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Found 4 results

  1. If a DB plan is non-compliant (either a discriminatory benefit formula or failed 401(a)(4)) may it still terminate under PBGC if the assets are sufficient? We understand that a plan may potentially be disqualified, but does the PBGC care or is it only concerned with sufficiency? Case in point floor/offset plan, but the sponsor did not correctly fund the DC plan to meet aggregated testing. They want to terminate the DB plan. We are reluctant until they get the combo compliant. They dispute the need for additional contributions to the DC plan in order to terminate the otherwise sufficient DB plan. If we warn the sponsor of consequences, will the PBGC allow the termination without regard to testing?
  2. Hello everyone, I am so confused and could use some assistance. I had a 401K balance of $58K but have an outstanding loan of 10K so the balance that shows up is now 48K. I've been paying it back and all that. I took it out to pay high interest credit cards. Anyway I have just resigned. Now I know I will have it taxed as income and all that plus a 10% penalty. My question is regarding the balance of the 401K. It is 48K correct? They won't reduce it by another 10K to "repay" the loan will they? It seems like a silly question but I'm not good at this. Thank you.
  3. There is a cash balance off-set plan with a participant count of 32 before the offset. After the offset, there is only one participant receiving a benefit under the cash balance side of the plan. When counting participants for the PBGC flat-rate premium, would we use the number of participants receiving a benefit before or after the offset?
  4. When calculatiing the maximum benefit a participant can recieve when a Cash Balance plan has an offset feature, is the maximum benefit (the 415 limit say $2.6 Million) before or after the offset? If the Offsetting profit sharing plan for example has $2 million. Is the lump sum beneif only $600k or is it still $2.6 million, which would make the full benefit $4.6 Million? Thanks
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