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Message Boards Digest

October 23, 2018

Here are the most recently added topics on the BenefitsLink Message Boards:

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M Norton created a topic in SEP, SARSEP and SIMPLE Plans

Dentist Operates a SIMPLE IRA for Employees; How to Handle When Practice Is Sold?

Single-member LLC dentist sponsored a SIMPLE IRA for about 8 years. He sold his practice mid-2018 and all employees now work for the new dentist's company. What happens to the SIMPLE IRA accounts? Should notices be provided to the employees or to the custodian of the SIMPLE IRA accounts? Could the new dentist assume sponsorship of the SIMPLE IRA or would he need to start a new plan if he wants one?
Number of replies posted  2 replies      Number of times viewed  32 views      Add Reply
 
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TPAexplorer created a topic in Operating a TPA or Consulting Firm

Small TPA Looking to Expand

We are a small TPA firm located in Eastern Suffolk County, NY looking to work with another small TPA firm. We are open to merging with or purchasing another small TPA firm on Long Island. We would also consider other options, if presented. If anyone is interested in exploring growth opportunities with us, please email TPAexplorer@gmail.com
Number of replies posted  0 replies      Number of times viewed  26 views      Add Reply
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jeff77 created a topic in 401(k) Plans

Looking for an ERISA Forms and Letters Book

I am looking for a book that has sample forms, letters, amendments etc. in it. On a side note, does anyone have a sample spinoff amendment they would be willing to share?
Number of replies posted  2 replies      Number of times viewed  60 views      Add Reply
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mariemonroe created a topic in SEP, SARSEP and SIMPLE Plans

SEP Sponsored by Ineligible Employer

A correction method exists for the situation where an employer maintains a SIMPLE plan but it's become ineligible to do so. But have you encountered a situation when an employer was ineligible to adopt a SIMPLE plan from the outset? Now, 10 years later, the employer realizes it has a problem.
Number of replies posted  5 replies      Number of times viewed  40 views      Add Reply
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Mike318 created a topic in 401(k) Plans

Counting 409A Payments as Compensation for 401(k) Plan Purposes

401k plan excludes DOP comp only. Can/should comp payments to 409A plan be included as compensation for 401k plan?
Number of replies posted  3 replies      Number of times viewed  34 views      Add Reply
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sunnyj created a topic in 401(k) Plans

Using a Non-SEC Registered Trust Company

In our area, we have only 2 firms that we are able to choose from to provide a 401k. One is a an SEC-registered firm that is not as established, and the other is a non-SEC registered firm (it used to be, but since has decided not to be registered) having over $100 million in assets. I'm very uncomfortable going with the non-SEC registered firm because the SEC website shows they are non-exempt. (The firm says it's not required to be registered because it's a trust company that falls under the definition of "bank.) The other decision-makers don't see it as a significant issue. What am I missing here?
Number of replies posted  4 replies      Number of times viewed  50 views      Add Reply
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coleboy created a topic in 401(k) Plans

Starting a 401(k) Plan for a Day Care Center That's Related to a Church

Potential client wants to start a 401k plan. It's a day care/pre-school located within a church. The church considers the day care to be a "ministry" of the church. It uses the same EIN as the church but its fiscal year is different. Anything special that needs to be done for this set-up? Shouldn't the day care have its own EIN?
Number of replies posted  0 replies      Number of times viewed  15 views      Add Reply
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K-t-F created a topic in Form 5500

"One Participant" Plans

From the Form 5500 Instructions (2017), a "one-participant plan" is: "a. a pension benefit plan that covers only an individual or an individual and his or her spouse who wholly own a trade or business, whether incorporated or unincorporated; or b. a pension benefit plan for a partnership that covers only the partners or the partners and the partners' spouses." Thus, a "one-participant plan" can cover more than one participant. On the other hand, merely covering only one participant does not make you eligible to file as a "one-participant plan" unless you are one of the types of plans described above. A CPA is saying that his client who has 1 employee who works 10 hours a week and does not meet the 1,000 hour requirement would still be eligible to file a form 5500EZ. Based on the above, that would not be the case, it seems to me. Agree?
Number of replies posted  3 replies      Number of times viewed  36 views      Add Reply
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