metsfan026

I didn't think so, but I have a client asking so I wanted to confirm. The participant is under Retirement Age and was hoping to take out a portion. Thanks in advance!

Sorry everyone, they actually sent incorrect information initially. Based on this there are no controlled group issues, not even a brother/sister controlled group since the parents only own more than 80% of one company. I just wanted to confirm that I was thinking this through correctly. Thanks everyone and I apologize for all of the questions! Famiy Members Age Ownership Ownership Ownership Ownership Dad 60 50% 70% 50% 0% Mom 58 50% 0% 0% 0% Brother 36 0% 0% 50% 70% Sister 34 0% 30% 0% 30%

Thanks! So I'm correct that it's 1, 2, 4 & 5 that would have to be attributed. Company 3 could be excluded? I just wanted to make 100% sure

I thought if they owned more than 50% that it was still attributable. Is that not accurate?

I have a potential client that sent over the ownership percentages below, so we're trying to determine if there is a controlled group. Since they are adult children, is it accurate that Company 3 is the only one that wouldn't be part of a controlled group (since the son owns 50% or less of the company). Company 4's ownership would be attributed to the parents, and therefore part of the controlled group, since the ownership gets attributed to the parents since he owns over 50% of the company. Thanks!! Age Company 1 Company 2 Company 3 Company 4 Company 5 Husband 60 50% 100% 50% 0% 100% Wife 58 50% 0% 0% 0% 0% Son 36 0% 0% 50% 100% 0% Daughter 34 0% 0% 0% 0% 0% Total 100% 100% 100% 100% 0%

Good morning and Happy New Year to all! I have a client that is a Private Equity Fund and it's a participant directed accounts. One of the plan participants wanted to know if it was alright to invest in the firm's own hedge fund. May question is if that would be allowed in general, or could it be viewed as prohibitive by the IRS since it's the firm's own fund. Thanks in advance!

Good morning everyone! I have a client that applied to they EFTPS, but never received their PIN in the mail. I know generally you can only do a check if under $2,500, but under these circumstances would it be an issue to have the check sent? Thanks in advance!

Did we establish if the contribution for a Defined Benefit Plan were extended to January 3? I believe that they were, but I wanted to be 100% sure before going back to an accountant who is asking me for one of their clients (luckily, all of my plans were able to get done on time). Thanks!

I know we are in the process of doing the Cycle 3 restatements for all non-volume submitter DC Plans. When are restatements due for any DC non-volume submitter plans due? Thanks in advance!

It's in the Loan Policy, not the actual Plan Document. Is the loan policy a pre-approved document by the IRS? I didn't think it was.

Thanks! That's what I thought, but I just wanted to confirm

Good morning! Is there a limit to the number of times a loan can be refinances in a 401(k) Plan? I don't see anything in the regulations, but my document provider appears to have default language that limits the number of refinances to twice. I wanted to make sure that we could remove that language without there being an issue. Thanks in advance!

Thank you!!

Does anyone know what changes the No Surprise Act causes on the SBC and how it needs to be presented? Are there even any changes? I wasn't sure and a client is asking. Thanks!!

Is there an updated template for the QDIA notices? I can't seem to find one for some reason. Thanks everyone!!

This is definitely not in my wheel house. Does anyone have any information? I truly appreciate it: I was approved for my disability claim. I do not think they are computing the correct amount that is taxable on one of my benefits, which is also the largest. $3500 a month was paid by Cornell, so that is taxable. But the $21500 was paid by me in after-tax dollars. Based on my understanding, then only 14% should be taxable. However, Cornell told the Hartford that 48% is taxable and they are withholding and will likely report this to the IRS. When I questioned this, HR's reply is below: "There is a standard formula that applies to Long Term Disability payments based on IRS Section 105(a). It takes the average of two years of the total premiums contributed by the employer and all employees and finds a ratio between the two. WCM ratio is 48.27% taxable and 51.73% non-taxable."

Good morning everyone! Is anyone familiar with the Auto-IRA Mandate recently signed for New York? I know it says that if you are already providing a retirement plan they are exempt from the mandate. If an employer opted to put a plan in today, though, are they also exempt from the mandate?

So I just wanted to make sure I'm thinking of this accurately. There are a total of 93 people eligible for the Plan - 33 HCE and 60 NHCE If, based on people working for the subsidiary LLC that they want to exclude (or a VP, etc. that they don't mind excluding): 1 HCE out of 33 will be benefiting 8 NHCE out of 60 will be benefiting That would satisfy the 70% ratio percentage test, and therefore be able to be done without an issue? I just wanted to make sure I wasn't overthinking/confusing myself.

I know the SECURE Act removed the requirement for Safe Harbor notices for non-elective Safe Harbor contributions. I just wanted to make sure that it applies to both the 3% Safe Harbor and the basic Safe Harbor Match? Thanks in advance!

I apologize if I misunderstood the response and truly appreciate the responses. No unions and there are a lot of highly compensated employees. I'll have to run the numbers and see if there's a way I can do it. Again, I apologize and truly appreciate everyone's time/responses

Just trying to do some bookkeeping for a few of my new clients. Does anyone have a list of the required annual notices? Just making sure that they've been compliant in the past. Thanks in advance!

I didn't think we could exclude about 95% of the employees (which is what we'd need to do in order to exclude all of the subsidiaries)

That's exactly what I thought. There's about 1,000 employees with all the subs, and only 15 or so in the main office. Obviously if we excluded everyone it would fail the necessary testing.

Trying to design a plan for a potential new client just for their main office. The issue is that it's a production company, and for every film they do they open subsidiary LLC that are 100% owned by the main office. I assume, based on that, there's no way to exclude all of those additional LLC (adds hundreds of employees) from the Plan and just have it designed for the 10-15 person employees of the parent company? Just trying to confirm my thinking is correct. Thanks!

Got my hands on the document and it states: In the absence of any other designation, the Participant will be deemed to have designated the following Beneficiaries in the following order: (1) the Participant's Spouse (if then living); (2) the Participant's issue, per stirpes; and (3) the Participant's estate. Therefore we are going to distribute the money to his lineal child, not the step-children who were not adopted