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Found 4 results

  1. Good afternoon to all, Have any of you ever calculated the earnings on a series of slightly late deposits (between a few days and 6 weeks each) for a client and found that some participants are only going to get a very little bit of money? I just had to do this for a school with about 45 participants. While 19 of their 26 deposits during the year were late, they weren't THAT late, and the total interest on the late deposits per person just isn't much. Some will get a few bucks but many will get less than a dollar. Why did I bother with it? Because some of the employees found out that deposits were being made tardy and demanded to know what our client was going to do about it. He's in the unhappy position of having to prove that the rules have been followed to the letter. So he will have to pay us more than the interest and penalties involved to find out what he owes. The toughest part to figure out is what to do when the participant has already terminated employment and been paid out. How does our client manage to pay someone as little as 13 cents after they are gone? Do these tiny payments have to funnel through the platform provider or can the school just write a check to the terminated employees and mail it to them? Your thoughts, ideas and experiences are greatly appreciated, as always.
  2. Calendar year plan - we filed Form 5558 to extend the 5500 and the 5330 for a client. Now we find that the late deferrals were not for 2017 but instead were for 2015 and 2016. The client is asking to not file Form 5330 for 2017 because no late deposit of deferrals for that plan year. Are there consequences for extending Form 5330 and then not filing one? Thanks.
  3. For a calendar year plan ADP excess contributions were identified after 3/15, however, when the excess was attempted to be cut it was discovered that the participant had already taken a full distribution of assets due to termination. Please note: this situation is a single Adopting Employer within a Multiple Employer Plan. The question is...what is the appropriate recourse particular to the Form 5330 reporting? Do you report the excise tax amount that would have otherwise been distributed if the assets had not already been moved out of the plan? Something else? Thank you in advance for any comments.
  4. Is the use of the DOL online calculator to determine the earnings to be paid when correcting late 401(k) deferrals, and the payment of the excise tax on that amount by filing Form 5330, sufficient to correct the error? Is anyone finding that the DOL is requiring a VFC application as well in order to rely on the use of the DOL online calculator?
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