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Message Boards Digest

March 22, 2019

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

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

SEP Sponsor Changes from Schedule C (Self-Employment) to S Corp

SEP is sponsored by a Schedule C entity. It has become an S corporation. Can the SEP sponsorship be changed to the new entity? They want to maintain the same eligibility instead of starting over. Also, they would like to continue to maintain the same SEP-IRA accounts.
Number of replies posted  1 reply      Number of times viewed  25 views      Add Reply
 
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Purplemandinga created a topic in 401(k) Plans

Incorrect Deferral Percentage -- Too Much Contributed; How to Fix?

I'm not seeing an EPCRS solution to a situation where a participant had a 12% deferral rate, subsequently lowered it to 1% but the employer continued to defer 12% from the participants paycheck. Is this a situation where the excess over what was desired to be deferred can be returned to the participant or is the excess deferral over and above 1% stuck in trust?
Number of replies posted  0 replies      Number of times viewed  25 views      Add Reply

52626 created a topic in 401(k) Plans

Eligibility -- When Does This Participant Enter?

Eligibility is 18 and 1 year of service -- immediate entry date. Computation period changes to Plan Year if service is not met during the initial computation period (date of hire to date of hire). Hired 4/1/2017. As of 3/31/2018 -- employee did not complete 1,000. Moves to Plan Year 1/1/2018 -- 12/31/2018. Question: as of 7/10/2018 employee completed 1,000 hours. Does the employee enter 7/10/2018 or does he wait until the close of the 2018 year end and enter on 1/1/2019? Does the determination of the 1,000 hours get done after 12/31 or when they are actually met?
Number of replies posted  4 replies      Number of times viewed  43 views      Add Reply
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