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Vested1000nork created a topic in Employee Stock Ownership Plans (ESOPs)
"Hello, We just got our statements and I realized I did not get any contribution in 2022 due to having a baby. We require 1000 hours and I had 802. I took a look at our contract and looks like they should be crediting me for those hours. I brought this to their attention and they said I am wrong because I was not paid by my employer I was paid by the state. I’ve attached the pages of our contract with the information regarding leaves.
Microsoft Word - 2020 New Plan SPD - 3155.pdfesop contract.pdf Microsoft Word - 2020 New Plan SPD - 3155.pdf esop contract.pdf"
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khn created a topic in 401(k) Plans
"What are the best options for someone who wants to offer their 1 employee a retirement plan? This would only be for the employee, not an owner."
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Micks created a topic in Form 5500
"The Form 5500 preparer will not net new forfeitures collected in the year with the distributions, but is showing them as "other income". Is this correct?"
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TPApril created a topic in 401(k) Plans
"With this effective 1/1/24 and I think limited guidelines on how to enact this, I'm thinking that it can be administered as follows for a plan that deposits match on a payroll basis: - Participant provides a recent statement of the loan showing payment amount, and amortization schedule, or length of payment plan
- Payroll then treats equivalent payment per payroll (loan pmt x 12 / (24 or 26) ) for standard payroll
schedules.
- Payroll then sums up 401(k) + equivalent match payment and applies match formula on payroll basis.
Note these are just initial thoughts."
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david rigby created a topic in Defined Benefit Plans, Including Cash Balance
"I'm assisting in a plan merger of 2 DB plans (same sponsor), and preparing the IRS Form 5310-A. Line 5a requests an actuarial statement showing compliance with IRC 401(a)(12) and 414(L). Anyone willing to share information about the form and substance of such attachment?"
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austin3515 created a topic in Defined Benefit Plans, Including Cash Balance
"I used to have a great chart of what the maximum allocation was in a cash balance plan. Rows were ages, and columns were different income levels. But the company who did that stopped doing it. Anyone know of a good website? I would figure there would be someone out there who would even have a little calculator (enter age, comp, etc and it spits out a funding range, etc). Anyway, that chart was so handy becaue you could give clients on a
call a quick idea of the numbers being discussed without having to go to the actuary. Obviously you follow up with the actuary for the real numbers but again the chart was just really handy."
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Tom created a topic in Distributions and Loans, Other than QDROs
"Dentists are know for having "prn" employees. These people fill in vacations, etc. Often they've worked in the past but left. So on one hand they terminated some time in the past but they are still getting paid now and then and getting a plan contribution since they were previously eligible. So if the person is 73, I supposed best to do an RMD to be safe. Tom"
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thepensionmaven created a topic in 401(k) Plans
"I recently took over a plan for 2023. Each participant has his own account, which the trustee directs (?) with MS I convinced him the participants should be directing their own investments, the accounts will remain at MS. Is there a blackout period, or will a notice to each participant that, effective x date, they can have the option to direct the account."
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