metsfan026

I'm taking over a solo 401(k) Plan that has exceeded the $250k in assets and therefore need to file the Form 5500.  It used an Adoption Agreement, but what I was provided was dated back in 2018.
I'm just confirming, even these types of plans had to be restated prior to July 31, 2022 correct?  With the need to provide the date/serial number for the restatement on the Form 5500, I wanted to make sure.

I think I'm overthinking this, but now I just wanted to be sure.
If the Plan is Top Heavy, but no Key Employee received a contribution (they also did not make any deferrals for the year) the Top Heavy is not required correct?
Since the highest contribution percentage for a Key Employee is 0%.  I just wanted to make sure I was not confusing myself.  Just one of those days.

Perfect.  If the owners are among the Top 8, we use them in the Top 8 correct?  So it's the Top 8 plus whichever owners would not be included otherwise.  Just want to make sure.

I have a plan terminating that had about $20k in the Forfeiture Account.  They used some of it to pay plan expenses, but even after that there's about $12k left in there.
So who does that money get split up between?  Is it:
Anyone still actively employed at the time of termination (I believe it was just the owner) Any person who had a balance at the time of termination

Technically it still can be filed on the SF (because we put the participant account).
On the EFAST website it just gives the following warning:
"Warning: If you have a one-participant (owners/partners and their spouses) retirement plan, file the Form 5500-EZ instead of the Form 5500-SF. Review 'Who Must File Form 5500-EZ' in the Form 5500-EZ instructions to determine whether you should file the Form 5500-EZ. Note that the Form 5500-SF generally is subject to public disclosure on DOL's website while the 5500-EZ is not."
So I guess that gives the advice to change to the EZ?  Does that sound right?

My thoughts are the SF actually provides more information than an EZ, so the incorrect filings shouldn't be an issue.
At the same time, if there hasn't been an issue before should we just continue filing the SF for now and figure the status quo is the best way to go?

My thoughts are the SF actually provides more information than an EZ, so the incorrect filings shouldn't be an issue.
At the same time, if there hasn't been an issue before should we just continue filing the SF for now and figure the status quo is the best way to go?

My thoughts are the SF actually provides more information than an EZ, so the incorrect filings shouldn't be an issue.
At the same time, if there hasn't been an issue before should we just continue filing the SF for now and figure the status quo is the best way to go?

1) No
2) No (they are in NY)
So there's no attribution, which is what I thought.  Thanks!

I just wanted to make sure I was correct.
Cash Balance Plan is terminating as of July 31, 2022.  In order to calculate the 2022 requirement, they can maintain the 1,000 hour requirement correct? 

Yea, I clearly misread that!  Sorry, 8(f) it is!
I agree, including them as part of the gain/loss isn't accurate.  I've seen people do it as well

Thanks Bill.  I've seen that, but I wasn't sure if a straight Profit Sharing Plan fell under one of those or if the assumption is that it falls under the "but not limited to" group

PSP = 401(a), would also include a DBP.

I don't think 414s is going to be an issue.  The biggest exclusions are bonuses for two HCE (for example, someone made in excess of $300k but the bulk of it was through a bonus therefore the usable salary is around $130k).  Because of that the HCE percentage is around 69% while the NHCE is 92.80%.  Since the NHCE are benefiting more, I'd think it would pass the testing.
So with that in mind, putting the exclusion as "All Non-Base Pay" should be acceptable for IRS standards?

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

Right now it bugs me too!! 
 

Right now it bugs me too!!