Nic Pospiech

Haha. Yeah...all the answers I came up with. We can definitely accounting trick the last year. But I think they are a little SOL on the rest. Thanks!

I am taking over a plan that was previously a Solo K. The plan was making deposits after their tax deadline with extensions for a few years. For example. They would fund their 2022 contribution after their tax deadline with extensions - but, not actually extend their taxes. They were provided bad advice by the previous administrator that they had until 9/15 - of any given year to make the previous years contribution. I am not exactly sure how to fix this or what the ramifications might be - as it is all owners money - Solo K. Any thoughts?

I have a client who has a 401(k) in a PEP plan. They want to leave the PEP and transfer their existing employee balances to their new 401(k). Can they do this without triggering a distributable event? In short...they just want to escape the PEP and have their own standalone plan without allowing their employees to withdraw their existing funds. I was assuming they can...but wanted some thoughts on this. Thanks!

Does anyone utilize the Schwab Savings Bank asset and also produce their own quarterly statements using the Statements provided in Report Writer? We currently are trying to add this as an option, but are running into issues as I am not great at Crystal reports. Just looking for some advice from someone who is doing this. Thanks!

This may seem like a dumb question, but I am just wanting to make sure I understand something. I have a Safe Harbor Non Elective plan (3%) who is not going to provide any Profit Sharing or Match this year, just the 3% contribution. Will this plan automatically pass 401(a)(4) testing?

Probably a bit late to the party. But this would definitely be something my firm could help with. Nic Journey Retirement Plan Services 616-558-9491

I am fairly inexperienced when it comes to Control Groups. I have a company (A) who has been bought by a bigger company (B). The bigger company is Belgium owned company who has two subsidiaries here in Michigan. Company A currently offers a Safe Harbor Non Elective 3% contribution as well as an additional match of up to 4% of compensation dependant on the employees contribution rate. They have 10 Employees. Company B currently offers a Safe Harbor Non Elective 3% contribution with no additional ER contributions. They have 80 Employees. I am under the understanding that I will need to test these plans together. 1. Are the plans allowed to offer different ER contributions or do they need to be the same. 2. Will these plans pass testing when combined? I am assuming as long as 70% of the employees are covered the answer is yes. What am I missing? Thank you! nic