steve45

Hi, hope all of you are going great. I’ve a question regarding required minimum distribution (RMD) and the scenario as follows: Plan Year: 12/31/2022 Participant’s age as of 12/31/2023 turned to 72 Does he/she need to take RMD in 2022 Plan Year? Or he/she will be eligible to take RMD in 2023 Plan Year (turns on his 73th) Appreciate your insights.

I'm working on a plan with year end asset on 12/31/2021 $125,000 at John Hancock & plan made profit sharing contribution amount of $30,000. Do I need to consider bond amount on $155,000 (with PS receivables) of 10% or only count on $125,000 (John Hancock)? Thanks!

Thank you all for your valuable suggestion.

Plan Effective Date: 10/01/2019 (age & service- waiver who employed on or before effective date) Mr. B’s hire date 05/04/2019 and terminated on 09/21/2019; Rehire on 07/19/2020 What will be the Mr B’s entry date? Is he eligible to get entry on rehire date or service count will start from Rehire date? Thanks for your insights!

in my case it's overfunded deferral. Sorry for late response.

thanks a lot.

Hope everybody is doing well. Currently, I'm working on a plan and the facing the following issue- ' an employee made overfunded contribution in Deferral $1,500 & Safe Harbor Match $450 source in 2020 plan year and then it got corrected in 2021 plan year'' Now, do I need to report these amount under 8D or 8E in 2021's Form 5500-SF? 8 D - Benefits paid 8 E - Certain deemed and/or corrective distributions Please note, John Hancock report stated these amount as In Service distribution. Thanks for your insights.

Hope everybody is doing well. I need your help on the following issue. I’m little bit confused while running a new comparability test, do I need to select Employer Match/ Safe Harbor Match/QACA Safe Harbor Match in average benefit test? average benefit percentage test includes all sources but need confirmation about the right sources for average benefit test. (following image taken from ASC Software manual) Thanks for your insights

Does anyone have any idea about the following change? '' Defined Contribution Multiple-Employer Pension Plans: The instructions have been revised to implement an amendment to ERISA section 103(g) in the Setting Every Community Up for Retirement Enhancement Act of 2019 by requiring multiple-employer defined contribution pension plans to report aggregate account balance information by employer on the existing Form 5500/Form 5500-SF attachment for reporting participating employer information. '' Date: December 29, 2021 https://www.dol.gov/newsroom/releases/ebsa/ebsa20211229 Thanks for your insights.

How do I calculate attributable match for excess deferral?

Traditional Employer Match 50% upto 4% & compensation $137,500. What could be the consequence if the match was Safe Harbor?

I've a confusion regarding 402g excess deferral. If there are any excess deferral contribution amount then excess contributions must be refunded within April 15 (no tax required). Do I need forfeit any match contribution related to this excess deferral contribution? I've attached an ASC generated report where it shows $14 attributable match need to be forfeited. Please share your thoughts. Thanks for any insight.

Thanks a lot.

Total compensation for all eligible participants = $950,000 Then, 25% of total compensation = $237,500. Which sources will be counted for this deduction? (Profit sharing, Safe Harbor, Match.. which sources are to be count Thanks in advance.