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Found 5 results

  1. A governmental plan requires employees to contribute to the Plan post tax. The monthly benefit reflects both the taxable and non-taxable portions and are reported appropriately. If a retiree dies before receiving benefits equal to his or her contributions (plus interest at the plan's rate), then his or her beneficiary receives a refund equal to the difference between the total benefit received and the retiree's post-tax contributions (plus interest). Is this refund taxable? How is the refund reported to the beneficiary?
  2. Town DB plan with employer pickup contributions (yes - formal action was taken when implemented). Town is amending plan to retroactively include position that was previously excluded. Employee will need to make up contributions for period of credited service she will be granted (and she will start contributing prospectively for future service as well). Do the contributions for the period of past service need to be made on an after-tax basis or is there some way to draft the plan so that these contributions are picked up by the employer as they would have been if she had been included all along. I know she can't be given a choice, but can the plan specify that payment of the past contributions will be paid over a certain period and will be picked up by the employer? I have the same question for making up contributions after returning from a leave of absence. If the plan bridges service and requires the participant to contribute for period of leave, can these be picked up?
  3. I have a self funded health client offering 7 (yes 7) different health plans. One of the self funded health plans is solely funded by employee contributions. How does the law speak to excess contributions? What rights does the employer have to these monies?
  4. It is my understanding that an employee's contributions to a governmental defined benefit plan cannot be refunded to an employee who is no longer covered by the plan if he or she remains employed with the sponsoring employer unless he or she reached normal retirement age. This issue arises in the context of a collectively bargained employee who leaves the bargaining unit to become part of management. Does anyone know of any exceptions or is there any authority that supports the refund of employee contributions to someone who transferred to a position not covered by the plan but has not separated from service?
  5. I'm unable to locate any definitive source to answer this question. What is the deadline for employee contributions to a SEP-IRA for any particular tax year? Note I'm not referring to contributions made by self-employeed individuals as those are considered Employer contributions and are reported in Box 8 of Form 5498. Also, I'm not referring to elective deferral contribution to a SARSEP which are also reported in Box 8 Those deadlines seem clear to me. What isn't clear is the deadline an employee has to make a contribution to their SEP-IRA for the previous tax year. These contributions are reported in box 1 of the Form 5498 and following the annual dollar limit of ยง219. From my understanding, they are treated like traditional IRA contributions. Because of this, it seems to me then that logicially the deadline to make contribution for the previous tax year would be April 15th (just as one would do with their regular stand alone traditional IRA). However, every source I reference simply states that the deadline to make SEP contribution is tax filing deadline plus extensions with no seperate mention being made (or at least acknowlegement of) that the deadline for box 1 employee contributions made to a SEP-IRA still needing to follow the April 15th deadline of a traditional IRA. Just hoping someone can confirm and possible cite a source so I can be 100% confident on this answer.
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