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Found 6 results

  1. Anyone have experience requesting a "minor" modification of a VCP compliance statement? The only example in IRS guidance of a "minor" modification is a compliance statement that listed 200 affected participants; however, after recalculating the failure affected 225 participants. In our situation, the applicant got an IRS compliance statement approving a retroactive amendment adding back in a provision missing from a 2015 restatement. The compliance statement was issued over 150 days ago. The applicant recently discovered an inconsistency between the retroactive amendment and the plan's historic administration, and believes additional clarifying language (no more than a phrase or two) should have been added to the retroactive amendment to achieve the intent of the VCP filing and conform the plan document to the plan's historic and ongoing administration. At bottom, we think the fix of the document could have been better, but this is a document issue only; the plan's always been operated as it should have been. Has anyone had success requesting a "minor" modification of a VCP compliance statement under similar circumstances?
  2. We have a plan that has allowed all participants into the plan early for more than 20 years. Both HCEs and NHCEs were allowed in early. If the early inclusion of participants is significant (or assumed to be significant), can we adopt the retroactive amendment under SCP? Does the requirement that significant operational failures be corrected within two years apply to corrections by plan amendments? Assume there is no discrimination issue.
  3. Discretionary plan amendment for defined contribution plan is adopted after the end of the plan year during which is became operational. Assume it's operational during 2015 (calendar) plan year and adopted July 1, 2016. Amendment says it's effective 1/1/15. What is the effect? Is the amendment entirely void? or Is the amendment deemed effective 1/1/16 (first day of the plan year in which it was adopted), limiting the operational failure to only 2015? Or - is there another possibility?
  4. We have a plan sponsor that implemented a 401(k) Plan in 2016. This is a safe harbor match plan with an additional fixed match and a discretionary match, i.e. uses the triple-stacked match plan design. The fixed match formula is 86.79% on deferrals up to 6% of pay. This was written into the plan, as it is the formula that maximizes the owners for 2016, when we are using a discretionary match of 66.6667% on 6% of deferrals (equals the 4% ACP safe harbor match). I realize that we should have considered drafting this differently because now we will be in a situation where the owners are not maximizing for 2017 under this formula (due to COLA increases). I am curious to know what other administrators are doing: 1) Amending the plan document in advance of each year to increase the fixed formula based upon the COLA increases OR 2) Drafting the original plan documents in such a way that amendments each year will not be necessary and owners will still maximize contributions. This could be something like including a 100% fixed match on deferrals up to 6% and then determining the discretionary match (ACP safe harbor) to maximize. The problem here is that the plan sponsor would be committing to a higher fixed match than would be necessary.
  5. Just wondering - when submitting form 5300 for Cycle E, are you submitting new IRS reference lists that are encouraged but optional? They don't seem particularly useful - most of the items seem to be N/A, either not applying to the DB plan I am submitting or not requiring an amendment at all for anyone.
  6. A client is changing to an S-Corp, so their fiscal year will be moving to a calendar year. Previously, they had an 8/31 plan year end. To amend the plan to a calendar year, do the amendment and resolution need to be signed by 12/31/2012 (the last day of the first short plan year) or before 8/31/2013 (the old fiscal plan year end)? Thanks for any direction you have on this!
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