Francis Tam created a topic in Retirement Plans in General
"I will like to know if profit sharing and pension contributions to a plan are tax deductible or not through the state of New Jersey for a New Jersey employer. There are some confusing reports about this."
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austin3515 created a topic in 401(k) Plans
"Nothing wrong with a 200% match in a 6% Safe Harbor plan, right? ADP and ACP Safe Harbors still apply? Yes I know about the 415 limits and will caveat about that."
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Solé created a topic in Relius Administration
"I have a client that never makes employer contributions anymore but they have a balance in the forfeiture account. I've tried getting the plan specs for fee payments set up so that fees will first come from forfeiture account then from participant accounts. But every time I try and post the fees it all comes from participant accounts and the balance remains in the forfeiture account. Can anyone help with this? Can I do this
through a forfeiture adjustment transaction?"
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metsfan026 created a topic in Defined Benefit Plans, Including Cash Balance
"This may be more of an accounting question, but I'm not sure of the answer. We have a plan that was adopted by two employers (one employer is owned by the husband, the other by his wife). When it comes time to fund the contributions, do they need to be funded by each employer, or can one employer fund the entire contribution (including the other employees)? In other words: Employer A has 5 eligible employees; Employer B has 5
eligible employees. Does Employer B need to fund the portion of the contributions that will be allocated to its employees' accounts, or can Employer A contribute (and deduct) the amounts that are allocated to all (A and B) employees' accounts?"
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Tom created a topic in 401(k) Plans
"Can someone shed light on the difference between IRR and IRT? Our BPD Cycle 3 says IRR involves an amount 'permitted to be distributed in an eligible rollover distribution' and IRT involves an amount 'not otherwise distributable.' An IRR I believe allows in-plan conversion of pretax deferrals at any age. Beyond that, I'm not 100% clear, and I can't seem to find sources that explain this well. We were to amend
a plan to allow in-plan conversion -- presumably both IRR and IRT. American Funds RKD says on its website that they do not support IRTs."
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RPP2001 created a topic in 401(k) Plans
"I have a client that would like to make a profit sharing contribution by her 2021 extended tax filing deadline of 9/15/22 for the 2021 plan year. We can get the calculation done, but the existing 401(k) plan does not currently offer profit sharing. Is it permitted under the SECURE Act to retroactively add a profit sharing feature to an existing 401(k) plan for a prior year? This is not starting a brand-new qualified plan (such as
profit sharing or cash balance) retroactively (which is pretty clear in the SECURE Act as acceptable) but instead adding the profit sharing feature to an existing 401(k) plan. As a side note, if it matters for context, this is a solo plan (husband and wife)."
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RGAdvisor created a topic in Operating a TPA or Consulting Firm
"We are an RIA firm with expertise as 3(38) fiduciaries. We are trying to partner with TPA's as we have incredible expertise in the Collective Investment Trust space and 401k/DB Plans. We make great partners with TPA's as we are a very hands on firm with experts from large 401k providers. If you were approached by an RIA, what would you like to hear? What would entice you to work with a 3(38)? Any assistance would be
appreciated!"
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Belgarath created a topic in Retirement Plans in General
"We have an employer who wants a projection for a 2022 profit sharing contribution. Client insists that the bonus being PAID in February or March of 2023 (which is based on 2022 compensation) will be reported on the 2022 Form W-2. I don't see how this is correct, or possible, and although it isn't our problem (we use the projected figures we are given) and it's only a projection, I'd still like to confirm that I'm
not crazy (on this issue -- be nice!)"
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K-t-F created a topic in Investment Issues (Including Self-Directed)
"Single member company wants to invest in a UK based company. The company is not publicly traded. Are there mixed thoughts? Can it be done?"
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