Below Ground Posted January 14, 2016 Posted January 14, 2016 Client has always been evasive when it comes to firm ownership. Always says there is numerous owners, too many to list. Every year signs off on a statement that no employee has any ownership, AND firm is not part of a controlled group. Recent events "uncover" that the firm is actually owned by a "foreign trust", which also owns other firm(s) in the US. Knowing that ownership by a foreign can create a controlled group, I fear that this foreign trust means that the plan we are working on now has controlled group issues to address (i.e. coverage). Assuming this trust has a controlling interest in the 2 firms, do we have a controlled group? From what I currently know, the 2 firms I have knowledge of have comparable benefits as the plans are currently identical with only salary deferrals. Unfortunately, I do not have the complete history of the two plans AND there could be other firms and plans. Assuming there is a controlled group, just how big of a mess could this become? Having braved the blizzard, I take a moment to contemplate the meaning of life. Should I really be riding in such cold? Why are my goggles covered with a thin layer of ice? Will this effect coverage testing? QPA, QKA
mphs77 Posted January 14, 2016 Posted January 14, 2016 How big a mess you ask? The possibilities are endless, but it may be possible that all the work done for the "Client" is incorrect.
Below Ground Posted January 15, 2016 Author Posted January 15, 2016 Yeah, that is what I am afraid of. (I guess that question was rhetorical.) While we have signed off schedules saying they are not a controlled group, ect..., this stuff can give me an ulcer. Having braved the blizzard, I take a moment to contemplate the meaning of life. Should I really be riding in such cold? Why are my goggles covered with a thin layer of ice? Will this effect coverage testing? QPA, QKA
Below Ground Posted January 15, 2016 Author Posted January 15, 2016 Well, those can be connected. You have to wonder why do certain people persist in making your life miserable. Having braved the blizzard, I take a moment to contemplate the meaning of life. Should I really be riding in such cold? Why are my goggles covered with a thin layer of ice? Will this effect coverage testing? QPA, QKA
My 2 cents Posted January 15, 2016 Posted January 15, 2016 or a drinking problem...... Is "a drinking problem" when one runs out of something to drink? K2retire and Bill Presson 2 Always check with your actuary first!
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