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Found 3 results

  1. I have an interesting situation that I don't know how to fix so I'm hoping someone out here has come across something. A new 401(k) plan was adopted 1/1/2020 - not safe harbor with discretionary match and profit sharing. Volume submitter plan document allows for irrevocable waivers and the plan sponsor wanted it because many employees wanted no part of the plan due to religious beliefs. We received the irrevocable waivers in December of 2019. We have now received the 2020 census data - every NHCE signed an irrevocable waiver and the only eligible plan participants are the owners. There were 7 NHCE who exceeded the statutory eligibility requirements so they are showing up as eligible, not benefiting, for 410(b). These employees want no contributions from the employer for religious beliefs which is why they signed irrevocable waivers in the first place. Any ideas out there about how this should be handled?
  2. If a plan opts to adopt the sample amendment found in Notice 2020-51, is a notice to plan participants or SMM required to be distributed plan participants? If yes was a sample notice to participants provided ?
  3. A client with a traditional DB plan is interested in filing a for a funding waiver. I have tried to explain some of the pitfalls, but they are still interested in pursuing the waiver. One of the biggest disadvantages (based on my own experience) is the IRS makes no promise on when they will respond to the application. This raises the question of how the plan should be funded while the waiver application is pending. Should we assume it will be approved and run the risk of missed contributions, later quarterlies and excise tax if the waiver is rejected? Or should they continue funding assuming the waiver won't be approved (in which case what is the point)? I am interested to hear both about any guidance as well as what people have seen/done in the past.
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