JMP

so providing employees with their 401k balance annually only is still compliant?

Wasn't there a ruling a few years back that stated if an employer were to have 401k plan assets under a pooled account, then they were required to provided quarterly statements on the plan and that only providing an annual statement on the 401k pooled assets was not sufficient anymore?

Thank you!!

Do you need to report the Distribution Total for the plan participant on the Final FOrm 5500-EZ? 1 person plan, terminated plan, rollover all assets to IRA....do I report the rollover assets on Form 5500-ez somewhere, or just simply put $0 at the end of the year? When do you use the Total Plan Liabilities in Part III?

Client has 2 Schedule C's, shows profit on both Schedule C's, can the client have a Solo 401k plan for 1 Schedule C, and a SEP or Profit Sharing Plan for the other Schedule C? Can they maintain both plans and fund them both to the IRS Limitiatons?

Thank you both...this is very helpful!!

Thank you for asking for clarity. Your demonstration above is correct on the ownership!

They own 50% of each business.

Business 1 - 401k plan is currently in place - 1 Owner. Business 2 - Business Opens another location 6 month later - that owner is the Parent to Owner 1 above. Can Business 2 just adopt Business 1 plan as an Adopting Employer, since they will create a Controlled Group? Would there be Plan Amendment needed only for that?

MOJO - how do you know the DOL is looking hard at Audit Firms right now? Meaning more than Peer Review, etc.?

ESOP Guy - THIS IS EXACTLY HOW I UNDERSTAND IT AS WELL.....It worries me to hear firms are performing both full services to the same client.

Can the same accounting firm have an Audit & Assurance Service line that provides Audit Support to Larger 401(k) Plans, the financials etc. and also have a TPA Service Line perform the TPA services for those same client? Different Service Lines, different employees, but same Firm. I hear mixed comments on this all the time, so I'm curious what this board has to say about it?

any interest in this still?

My client is setting up a safe harbor 401(k) plan with a SH matching contribution and wants to implement dual eligibility, that is, allow participants to defer immediately into the plan but require one year of service in order to receive the match? Is there any concern in having dual eligibility?” How would you test these dual eligibility groups each year? What complications would you see in implementing a plan like this?

Thanks All for the responses....I am assisting a Financial Advisor who is trying to set up a 401k plan, but does not currently have anyone else to be named as Trustee of plan, so I was looking to what other options they had (since he is not a US Citizen himself).

Who is allowed to be the plan trustee?

Hello, I have a client who owns a Foreign Entity in Australia. The Employer is Australian, but owns a residence and lives in Manhattan. The employer does Not have a US Resident Alien SSN. How can they not have one of these, but have a US Payroll bank account? The Employer has 2 US Citizens and would like to establish a 401k plan for their US Citizens to participate in. Over then next 12 months, they will be hiring 30-40 more US Employees. So we are having a difficult time finding a platform for this type of client from a Trustee perspective. Does anyone know what investment platform would allow for a Foreign Entity, with a US Residence obtain approval as Plan Trustee?