Tom Poje Posted July 20, 2001 Posted July 20, 2001 'Bout time Dave! I am sure we all have some amusing pension stories. Once I took a call from someone asking for help regarding a new comparability/cross tested plan- If I recall, it was whether the plan passed testing. The plan was for a lawyer and his employees. Upon 'prying' for more info, I discovered the allocation used $500,000 (or some obnoxious figure) in comp for the lawyer. I told the person you can't do that but the individual insisted the lawyer knew what he was doing. (I suppose that in itself is a funny thought) I asked the individual just how are they going to answer the question of the 5500, 'was comp limited to 150,000'? The response was that the filing would be a 5500-R for the current year, and that question does not appear on the 5500-R, so you don't have to worry about it. Can't argue with that logic can you? I am still laughung inside over that one.
Dave Baker Posted July 20, 2001 Posted July 20, 2001 Amazing! Technically they're right, in that at least nobody's going to jail for perjury (signing an incorrect return), but that approach goes way beyond any kind of good faith effort to comply with the rules! You'd think a lawyer could grasp the importance of that.
Recommended Posts
Archived
This topic is now archived and is closed to further replies.