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Found 4 results

  1. I am asking this in a half rhetorical manner. Client had been a single employer for 5500 filing and filed under 001. Then employer became a related employer due to an acquisition and joined parent's plan as adopting employer. Initial 001 Form 5500 had a final filing when the assets merged into the parent's plan. A few years later and due to ownership change, they are no longer related so the current plan is a MEP and the Client is spinning out their portion of the MEP into a stand alone plan (June 1, 2023). My experience has been that the effective date of the newly established spin-off plan should be June 1, 2023. The Client would use 002 since 001 had been previously used. Since this is a spin-off, there are protected benefits and no distributable events (that is not the issue). The service provider is insisting that the effective date be 1/1/2018 (effective date of the prior parent's plan). My concern is that once filed, the EBSA is going to ask about all of the missing prior 5500 filings, which could be avoided with a new effective date and I also believe that the 5500 must be marked as "First Year Filing". Any experience out there with using a prior effective date and what notices get generated? I vote for the 2023 effective date and 002 for the plan number. Thanks!
  2. Hi all! We're looking at taking over a plan that is a spinoff from a MEP. The MEP allowed for Loans, but the employer does not intend to include loan provisions in the new plan. Would this be able to be treated like a plan termination offset situation for the few participants who have loans, allowing them to begin rolling funds into an IRA to replace the loan offset? Or is there some anti-cutback rule that I am not thinking of that would require the employer to allow the participants with loans to continue their payroll deductions for loan repayments into their accounts in the plan until all are repaid? Thanks!
  3. Client started with 401k in 1986 (001), then merged into ADP MEP (filed 5500 on ADP EIN) then now wants to spinoff to 401k. Is spinoff document 001 because they started with 001 prior to merger or 002? does predecessor service or prior year service apply in this case? Is original effective date 1986 or 2019?
  4. Do we have any guidance on how to allocate PPA funding results following a non de-minimis spin off? Specifically, how do we handle shortfall amortization bases, credit balance, and smoothed assets? If we are still operating without guidance, can you offer any suggestions on what you have done/seen? If it is helpful, here are details of my specific situation. Plan spun out a non de minimis portion of participants at 12/31/2017 to a new plan as a result of a change in controlled group. Assets have been allocated and split as of 1/1/2018. The plan is over 100% funded on a PPA funding relief basis (but wasn't on a 4044 PVAB basis), smooths assets and has FSCB and PFB.
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