Jakyasar

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

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.