MTWeeks

It's been a long time, but I'm being asked to conduct mandatory distributions for a few termed participants with balances over $1,000. In the past I've used Penchecks, but I'm wondering who else might be out there to take custody of the funds. Tried to contact Millennium Trust but can't get a call back. Anyone out there have ideas for other service providers?

I have a client that recently came to us with a 457 Plan (deferral only) and from what I can see, they are a 501(c)3 non-profit. At this point, I do not know if they have any government funding or oversight. The Plan has allowed catch-up contributions for the last several years. My knowledge may be limited, but I think catch-ups are only allowed on government entity plans. Does anyone know if this is that black and white, or if there are any other factors they may be relevant?

This just came up with us when a criminal tried to hijack a participant's account (unsuccessfully). We made a determination, just from an abundance of caution, that we will not prefill anything going forward. That's my 2 cents.

I have a group of three companies all previously owned by the same family (three brothers, owning all three companies jointly), that have operated a single 401(k) Plan as a controlled group. Now they have sold 49% of one of these companies to an unrelated outside individual. They are asking if they now have the option to kick the 51% owned company out of the Plan. I believe they can, but also think the successor plan rule would apply since they maintained the 401(k) after the acquisition. Does anyone here have any thoughts?