SSRRS Posted January 18, 2022 Posted January 18, 2022 Hi, A DB Plan rolled the excess assets into a qualified replacement plan. Some one mentioned allocating the excess each year dollar for dollar. For example, if an employee's salary was 58,000 then you can allocate 58,000 of the excess for that year. Is this correct? Thank you.
BG5150 Posted January 18, 2022 Posted January 18, 2022 Well, you cannot allocate more than the 415 limit for any one year. Luke Bailey 1 QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
CuseFan Posted January 18, 2022 Posted January 18, 2022 You need to allocate reasonably ratably over not longer than 7 years. It can be fewer than 7 years, but I think you need to map out an approximate allocation schedule and stick to it. It is subject to 415, so in your above example that person could get $58k for 2021 provided (s)he had no other additions. ER is nor deducting so the 25% PS limit should not be in play. But then you should continue at same approximate amount until the escrow is exhauster. Luke Bailey 1 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
CuseFan Posted January 18, 2022 Posted January 18, 2022 sorry - "not" and "exhausted" - and it's not even Wednesday yet! 1 minute ago, CuseFan said: nor 1 minute ago, CuseFan said: exhauster DMcGovern and Bill Presson 1 1 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
Mike Preston Posted January 19, 2022 Posted January 19, 2022 12 hours ago, CuseFan said: sorry - "not" and "exhausted" - and it's not even Wednesday yet! You missed [t](s)he[y] Bill Presson 1
CuseFan Posted January 19, 2022 Posted January 19, 2022 15 hours ago, Mike Preston said: You missed [t](s)he[y] I've never used that extreme before, for including masculine, feminine, singular and plural all in one. So how would you expand upon this to include the neutral, those who do not gender-identify? Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
C. B. Zeller Posted January 19, 2022 Posted January 19, 2022 I like to use gender-neutral terms like "the participant" to avoid any misunderstandings. Singular "they" should be acceptable in most situations as well. Luke Bailey 1 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
BG5150 Posted January 20, 2022 Posted January 20, 2022 I'm going to start adding this to all my correspondence. Seems good enough for our Trust Agreements: Whenever appropriate, words used in the singular shall include the plural, and the masculine gender shall include the feminine gender and vice versa. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
Bri Posted January 20, 2022 Posted January 20, 2022 I don't mind singular they, but if one is to choose that pronoun, they is going to have to use singular verb forms! Bri am using another such concept here - it's not that I'm referring to myself in the third person, I'm just not using a pronoun for my proper name. CuseFan 1
CuseFan Posted January 20, 2022 Posted January 20, 2022 39 minutes ago, Bri said: if one is to choose that pronoun, they is going to have to use singular verb forms Bo knows pronouns (for those old enough - otherwise, Bri knows pronouns) Bri and R Griffith 2 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
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