Jakyasar

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

Nate When you say reversion amount is subject to income taxes, you meant the remaining balance of the QRP and not the full amount reverted, correct?

That is my understanding as well (I never do it that way but checking for someone) So can file EZ today and certify SB by 10/15.

Asked by someone as i never heard of this before. Can they file the 5500-EZ before certifying schedule SB? Thanks

Thank you for the suggestion.

No access to ACOPA board, thank you though. If I find anything, will share with the board. Such a touchy subject.

Yeah, only if I knew what to think is right. Thank you for the suggestion though. Never thought this would be a subject where I could not find a solution to or get any guidance.

You may be right but still not the right approach. After all, how is the accrual restored? It is the same for one lifer or not. Looks like will freeze now before certifying AFTAP and do an A+B amendment.

No one?

Gilmore, she was not an officer in 2020, just a rank&file employee, making under 100k. She purchased 20% in 2021.

I do not think I agree with your statement, one lifer or not, AFTAP is applicable to all DB plans (at least the ones I deal with). Given that the accrual has to jump, it can matter big time especially with the possibly increased level of minimum required contribution. I have not seen anywhere that says "one lifer, who cares".

Any takers on this?

Hi PS plan, top heavy for 2021. Both key and non-key receive top heavy minimum. Plan also has 5% gateway requirement for non-HCEs. Beginning of 2021, Joe owned 100% of the company July 1 2021, Joe sold 20% to an employee, Mary. As of 12/31/2021, ownership is 80/20. When did Mary become a key employee? What contribution does Mary need to get for 2021? Thank you

I am fully aware of everything you did not say since you are not here. There are no PFBs and COBs to eliminate. I still would like to know about the AB's, the freeze date etc, for my information.

Salary not relevant, all HCEs. If a DB plan, possible PBGC coverage too.