The employee contribution limits for SIMPLE IRA and SIMPLE 401k is currently - $13,000 for Employee Contributions and an additional $3,000 for employees over 50 years of age. Does anybody know whether this limit applies individually to Simple IRA and Simple 401k or combined. Example is if the employee is over 50 and contributes to both Simple Ira and Simple 401k in the same year. Is the overall limit still $16,000?

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If a Plan uses the definition of pay that is W2 compensation subject to income tax at the source (code section 3401(a)), and the Plan further has no pay exclusions of any type and the basic document does not automatically exclude any types of pay from the definition of compensation, if the employee is given a gift card with a value of $500 that the Employer has to report the cash value of the gift card on the employee's W2 for the employee to pay income tax on when the employee files his/her tax return at year-end, is the employee eligible to salary defer on this journal entry to the payroll system? This is a taxable fringe benefit that is added-on/provided to the payroll provider at year end for W2 reporting purposes for the employee. Does the answer above change if the Plan uses a definition of pay that is based on code section 6041/6051 (which is income reportable on Form W2)? I believe the answer is NO using 3401a compensation and YES using 6041 compensation. This tends to happen with other taxable fringes that are yearend add backs to the payroll system for purposes of getting onto an employee's W2. S-Corp Health Insurance and Personal Use of Company Car as two other examples. Thank you.

We have a client who is historically non-responsive and difficult to work with, so we were very excited when they decided they wanted to terminate their 401(k) and Cash Balance Plans. To ensure everything took place that needed to take place, we mailed notices out to the participants and gave the client 45 days to return the signed termination amendments. The client has 2 more days to get the executed termination amendments back to us. I've never had a situation where a client never signed and returned a termination amendment, and I can't find anything that points to this in particular. Suppose the termination date comes and goes and we still have not received the signed termination amendments. Is it okay that the client signs the amendments after the plans' termination dates? (The Cash Balance Plan is not subject to PBGC by the way).

Safe Harbor 401k Profit Sharing Plan provides: 401k+Catch-up for all 3%SHNEC for all NHCEs only Discretionary PS, each Participant own rate group 25 HCEs, 2 are owners 100+ NHCEs Employer would like to contribute the following: 2 owners 9% PS Remaining HCEs 1% PS (Plan is NOT TH) NHCES only the 3% SHNEC, 0% PS -- this satisfies the G/W minimum Can this be done or must the NHCEs receive "some amount of" PS?

This is new for me and any insight shared would be appreciated. Our company purchased an organization with a MEP last year and we would like to merge the 20 facilities/employer plans into our single ER Plan. Can we handle it like a standard trust-to-trust conversion - addressing any protected benefits? I heard there are special consideration for MEPs, however I couldn't locate any conversation on unique issues we need to consider. Thank you.

During our divorce settlement, my ex was granted $100K+ from my teaching pension when I retire. Although the QDRO was drafted by an outside company specializing in QDROs, my ex refused to sign believing that he should receive more. Both his lawyer and the mediator tried to get him to sign, but he refuses. It's been 6 years and he still hasn't signed. When I retire in a few years, if he hasn't signed it and submitted it to the County Judge, will he be entitled to the pension money?

Participant only received severance on his 2018 W2. He deferred $24,500 from it. So, the money has to be refunded. What excess is it? 402(g) or 415?