K Erica Miller

I had a plan sponsor calculate their own profit sharing and deposit it into participant accounts prior to the annual testing being completed. If this contribution was for the 2020 plan year but the profit sharing was deposited in 2021, can't they just reduce the participant accounts by forfeiting the excess? They are being told they need to use the correction method used for EPCRS, and I don't agree since the funding wasn't done until after the plan year end. Or at least that is how we've always handled these previously, so now I am questioning the method.

Construction for Primary Residence Ruling.pdf

Documentation of Principal Residence Loan.pdf

Hi, I have a participant that is requesting a residential loan but they will be building a home not purchasing a home. Can this be done with a 401k loan? and if they can, what documentation should we be requesting? A contract with the contractor that is building the home? I'm confident that the purchase of just the land parcel does not qualify for a loan and that is what they provided so far. Thanks for any insight on these rules