Forfeiture question.....

[Guest arsenia s. Brittell]

I am working on 6.0 version of quantech and I am working on the 2000 plan year. In 1999 there was a forfeiture reallocated and it was put into the receivable forfs account. In the year 2000, the trust received the reallocated forfs and I have to put a negative forfs to zero it out but it is messing up my vested account balance since my plan is immediate vesting. Quantech told me to put it into transfer instead of negative forfs to zero out but it is messing up my 415 test. Has anyone experienced the same dilemma?

Thanks for your input.

Have a Great Day!

[Guest]

if 415 is a problem, then I would use, i guess, what I call my lazy persons method of getting around the problem.

1. code plan specs, other plan type Defined contribution. this is on the first screen in Qtech plan specs.

2. enter the forfeiture amount in census

Benefits/Contribution - Plan YTD Amounts ---other plan(s)

when the system deterines someones 415 amount it adds the value entered here and then adds all the contributions and forfeitures from the plan you have open to this amount and caps at 415 limits. Fortunately, you are able to enter a negative value (Suppose you missed a contribution for an ee in a prior year. you can give the ee a contribution in the current year, put a negative similar amount in the other plan field and not have 415 problems)

anyway, I am not sure why you would have 415 problems. if the forfs are from 99 they shouldn't count for 2000 and so showing them as a transfer in 2000 should be fine.