Basically

Let me change this and see what people think.... Company A: Dave 100% owner has 3 EEs Company B: Dave 49% owner Dave's wife 51% owner - Dave considered 100% owner, attribution Dave and wife only EEs These 2 companies are not an Affiliated Service Group, have nothing to do with each other, do not do business with each other, separate locations... Client would like to (ideally) put in a SH for Company A and a Solo for company B. Obviously max out Company B Comments?

NO... sorry... he is over 21. Thanks Blinky

he is... Thanks

2 businesses, A and B Company A: Dave 50% owner Dave's dad 50% owner Company B: Dave 49% owner Dave's wife 51% owner - Dave considered 100% owner, attribution Controlled group? I dont think so (hashes out with someone), comments welcome Company A is going to put in place a Simple (has other EEs). Can Company B establish a Solo 401 for Dave and his wife (no other EEs)?

Any reason why an employer, who hires one part time EE to perform bookeeping with annual hours less than 1000, can't have a profit sharing plan and only cover himself?

Click .. HERE for the answer to your question

I am new to Datair... like is so far. People are quick to respond to questions...problems. Good value

Mine is not a Doc either... rather a local media personality. He was ill with a serious disease and faded away for a few years. His Personal Corporation was disolved but the plan still remains. No contributions since 2000 I think... maybe earlier. I have yet to talk to the CPA to find out more info.

Huh... (long pause).... Unfortunately the client (as many of them are) was oblivious to what was required. Ignorance is no excuse, but clients like this one rely so heavily on the CPA or attorny to guide them they assume all is well when nothing is said... the "no news is good news" scenario. Sheesh... what a spot. So what most are saying is that the TSL works for a new plan that has not filed ever, but in the case where a client is lost in a shuffle he is screwed? (can I say that here?) Anyone know a good agent I can send this to their attention?

Ironically I received a call from a client that left in '99 and now tells me he hasn't filed since. He has a July year end so now we are looking at '00, '01, '02, and '03. Is what I am reading, the way to tackle this is to file all 4 years at once with the infamous "TSL" (Tear-Stained Letter), not file them individually?

The letter that I create to solicit a new potential client will need to be approved by the MA state insurance commision, NASD, and possibly the SEC? Is this just in MA? So what I should do is tell the CFP that is going in on this venture with me to have their broker/dealer provide an approved letter? Or is what you are saying is that only the CFP's part and how the client is solicited for the purpose of selling investments is regulated.... for my part as the TPA (non producing) am I also regulated? I guess if we produce a letter together it would need to be approved since the CFPs services would be on sale in addition to my services.... if I did it on my own (solicit MY services) it would then not need approval.

Does the total value of the plan have to be part of the SAR? Small client, 5 EEs, 3 family and 2 non related. Plan has $1mil plus with $150k split between the non related EEs. Plan sponsor is concerned that they will do the math and see what the owner etc have. Says it is a company breaker.... If the total value of the plan isn't disclosed then he feels it will be fine.... Can that be omitted?

Oh ok... Meant nothing by the post... and can see how some would feel that their clients would be in jeopardy... if they were not secure with thier relationship. The database is Larkspur and my access is through a CFP that wants to go after local plans in Massachusetts. I will create one of my own... I guess I am still learning what to ask here.

I have access to a database and intend to prospect some plans..... Anyone have a good prospecting letter, advice about how I should go at this task? Thanks!

Someone simply please confirm... If the one who reached 70.5 is a 5% owner ( and of course wife is 5% as well by attribution ) there is no delaying the RMD... correct?

Not disputing... it simply seams curious to me that if the actual deferal was made during the 2002 year it should be counted for that year. I am not wrong in my statement that 402G is a calendar year limit... right? I guess the twist is the fact that it is a partnership and income is declaired on a K-1 I apologize for the misinformation

402g is a calendar year limit. What is reported on the W2 for the calendar year must not exceed the 402g limit. Regarding the plan's accounting, if you made a deferral during October '03 based on compensation that was earned during October '03 then the deferral would be accounted for in the plan's September '04 admin. The deferral made in October '03 (along with any deferral made during the first nine months of '03 and accounted for in the 9/03 plan year admin) would count towards the 2003 402g limit.

Where does one find a book to buy? I would like to build my business and purchasing a block of clients would be appealing. AMM19, I purchased small TPA that was retireing.... I paid goodwill ($1,000) and structured the deal to pay for the clients out of future admin fees. So far that was a good plan since some clients have departed to find a TPA closer to home. I didnt have to pay for them. (also, I gained the software of the retireing TPA.... for free, as well as his years of experience) Gregory... Daily Val admin.... Do you offer that and if so do you have the technology in-house or do you use an ExpertPlan or the like service? I am getting mixed messages on whether I should go the daily val route or stay with balance forward admin. I am a very small TPA and do not administer large plans that may want the daily val option.

because you can't have a SEP (IRA SEP, 5305-SEP) along with a qualified plan and contribute to both... correct? But then what is a prototype SEP... a qualified plan?.. and dont your combine all assets of all qualified plans in determing wether you need to file? What am I missing ??

Yes, in the case of a single participant plan, if the assets are less than $100K (including receivables) there is no filing requirement.... No EZ needed. A Solo K plan is in actuality a regular qualified plan and enjoys all the benefits under ERISA.... no difference in the kind of doc. I use my regular doc and simply tailer the choices to the client's desires (eligibility, vesting, etc.). Maybe some larger institutions spent the $ to create a specific document for the Solo client... Not necessary though. I do stress to the client that once an employee is hired, that employee is eligible to be apart of the plan just like the sponsor. As long as the eligibility requirements are met by any employee, that qualifying employee must be allowed to enter the plan... cannot discriminate.

looks like those people are going to break that bench on that homepage.....

What about BenefitStreet and ExpertPlan. As a small TPA I considered one of these companies to do the "back office" behind the scenes stuff. I decided to not get into the daily val admin. My typical client wasn't suited. I am sure they would create a plan for you... If you want my contacts email me. BenefitStreet called me today as a matter of fact.

Sheesh... do plan sponsors know how much there is to know about pension plans to keep them in compliance so they can retire rich? Sometimes you have to be a Hercule Poirot to find everything in order to accomplish that task. I am the cobler whos children have no shoes!!! As I have said before, this place is a wealth of info... I enjoy reading and learning!

I was looking for something more like a shortend version of the SPD. Something to give to the EEs to quickly provide the basic provisions of the plan... I read about one somewhere, just can't put my finger on it. Almost like a SMM form.

Anyone have an example of a One Page Summary to give to the EEs for an upcoming meeting? One page, not the SPD. Something to quickly outline the plans provisions... Vesting, cont formula, eligibility Thanks!