Jakyasar

Lou Sorry for being dense here but I am confused about the TH, how can I not provide it, sorry cannot get my head around it, last day rule or not? There is no safe harbor provisions on this plan. I think i will advise the client to make 3% contribution and be done with it. If he wants more then will do the gateway testing.

Daily is not an option but 5%+catch-up is but what happens with top heavy issues? May be put in 3% of PS? Any other thoughts? Thank you

Hi I am no 401k expert so looking for any suggestions on options. PS plan signed Sept 2022 for 2021. Only PS provisions. Covered owner+employee. Now in year 2022, wants to add 401k deferral option but the problem is, the employee was fired (embezzlement of company assets) in May with over 500 hours. No other employees. I know that I have to provide PS allocation to the employee for 2022, if owner decides to make one. What can I do if the owner wants to defer (will take full year salary next week)? Employee never had a chance for deferrals. Owner is over 50 and expected 2022 w-2 is 100k and employee's final w-2 is 15k. QNEC is an option, may be 4%SH additional is an option, what else can be done? 5% limit of deferral to the owner? Any thoughts are appreciated. Thank you.

Thank you all, happy txgiving

What if the 2022 valuation is not done i.e. no info available as of 4/1/2023?

All, much appreciated

Bri, thank you for the link, totally forgot about it. Much appreciated all your input.

SPD was all consolidated (I could have done individual SPD's but they did not ask for it). This was 3 years ago. I did prepare a consolidated 204(h) notice but they are coming back saying need to keep all separate, really, after 3 years you wake up? As far as I know (from my previous research), the 204h notice needs to be provided to the participant(s) who are affected by and also serves as SMM. I do not see any issue here to create 10 different ones. How my benefit is impacted is not how your benefit is impacted. Any thoughts on why I cannot do it? Thanks

Thank you A follow question. Facts: The plan covers the owner (the daughter - 100% owner) plus her father and mother as the employees. Mom is the participant who turned age 72 in 2022, again no ownership, just an employee. Does mom need to get the RMD? She is an HCE/key by family attribution. Thank you

Hi My very first age 72 RMD. Turned 72 in September 2022, when is my first RMD due from the DB plan? Is the AB based on 12/31/2021 AB if starting 4/1/2023? If participant wants 2022 RMD and withdraws in December 2022, can he receive annual lump sum by 12/31/2022? Thank you

Hi One life/owner only CB plan. 3 years old. Business is sold, needs to terminate by 12/31/2022 Plan document states any excess to be reverted to the corporation (there will be no DC plan as QRP- qualified replacement plan). The participant is nowhere near the 415 limit and the excess, if can be provided to the participant, will be eliminated. Can the plan be amended so that the excess can be provided to the plan participant rather than being reverted to the corporation? I am aware of the 5 year rule but always wondered it was only for switching from participant to the company. Thank you

Hi Cash balance plan with 10 groups, some groups cover individuals (like founding member) and some groups cover multiple participants (like support staff). Benefits are to be frozen. Can 10 different 204(h) notices be provided for each group separately? Thank you

CB, it is AB, not balance, slipped here. Thank you all for your comments.

Hi Owner just took the 2022 RMD in one shot based on 60% vested balance. Now decides to terminate the plan in 2022 i.e. becomes 100% vested. Does he need to get additional RMD or still based on 12/31/2021 vested percentage? Thanks

This is good news, isn’t it? If 2022 income is already known and established, transfer the 415 limit now and convert the balance into cash. A follow up question. In which year the taxes will need to be paid?

Hi NOIT will be provided by 10/28/22 however, unless the participant declines, can still get paid the 60% prior to 12/31/2022 i.e. official plan termination date, correct?

Good morning Sponsor just signed the resolution to terminate the plan by 12/31/2022 (PBGC termination). Form 500 will be filed in 2023. They just told me about a recently terminated employee. Can they pay out this employee now with 60% vesting or have to wait thru the whole termination process and pay in 2023 with 100% vesting? Thanks

Stock piling for the next airline db plan crash

Rate 2018 2019 2020 2021 2022 2023 Increase, 2022-2023 Per participant rate for flat-rate premium $74 $80 $83 $86 $88 $96 +$8 Variable-Rate premium, rate per $1,000 of unfunded vested benefits $38 $43 $45 $46 $48 $52 +$4 Variable-Rate premium, per participant cap $523 $541 $561 $582 $598 $652 +$54 Per participant rate for flat-rate premiums, multiemployer plans $28 $29 $30 $31 $32 $35 +$3

Mine would be manual filing as well. What to do, what to do.

I was also checking with someone else and was told that the filing does not allow attachments and need to file a separate 5330, hmmm.

All this work for 1.90 of penalty, wow Dumb question, where do you say "additional pages", I did not see a box for it

That is what I am planning to do as well but I will wait a bit more, thanks

Riley, tx but how do you deal with the 5330 - excise tax filing? Follow up question On completing the 5330, I will possibly need additional pages as all deferrals were late. How do you accomplish this? This is just crazy for completing this form for pennies. My motto, no good deed goes unpunished. Grrrrr

Hi Not a 401k expert (barely novice). Looking at a plan for 2020 and 2021. Both years had deferrals deposited late. No VFCP calculations were made nor any adjustments deposited into participant accounts. No 5530s filed. How can this be corrected? Thanks