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Found 6 results

  1. Group: Client, who has an ongoing DOL audit and pending US Tax Court petitions related to its S esop, received a very weird looking email asking them to be part of the DOL Dallas TX data collection dept for national collection of data re monthly payroll. And that a representative will be calling to discuss various payroll related items. I don't believe in coincidences with the Govt. Are many of your clients receiving similar letters and emails? We also have a pending FOIA request for a number of items related to the clients ESOP. I'm inclined to not have client interact with DOL given all pending matters. Thoughts and comments appreciated. Thank you
  2. Anyone else find this alarming?! Seriously? What if i'm a small plan sponsor and I've done my own lost earnings calc and deposited to the participant accounts, I've done an amount involved calc and filed and paid excise tax with the Form 5330. Seriously, the DOL is going to come after me for also not filing a VFCP?! ARA article: https://www.napa-net.org/news/technical-competence/regulatory-agencies/ebsa-threats-of-alternative-enforcement-actions-trigger-ara-response/ Letter from the DOL (see the last paragraph in particular): https://www.napa-net.org/wp-content/uploads/letter-from-DOL-4.27.2018-002.pdf ARA letter to DOL: https://www.napa-net.org/wp-content/uploads/18.06.07DOLEnforcementFinal.pdf
  3. I am confident that nonqualified top hat plans will need to address the final rule, specifically when disability is a payment trigger; however, is the rule applicable if disability only accelerates vesting and is not a payment trigger? Would seem so, but I'm not certain. What if the plan only contains disability respective to the cancellation of a deferral election? Would the rule apply here as well? Thoughts are greatly appreciated. Thanks!
  4. Plan Sponsor applied an incorrect match % to certain employees for a 3 year period (in addition to failing ADP/ACP). All employee defferrals were prcessed timely and properly. Correction for the incorrect matching % is being done via VCP. Would this also require a VFCP filing? My take would be yes, since a prohibited transaction occured as a result of the incorrect match (and not corrected with the year) and for the lost earnings. However, I do not see any applicable boxes on the VFCP model application. Any suggestions?
  5. Greetings, Does anyone have a good contact at the DOL that they could share? I have been looking into the question of when ERISA bonding is required under Section 412 with respect to a TPA that collects premiums from plan sponsor and remits to the carrier (note: TPA does not pay claims). My feeling is that these monies are not "plan funds" that trigger the bonding requirement until they are in the hands of the carrier, and thus the TPA does not need to have an ERISA bond in place. I base this mostly on Section 2580.412-5 "Determining when 'funds or other property" belong to a plan. https://www.law.cornell.edu/cfr/text/29/2580.412-5 Any information, whether it be a contact # or experience relating to the above issue, would be most appreciated. Thank you.
  6. We have been using the DOL calculator without filing VFCP. If you do not file VFCP it seems to be unclear what performance should be used. Does highest performing fund need to be used or can the overall plan return be used? It seems like there are stories of DOL auditors upon auditing using highest performing fund? If you use plan return is there the possibility upon audit that would be changed to highest fund return? In 2012 a health care funds for example returned over 30%. This year returns are very good too. Has anyone had any bad experiences with the DOL doing a VFCP? It seems fairly straightforward. Do you prepare for you clients? Time commitment does not seem that bad although a few of the narrative questions (#4 & #5) seem a bit too much. Is everyone in agreement that if you self-correct, the DOL calculator can be used as the basis for the 5330 excise tax? Thanks!
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