Karoline Curran

You're welcome! Yes it has. I suppose the consolation is that participants are paying back themselves.

We use prime + 1. Most of our clients are good with that.

In my office, we have an administrative support team that handles the sending out of census, the loading of the census and assets into Relius, distributions, loans and things like that. We have team leaders, but they have their own plans and really only function as a point of contact for questions. We also have a sales department and compliance department. As an administrator I do testing, employer contribution calculations, address client problems and questions, research when called for, and do the valuation and the Form 5500. Plan design is left up to the sales team, and any doc restatements, required notices, late deposits are handled by our compliance department. Our average case load as administrators is 45. Hope that helps. I've also worked in an office where I was considered a junior administrator and much prefer the set up I have now.

DOP=Date of Participation I think, Larry, but he worded it incorrectly. He's trying to say the Plan excludes compensation prior to the Date of Participation. Of course, I could be wrong about what he's trying to say so I'll go back to my cave!

Happy October 15th!! For those of you who work for, or own, a TPA and administer plans, what is the size of your caseload? The TPA for which I work keeps our cases around 45 for each admin, which is great, and manageable most of the time. My husband, who at 67, is quite a bit older than I, and also an admin is considering leaving his job because he has a case load of 120 plans, which he and I both find ridiculous. He's not ready to retire since you don't get max SS until 70. Curious to what others have as their caseloads. Thanks in advance!

You're welcome! I

The transfers that I've dealt with aren't consider moving from one trust to another, so I don't want to give you the wrong answer. Maybe someone else will pipe in! In my instances, everything is staying the same, just the funds are going from one investment house to another.

We show it as earnings on the 5500SF since it was deposited as earnings.

When my clients switch recordkeepers--say from Nationwide to John Hancock, we didn't do any resolution and the participants didn't have to approve, but they were notified. Usually there is a team at the new provider to assist you. There may be paperwork from the MetLife the client will need to complete. I'm not sure if my situation is exactly like yours, though.

Thanks. I didn't know if there was something else because I'm late in doing it.

There is a participant who exceeded the 402g limit in 2017 by $98.18. What is the fix now that so much time has gone by? Thanks!

We do "challenges" every year. For example, drinking more water, walking. The winner gets an Amazon gift card. We have a health newsletter monthly, and discounts on health insurance for no smoking, normal weight range, etc. Hope that helps! But chair massage sounds awesome! We also have lots of plants in our office. And for a while everyone was into the salt crystal lamp thing, but that kind of faded.

Thanks ESOP guy -- I do have the W8-BEN

Thanks Larry! I was doing some Googling and couldn't find anything definitive on it.

I have a participant in the plan who has moved back to Italy--he was a resident alien while he was in the USA. He wants to roll his money over to an IRA (or the equivalent) in Italy, or take a lump sum distribution. How would the tax withholding work if he took a cash distribution? He has been gone for a couple of years now. Thank you!

RatherBe, I'm just giving my opinion based on how our compliance dept. handles late deposits. For instance, if our legal team sees deposits going in within 3 business days, they count anything over 3 days as a late deposit, along with other late deposits. Have a good weekend!!

I would say they have late deposits no matter whose fault it is. I believe the safe harbor time frame for making deferral deposits for a small plan (not an audit plan) is 7 business days, and could be considered less- for example, if they consistently make deposits in 3 days then they would expected to make deposits consistently in 3 days. Hope this helps!

Lol!! Ooops BG!! OUR compliance department! :)

I'm leaving it up to your compliance department! A plus of having one! :)

Thanks Jim -- I work for a TPA as a plan administrator -- we have ERISA counsel so I gave it to them.

I ended up giving it to our compliance department since I didn't want to tell them the incorrect thing. They may be able to retroactively amend the plan to exclude bonuses. This is a profit sharing only plan by the way. Thanks for the responses!

Hello! I have a plan who did not included bonuses in their compensation for the last 2 years. There are 5 owners and 1 non-owner. Too late to do anything about it now? Their allocation is comp-to-comp. Can I make up the difference in what they got and what they should have gotten, so they can claim on their taxes this year as long as that, and their 8/31/2018 contribution, don't exceed the limit? Thank you in advance!

I don't see it- what am I missing?

I would love a copy, too to see how it compares to the one my TPA uses. Thank you!

Hah. Good one.