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Showing results for tags 'employer allocations'.
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I have a plan with one owner (dentist) and 5 participants. Each year they do a profit sharing and a safe harbor contribution. The money is at LPL Financial and each participant receives their own statement and they cannot direct their investments. The dentist prefunds the profit sharing and safe harbor contributions during the year by depositing the funds into his own account. Every other year it seems, they fail to transfer the participants' profit sharing and safe harbor amounts out of his account. The participants are clueless, and in the meanwhile, the owner is getting an unfair advantage as fair as gains. I have tried telling them they need to prefund it into a plan checking account, not into the owners account, but so far they are ignoring me. Any ideas on how I can convince them not to do this?