SSRRS

Thanks! Thank you very much.

Thank you very much. No distributions were made, so the distribution restriction is not an issue in this case. The SB's will have to be done and we will see if there are funding issues. Thank you!

A DB plan was not administered for a few years. They came to us to bring them up to date (valuations , filings etc.). There were no AFTAPS since 2017. Do we take the AFTAP percentage that was prepared for 2017 and subtract 10% for each year until we reach the current year? Thank you.

Is the Schedule A for an EZ not filed, however, must be prepared (similar to the Schedule B that must be prepared, however, not filed)?

Thank you.

Thank you. If the plan is a one participant owner only plan (and spouse) -should an EZ be filed and just leave off the Schedule A, since one participant owner only plans can't file an SF anymore? Thank you very much!

Hi, Is a Schedule A required to be filed with a 5500EZ? Thank you

I have seen volume submitter interviews (to create the document) that in the exclusion section have a box labeled "other" and they ask you to fill in the other--ie in this case "Any employee who is an HCE". This seems to indicate that the VS Document allows you to enter additional exclusions? Thank you.

Thank you very much Lou S. and BG5150.

Hi, A participant in a 401k Plan terminated years ago. He received currently a letter from the Social Security administration that informs him that he was a participant in the plan and that if he was never paid out, he is then entitled to his account value. The letter towards the bottom shows a grid that shows that the last reported year was 2007 and his account value was $49,251. Question: How would they know his account value? Usually the W2 shows only the deferral made for the year. Thank you!

Thank you, D.J. Simonetti, pmacduff, and BG5150. Yes, I surely agree, amidst the daily focus to get things done etc, we all could use some good humor to air us out.

Thank you!

CuseFan, your brilliance is much appreciated.

Thank you!

Hi, I received a very helpful and detailed response, and want to show my appreciation. Is a like or a thanks (trophy) worth more? thank you.

Hi, A Corp and their DB Plan was a fiscal year end of 7/31 until 7/31/19. The corp switched to a calendar yr end by running a short year for 8/1/19- 12/31/2019. Then they had a regular calendar yr for 1/1/2020 thru 12/31/2020. The plan also should have ran a short year 8/1/19 thru 12/31/19, however they forgot to file for this 12/31/19 short year. If they would file now for 12/31/19, they would need to file with the DFVCP to avoid large late fees. Question: 1. Can the pension stay with another year of a 7/31 year end. Meaning file a 5500 for 8/1/19 thru 7/31/2020. And then switch to a calendar year by running a short year of 08/1/2020 thru 12/31/2020. 2. For the fiscal year end 7/31/2020 (if they can keep the plan with a fiscal year end for an additional year) the company can contribute up to 275,000. This contribution was made in march 2021. Can this contribution that was made for the plan year 8/1/19 -7/31/2020 be used as a deduction for the 2020 calendar yr on the corporation's return for 2020 (as the company for 2020 was a calendar year)? Thank you very much.

Thank you very much for this clarification. If the company is based in Melvile, New York, however as construction company it is possible that they might have a job in NYC or an employee that lives in NYC. If any of these two are applicable, would the employer be required to now offer a plan? It seems that quite a few companies today have been struggling even before this additional new required expense.

Thank you, Peter Gulia. The query is about Melville, New York.

It seems that the New York secure choice was indeed voluntary , and now they are trying to push for mandatory. In these times, is it fair to force emoloyers to sponsor a plan? (even if it jusy employee deferrals, it still costs the employer). Thank you very much.

Bill,thank you!

Hi, A client recieved a letter that New York requires all employers with five employees to offer a retirement plan. Is this true? It appears from research that this program is voluntary in NY. Thank you

Effen, I really appreciate this. Also, I do hear the two sides on the dilemma, of who will govern the RMDs after the rollover.. Unless they agree to pay for an ERISA counsel, we will go with the husband's older age ((higher RMD annualy) to be safe.

Effen, do you mean that the surviving wife must take her annuity this year to salsify the RMD for this year, and then she can roll the present value of her annuity to an IRA, OR do you mean that since her husband, prior to his passing, was already in RMD status before she can not roll the lump sum to an IRA and must take a taxable distribution? Thank you!

Thank you Mike. Your vast knowledge and clarity that is seen thru your response is much appreciated as usual. Thank you for the point that the comp at some pint will cut back.