Loan & Distribution Specialist AimPoint Pension
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Regional Vice President of Sales The Retirement Plan Company
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AimPoint Pension
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Compass
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Bates & Company, Inc.
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Text of Private Letter Ruling 201532036: Desired Amendment to Governmental DB Plan Tripped Up by 401(k) Rule (PDF)
Internal Revenue Service [IRS] [Official Guidance] Aug. 7, 2015
"Plan B is a cost-sharing, multiple employer, defined benefit plan that is intended to constitute a qualified plan under section 401(a), and a governmental plan within the meaning of section 414(d). The governing provisions of Plan Bare statutorily promulgated by the legislature of State A.... Under Statute D, an individual who is a Tier 1 member of Plan B on July 1, 2013 will have a one-time, irrevocable election, during a 90-day period ... to either: [1] increase their employee contributions from 4% to 5% of compensation (effective January 1, 2014), and from 5% to 6% (effective January 1, 2015), and increase their multiplier from 1.75% to 1.85% ... or [2] continue to make an employee contribution of 4% of compensation and have their multiplier drop from 1.75% to 1.4%.... [T]he elections would not constitute one-time irrevocable elections within the meaning of Section
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