Lynn Campbell

I am looking for an easy to use source of quotes by highly-rated insurers. Anyone have suggestions for an easy way to get several quotes - short of spending a half an hour on the phone with 3 vendors? Thanks for all help!

Am I correct in that the maximum for this plan is $42,000? Thank you for your input.

I would say he can borrow $2,500 more. In your numbers, B should be 1/2 of $55,000 = $27,500 - minus present loan of $25,000 = $2,500.

were the funds rolled over? If not, I can see no code that fits this situation. I would say that Code 2 seems right but the instructions do not cover the QDRO exception to 72(t). It seems the IRS wants you to use Code #1 but that may/will lead to complications.

5% Owner reaches age 70 1/2 in 2004 and elects to take his first RMD in 2004 - and there is a QDRO which stipulates that 1/2 of his benefit is allocated to his spouse as alternate payee: is the alternate payee also required take an RMD by the Participant's Required Beginning Date, even though she is only 65? What if the alternate payee rolls over her entire share before the participant's Required Beginning Date - would that avoid payment of the RMD to the alternate payee? Thanks for all input.

So they also need a Bond, SPD, and SAR.

It sounds like you can just change the name of the sponsoring employer and plan name to reflect your new entity, use the new EIN if applicable, and amend the profit sharing plan to a 401k plan. You would continue to use Plan #001 in that case, it would be a restatement as you mention.

Yes, and if there is any distribution to this person in 2004, the MRD must be paid in 2004 too. So if the participant wants to rollover their account, have the MRD for this year paid first.

What does your agreement say about representing the client in event of audit? Do you have any relationship with the client directly?

I think he needs to take the Required Minimum Distribution before he does the rollover, because 2004 is his first distribution calendar year.

does the plan contain last day of employment provisions?

I second AndyH's comments, I would hope that we could exchange information, or comments, without any insults or rude retorts, especially when everyone who responds is simply trying to HELP the questioner! Maybe we have all had too much of the 2004 Election Season and it is rubbing off on us?

I feel bad that Dougsbpc is getting heat on this - I suspect that he/she is just trying to be helpful to other users of Benefits link - rather than trying to cause any problems. Also, I think it's impossible to say if fees are low or high without knowing what size plan we are talking about and exactly what the services entail, right? Does everyone agree that comparing fees is taboo?

Is the 90 day requirement still in effect, or did EGTRRA remove it?

David, thanks for the links! This includes a sample QJSA notice. Does anybody have a sample QPSA explanation/notice? Thanks for all input.

You will need a 204(h) notice when you merge/terminate the Money Purchase Plan. You can terminate it and opt out of the IRS review for termination, if the Plan is clean that may be an option and a way to save $$ and get rid of the J&S requirements.

Thanks for the information, I have attempted to find the article with no luck so far. If anyone can give me the details that would be helpful. Thanks for all help.

Can anyone please tell me where to find these notices? Thanks for your help.

Re removal of optional form of benefits: for example a profit sharing plan which eliminated all Joint & Survivor options in its GUST amendment and includes only the lump sum option now: do these new regs mean that the lump sum option can be used as the only payout option now, without waiting for the 90th day after the employees have been notified of the change?

A little more background: The alternate payee does not have a separate account in the plan. The amount due to her has been agreed upon by both the participant and the alternate payee and is specified in the QDRO. We are drawing up papers for the alternate payee to elect a rollover or a distribution, etc. My question is: can the alternate payee be "cashed out" if she does not return the distribution forms, or must she consent before it can be paid? Thanks again for all your help.

In a Money Purchase Plan, alternate payee (ex-spouse) is entitled to more than $5,000. Is her consent required before she can be paid? Thanks for all input!

I took over a plan recently and the Form 5500 must be amended for 2002. It is a one man plan, so was eligible to use Form 5500-EZ for 2002 but did not. Can I amend using 5500-EZ?

Tom - I realize that the EBARS might not be all the same - due to use of a different testing age, top heavy requirements, or 415 limits, but assuming that none of these apply - isn't the theory of age based plans that the EBAR is "generally" the same for all participants?

Back to this issue - I am running an age based plan. NRA is 65. Owner is 70 now. Can I use the Annuity Purchase Rate (APR) at age 65 in computing the EBAR for the owner? That seems to be what my plan says. This produces a lower EBAR than using the APR for age 70... Since my goal is to have everyone's EBAR the same, this is a critical important issue - right? Thanks for all input.

I just spoke to the PBGC person who advises that the PBGC does NOT honor the "in and out approach". They will issue an exemption notice only if the plan wants a permanent exemption from coverage. Obviously, the situation may change and there may be new entrants in the future that are not anticipated today - how does this make sense? I am giving up on this one - but it does not make sense to me. Thanks for all your input!