated employees from receiving the safe harbor match. The plan now wants to change and give the safe harbor match to everyone. Can I amend mid year or do I need to wait until January 1, 2020. Thanks.

sorry for the delay, no company B is now closed and has become part of company A.

Have Company A 100% owned by John. Have Company B owned 100% by Bill. In May 2018 Company A buys Company B and John is 100% owner and Bill is 0% owner Each company had their own 401(k) plan in 2017, company B's plan is merged into company A's plan. Is Bill: 1) a key employee in company A's plan based upon prior year ownership? 2) a former key employee in company A's plan? 3) or just a regular empoyee in company A's plan? thanks