"A 401(k) is TH and has SHMAC and prevailing wage. No discretionary match or discretionary non-elective. Is 3% TH required?"

[Sponsored]

Eventually, plan participants receive distributions from their defined contribution plan accounts. Plans must satisfy certain distribution and forfeiture rules based on their specific plan design. Learn more! Register Now!

"Client wants to amend the plan to 6 months and 1,000 hours for eligibility. Currently the plan has 1 year and 1,000 hours. Can this be done? If so, are there any ramifications to having this? I have had 6 month eligibility before but not with an hours requirement."

"So today one of our very few clients not on our document, tells me he just now is seeing my communication regarding the restatement deadline. I reminded these clients to contact their document provider to make sure this was done. It's possible the doctor just doesn't remember signing it. It's an owner-only plan. If it hasn't been updated, what is the fix step?"

"Got a plan that has always been a closed MEP due to common ownership. For some reason, it was thought by a previous provider that this MEP was open and needed the two employers to file separate 5500s going back to 2018. My question is, how do you amend a 5500 that should never have existed? The only option I can really think of is to just amend last year's returns and show it as a transfer of assets to the 'main' plan and as a final 5500."

"Lump sum distribution is taken, then rolled over. Just curious about the 1099-R for the distribution. I'm thinking that it's marked as nontaxable (i.e., nontaxable amount equals zero). Or, alternatively, is there a second 1099-R issued where it's rolled over (which doesn't make sense to me but I'm just trying to cover all the bases)?"

"An individual, who does significant work for herself, does not have a separate business name/EIN. She wants to start a 401(k) using her Social Security number. Is this permitted?"