Guest DBStudentAct Posted September 16, 2009 Posted September 16, 2009 One of our recession-hit plan was unable to put in the last $10,000 of the 2008 MRC, after electing to waive off the entire COB. Can I recertify the 2008 valuation using WRERA provisions like asset smoothing ( hadn't done that earlier ) so that the funding deficiency disappears? Has anyone done the same or faced a similar situation? Is there a deadline for this, I thought it was sometime in October. Looking for all possible help! Thanks.
Effen Posted September 16, 2009 Posted September 16, 2009 Sure, nothing is final until you file the SB. You can try asset smoothing and using the yield curve instead of segment rates. One note of caution - be careful with your AFTAP cert. If you are changing your methods used to prep the 2008 valuation, those changes will also impact your 2008 AFTAP. You are probably ok, unless it results in a material change. In other words, if your original AFTAP resulted in benefit restrictions, but now you redo the 2008 val using the yield curve and find the restrictions would not have applied, you may have just disqualified the plan. Totally idiotic position, but I believe that is what is says. The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
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