Person terminated on last workday of 2017, which was Friday, December 29, 2017. Eligibility for the profit sharing allocation requires that a participant be there on the last day of the year (12/31). That's not possible for this plan sponsor because it's closed on weekends. Is the person deemed to have been there on the last day, so as to qualify for the allocation? How does this last day is Sunday impact coverage (and other) testing?

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Posted elsewhere with no responses. Safe Harbor 4% Match 401(k) Plan with Integrated Profit-Sharing. Owner (over 60, HCE) with 5 other employees (one is HCE). In 2016, Owner maxes 401(k) at $24K, matches $8K and contributes to PS, resulting in his PS allocation being $33,000 per the Plan formula, resulting in him being $6k over 415(c) limit. I'm reading Notice 2016-60, which says (emphasis mine):

• (2) Correction of Excess Allocations. In general, an Excess Allocation is corrected in accordance with the Reduction of Account Balance Correction Method set forth in this paragraph. Under this method, the account balance of an employee who received an Excess Allocation is reduced by the Excess Allocation (adjusted for Earnings). If the Excess Allocation would have been allocated to other employees in the year of the failure had the failure not occurred, then that amount (adjusted for Earnings) is reallocated to those employees in accordance with the plan's allocation formula. If the improperly allocated amount would not have been allocated to other employees absent the failure, that amount (adjusted for Earnings) is placed in a separate account that is not allocated on behalf of any participant or beneficiary (an unallocated account) established for the purpose of holding Excess Allocations, adjusted for Earnings, to be used to reduce employer contributions (other than elective deferrals) in the current year or succeeding year. While such amounts remain in the unallocated account, the employer is not permitted to make contributions to the plan other than elective deferrals.

Can I calculate 2017 max PS to get owner to $60K (401k, Match and PS) using up the 2016 $6K overage plus whatever else needed? Anything I'm leaving out?

Every public employee in the State of New Jersey may make voluntary after-tax contributions to the NJ Supplemental Annuity Collective Trust (SACT-Regular Plan). Let's assume one has contributed for 40 years and is about to retire. May the account balance be rolled over to a Roth IRA?

If a company realizes that it overpaid its portion of H&W premium during every pay period in 2017 -- which resulted in an employee [1] not having his portion deducted pre-tax (because the employer's payment was enough) and [2] having additional taxable income, can the employer create a payment plan to recover the overpayment in 2018 (spread out over each pay period)? Are there ACA considerations (e.g., affordability of coverage in 2018 because the employee would be paying for 2017 benefits during 2018)?

The owner of an IRA engaged in a PT in 2011. The consequence is all assets in the IRA are treated as having been distributed at their 1/1/2011 value and the account is no longer an IRA as of that date. We're planning on filing amended individual income tax returns for 2011 and forward and reporting the deemed distribution on the 2011 return (fortunately the owner was over 59-1/2). We'll also report all investment income/expenses and realized gains/losses in the account as adjustments on the amended individual returns along with backing out the RMDs. We're assuming the investment holding period for purposes of determining whether realized gains/losses are short or long term started at the 1/1/2011 deemed distribution date. Does this sound correct? Does the IRA custodian have to file amended 1099-Rs and Forms 5498? Anything in the way of other disclosures/reporting that we should be concerned about?

A plan has last day requirement for discretionary nonelective. If an employee becomes an agency temp midyear, is he employed on the last day?

I'm having trouble finding a provider to underwrite a SELLER 4204 bond in connection with seller's liquidation. Plans often are reluctant not to waive that requirement under the PBGC memorandum. Has anyone been able to obtain such a bond?