TPApril Posted June 27, 2014 Posted June 27, 2014 Financial advisor office receives the contribution spreadsheet, misses it, and catches it 8 days after small business' last payroll, resulting in late deferral. Advisor firm wants to take responsibility of the small lost earnings amount. To what extent can they actualy make deposit on behalf of the company, or can the source of the lost earnings be the advisor firm. Or am I being too nitpicky?
Lou S. Posted June 27, 2014 Posted June 27, 2014 The finacial advisor may have a problem with their broker dealer for the reimbursment but I don't think it is a prohibited transaction with the plan from them to make up the lost earnings if it was their fault the deposit was late.
BG5150 Posted June 30, 2014 Posted June 30, 2014 Why doesn't the sponsor pay and get reimbursed by the broker? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
ESOP Guy Posted June 30, 2014 Posted June 30, 2014 Why doesn't the sponsor pay and get reimbursed by the broker? I think that is the cleaner way to do it. K2retire 1
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