Guest MarkN Posted July 19, 2004 Posted July 19, 2004 We just took a money purchase plan from another TPA who allowed hardship distributions. The Plans legal council is advising a retroactive amendment of the MPP to a profit sharing plan allowing hardships. I don't think this smells quite right...opinions???
rcline46 Posted July 19, 2004 Posted July 19, 2004 Very not right. Is legal counsel advocating submitting to IRS? Are they willing to indemnify the plan/sponsor if it goes bad? See what IRS says on a John Doe CAP inquiry and go from there. Have corp put $ in and execute a corp make notes (ee was taxed). Pay back SS taxes.
Guest FormsRmylife Posted July 20, 2004 Posted July 20, 2004 Would that retroactive amendment of the MPP to a PSP be with a retroactive 204(h) notice?
Guest dietpepsi Posted July 22, 2004 Posted July 22, 2004 Since when are hardship withdrawals allowed in a money purchase plan? Does the attorney realize this not allowed?
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