"Client started with a Keogh opened at Paine Webber. In 2007 I restated the plan into my independent doc (ftWilliam). Back when he adopted the plan typically the account was opened using the sponsor's EIN.

I have advocated forever that a plan needs its own EIN. I obtained one (sadly I can not find the paperwork that assigned an EIN for the plan). Now the client is switching financial advisors. The funds are going to be transferred 'trustee-to-trustee' to the new financial institution.

I provided the EIN I had in my records only to find out that the existing financial institution has a different EIN and so the funds would not transfer because the EINs are different. I understand that.

Here's my question.... the existing financial institution produced an EIN assignment (a copy of the SS-4). It goes back to 2006. The client has never taken a distribution and as you know the EIN on the 5500 is the sponsor's EIN. [1] Is this original EIN defunct at this point ? I mean, after so long with no activity don't they die? [2] Or, should we use it for the transfer because his existing accounts are registered with it?"

"I have a client that wants to introduce significant design changes effective August 1, 2022. This is one day after the deadline to 'adopt' Cycle 3 (Post PPA) restatements.

If the document is signed prior to 8/1/22, but effective one day after the adoption deadline, would you have any concern that the restatement is not timely? I think not, but I will appreciate your thoughts, and hopefully, citations.

The question of restatement effective dates comes up all the time. For example, most of us are drafting Cycle 3 restatements with effective dates that are later than the earliest effective date of changes made in the document. For example, a lot of documents are being drafted with 1/1/22 effective dates for laws that took effect in 2018 and earlier. Clearly, there is a deadline to sign the document on or before 7/31/22, but does anyone know of a requirement that documents specify earlier effective dates? It seems the only requirement is to sign before the end of the Remedial Amendment Period, on 7/31/22."

"Don't try this at home.... so, while I'm not collecting Social Security yet, on June 1 I was within 3 months of my 65th calendar year birthday. And as such, that's the earliest date to start the application for Medicare. Supposedly, if you have set up an account on the SSA website, you can apply there. I tried that, but the only thing that shows up asked for my Medicare number which I don't have, so that was no good.

So I called Medicare and they set up an appointment, but that call would be late July. I then went to the Medicare site to try to apply online, and... it gives a link to go through Social Security. When I clicked on that, I was back to my Social Security acct, but this time there were a bunch of questions about filling out on line for Medicare. Go figure.

A few days later I got a letter saying the phone appointment was cancelled. Then I received another letter indicating the Medicare card would be sent in 2 weeks. And another letter checking to see if I was eligible for supplemental drug coverage. And today, my card arrived at my brother's address. My brother called them; they have no idea why the card was sent there. Seeing how I already received 3 pieces of mail from them, this is a great puzzle.

Well, at least I do have a number. Now I can get signed up with a health insurance company for supplemental coverage. At the rate I am going, I might just have everything in place by my 65th birthday.

Word to the wise: start your application at the earliest possible date. Good grief."

"An employee eligible 1/1/2022 was discovered to have not been given opportunity to defer until 6/1/2022. If they elect to not defer at all, is the only correction for the missed deferral opportunity the greater of 3% of comp or the maximum deferral percentage for the safe harbor match that is 100% or more? For example, if SH match is 100% of 1st 3%, and 50%, would they just contribute a 3% of comp QNEC?"

"Husband and Wife own 50% each of Company A, B, and C, all of which are S-Corporations. Company A has 6 employees, Company B has 37 employees, and Company C has only the Husband & Wife. All of these are a no-brainer Controlled Group. Wife is just an Owner of each and is not on payroll and has a separate job.

Company A & Company B has two separate SIMPLE IRA's, but they're operating them the same. Not really that big of an issue, because they're treating them the same.

A bank trust company talked the husband and wife into setting up a Solo(k) for Company C. In 2021, the Husband put in a $10k deferral into that.

In 2023, they'd like to set up a Safe Harbor 401(k) for Company A, B, and C.

Is there an easy way to unwind this and get rid of the Solo(k)? The 'Mistake of Fact' won't work. Could they just remove the $10k plus earnings as an excess deferral?"

"Does SB still needs to be physically signed? Docusign works? Or another method?"

"I have a client who is bundled with a daily vendor. The company is being sold as part of a stock purchase. The daily vendor is saying it will take 6-8 weeks before they can even look at preparing an amendment to terminate the 401k plan. We need to get the plan terminated ASAP because the buyer is requiring the plan to be terminated prior to the transaction.

I have read the BPD for the vendor. There is no specificity on how the termination must be accomplished (board resolution or amendment)-- just the typical language about all accounts being 100% vested, no future contributions, etc.

If the client's attorney types up a board resolution to terminate the plan with an effective date prior to the acquisition, will this be sufficient to legally terminate the plan? Then, if the vendor wants to prepare some sort of amendment, they can follow up with that later?"