Regional Vice President of Sales The Retirement Plan Company
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Loan & Distribution Specialist 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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AimPoint Pension
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Bates & Company, Inc.
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IRS Issue Snapshot: Third Party Loans from Retirement Plans
Internal Revenue Service [IRS] [Guidance Overview] Aug. 24, 2022 "Audit tips: [1] Inspect the plan's records to determine whether it has direct or indirect loans between third parties and the plan. If yes, determine if any of the third party loans were made to a disqualified person under IRC Section 4975. [2] Review the plan document and ensure any third party loans that were made are in accordance with the terms of the plan document. [3] Review plan assets to ensure they are appropriately valued. [4] If the plan is subject to minimum funding, consider any valuation deficiencies for their effect on the employer's plan funding obligations. [5] Determine whether loans have been 'written off' or otherwise deemed uncollectible such that a party has been discharged from debt.... [6] Look for indicators of fraud." |
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