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Here are the most recently added topics on the BenefitsLink® Message Boards
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Basically created a topic in 401(k) Plans
"So can I conclude that what the LTPT rules found in the Secure Act 2.0 are saying is this : - If you work between 500~ 999 hours for 2 years then you become eligible to make a salary deferral contribution
- And.... If a LTPT employee does make a deferral we don't need to include them in the ADP test
- And.... they are not eligible for the SH contribution or a profit sharing NEC
What it is
doing is giving them (LTPT ee's) the ability to put some money away for themself if they want when normally they wouldn't be able to due to plan eligibility requirements? With no real effect on testing? AND, should the LTPT'ee become eligible eventually (because they meet the plan's eligibility requirements due to working more than 1,000 hours) they would enter the plan as normal?"
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401kmaurice created a topic in Correction of Plan Defects
"We have a client that did not use the correct compensation when deducting deferrals, which also affected their match allocation. The QNEC and earnings corrections have been deposited for all participants. The question is, is this situation a reportable event on Form 5330 Section 4975? If so, is it 15% of lost earnings?"
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Strongpoint Partners - HowardSimon
Remote
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Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
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