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Found 6 results

  1. My employment was terminated 6 years ago. I'm just now eligible for distribution but now they saying they will pay me in 5 years installments. So after waiting for 6 years, now I got to wait another 5 to get it all? Can they do this?
  2. Have a "splitting hairs" question. Plan document reads: (6) Return to employment. A Participant may not receive a distribution based on Separation from Service, or continue any Installment distribution based on a prior Separation from Service, if, prior to the time the Trustee actually makes the distribution, the Participant returns to employment with the Employer. At issue is the meaning of the phrase "Participant returns to employment" in the last sentence. I contend that the employee has returned on the date he or she begins working. I base this on the fact that his/her re-hire date is the date he/she begins working, not the date called. Another party interprets that the employee has "returned to employment" if he or she has been notified they are being called back to work. A distribution was in process to the terminated employee. Before the funds were paid out, both parties were notified that the employee had been re-hired with an effective date three weeks in the future. I contend we should not stop the distribution. The more conservative party (who by the way is very highly regarded and I have the utmost respect for) states that because we know he will be rehired, he has "returned to employment" and we should stop the distribution. I've made my decision but am curious to run this by other experts out there. Thanks much!
  3. Client accidentally deposited payroll contributions twice for the same effective date. Instead of reversing second transaction, can employer leave the funds deposited alone, and change the effective date of the second deposit to match with the next pay date? The funds would have been deposited before they were withheld from participants' paychecks, but isn't the risk entirely on the employer? There is no harm to participants - in fact, they benefit.
  4. I have a participant directed 401(k) plan. I plan to have money transferred into my account after the close of the market today so it will sit in my 401(k) plan account until Monday uninvested. If I change my investment election of future money on Monday morning, will the investment of the money received on Friday night be invested in accordance with my new investment elections that I made on Monday morning or will it be done using my investment election at the time the money was received on Friday night? Does anyone know what the rules are with this? Thank you!!
  5. Here is the scenario: A client has a one participant overfunded DB plan, no 2013 contributions needed or made. He wants to terminate effective in 2013 and transfer excess assets to a DC plan escrow account, but the actual transfer won't happen until 2014. The question is, can he release from escrow for 2013 (up to his DC annual addition)? My presumption is yes, since aside from the lack of a deducation, it is little different from an accrued contribution. I would think that the termination resolution should specify the intent to accrue the transfer for 2013
  6. If the 2012 5500 audit for a multiple employer plan is complete, and one of the plan adopters declares a 2012 employer contribution after its audit is finalized, can the employer deduction be included on the 2013 5500 even if the employer takes the deduction for 2012, or must the employer deduction be the same year for the 5500 and the corporate tax year? (assume both calendar year). The Plan Administrator did not want to go through the hassle of appending the audit report.
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