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thepensionmaven created a topic in Distributions and Loans, Other than QDROs
A participant terminated employment with an outstanding loan. He wants a partial direct rollover of his account balance excluding the loan; he wants to take the balance of his account as a taxable distribution. Obviously he will receive a 1099R, Code L for the loan offset with $0 withholding. Somewhere I recall that the 20% withholding would be calculated on the total account balance excluding the loan -- i.e., the total being the amount rolled over plus the amount not rolled over. Does that sound right?
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Carol V. Calhoun created a topic in Defined Benefit Plans, Including Cash Balance
Does anyone have any thoughts on the meaning of "offset arrangement" on the Form 5300? We have a defined benefit plan that offsets benefits by the benefits under another defined benefit plan. (There are complicated reasons for this structure.) I'm seeing lots of discussion that a "floor offset" plan involves only a DB plan that is offset by a DC plan, not by another DB plan. But I can't find a specific definition of "offset arrangement," without the "floor" part.
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Pammie57 created a topic in 401(k) Plans
For a 401k plan whose plan year begins 10/1/2017 and ends 9/30/2018, is the contribution limitation $54,000, or $55,000 (exclusive of the catch-up)? Is the considered compensation limit $270,000 or $275,000? I always get confused on this.
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SCSFAM03 created a topic in 401(k) Plans
Is there a limit (with the exception of the $50,000 or one-half the vested account balance) that should be followed regarding the number of times a participant can refinance a loan?
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TPApril created a topic in 401(k) Plans
Doctor with his own practice (no controlled group or ASG issues) uses a PEO for all employees. He has a solo 401(k) plan. He has not adopted the multiple employer plan for the employees from the PEO working for him, so it appears they are not covered under any plan. I'm thinking the employees must be covered under the doctor's plan. Agree?
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LORENZO L TURNER created a topic in 457 Plans
My wife is 55 and is resigning from the State of Maryland after 34 years of service. (She has accepted a job with a contractor for the State of Maryland that pays her much more and she will be doing what she loves -- being a DLP Analyst investigator.) How long can she leave her 457 retirement plan with the State instead of taking the distribution or transferring it to another employer's plan? It is rumored that her contractor position will become a permanent state government position and she then would return back to government service with the same 457 deferred compensation plan.
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austin3515 created a topic in 401(k) Plans
Plan excludes taxable fringe benefits and bonus from the definition of compensation. Problem: the client hasn't supplied me with the amount of each of those components. Client has a straight 5% profit sharing contribution. As the TPA, I can probably get away with rate group testing using total comp, but can I try and pass the 414(s) testing by dividing eligible comp by total comp (including taxable fringe?). My denominator is a safe harbor 415 definition of comp, so I suppose I can. Agree?
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AKconsult created a topic in SEP, SARSEP and SIMPLE Plans
I have a CPA who is telling me he wants a "sophisticated" plan design option for a doctor who is an employee of a practice and also has his own business on the side with self-employment income. The side business has a net loss, so I told him there is no income to take a deduction on for the SEP, therefore no way to fund a SEP. The CPA thinks he can use some of the doctor's W-2 income to fund a SEP contribution. Is that right?
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