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Showing results for tags 'amend'.
Found 7 results
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It seems that in the old days (10-15 years ago), it was common to find FSA plans filing small plan 5500's with < 100 participants and a Schedule I, often with very small balances remaining in a General Assets bank account. In line with IRS Notice 2002-24 which eliminated the requirement to file 5500 for small Cafeteria plans, it seems many of these plans simply stopped filing, no Final filing, no 4R code. So my curiosity today is, do we revive these 5500's so as to Final them, particularly where a wraparound document has been created which would incorporate this plan? In so doing, should the last filing from years ago be amended to imply 4R? Or just leave them as is from many years ago?
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Can a stock option award be amended to extend the term AFTER the original expiration date? Set aside any ISO/NQSO and accounting issues for now, I'm just trying to determine if it can be done. Award agreement states that option expires upon the earlier of 10 years from the date of grant, or the expiration date shown on the grant notice. Grant notice shows a date about 3 months earlier than 10 years from date of grant (related to date vesting begins). Example: - Grant date: 12/31/2007 - Expiration date (as shown in grant notice): 10/1/2017 Can this award be amended to extend the expiration date to 12/31/2017?
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Employer with FSA wants to amend their plan year to match the insurance coverage year. This would result in a short plan year. What implications does this have for participant salary reduction elections? Should the election be pro-rated to match the short year? Should salary reductions be decreased? Thoughts?
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Can you amend a plan after the year end to ellect out of using top-paid group to just using normal HCE rules?
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I have a Cash Balance Plan year of 1/1 - 12/31. Am I able to amend the plan this month adjusting the crediting rate to the market rate of return prospectively (for March thru Dec.)?
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I have a client that has a safe harbor match with profit sharing. For 2013, the profit sharing allocation is pro-rata. Is it possible to amend the 2013 plan to make each participant that own group? Will this cause the plan to lose it's safe harbor status and possibly effect the ADP test? Are all amendments after year end considered corrective amendments? I know I could set up a seperate profit sharing plan and just merge the two plans next year, but this is a last resort option.
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I have a client that has a cash balance plan. In May of 2013, he froze his benefit because he did not think he would be able to afford it. After year-end. he realized he could afford it. If we amend the plan to unfreeze his benefit and reinstate the benefit he was getting in prior years, is that considered discriminitory since we are not increasing the NHCE benefits in the amendment (the NHCE beneft was NOT frozen in May)? If tested with the plan, it passes, but if just the amendment was tested, it clearly would not pass since we are giving an HCE an allocation with no NHCE allocation. Are all amendments after year-end considered corrective amendments?
