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- Payback Loan After Default - after 1099R issued
Employee stopped working for the company, therefore defaulted on the loan took out for primary home purchase Loan is considered 'Deemed Distribution', 1099R is issued, and time has passed over a year Employee called saying tax for the previous year has not yet been filed, although 1099R has bee
- Form 5500EZ, assets dip below $250,000 - Form 5500 - BenefitsLink . . .
Makes me nervous to not file Do people skip a year if the plan's assets don't exceed $250,000? Or is it recommended you recommend to the client to keep filing? OR by chance, is an EZ plan required to keep filing once a form was filed (even if assets are less than $250,000 now)?
- Placing a hold on participants account - BenefitsLink Message Boards
First time poster here I am curious if anyone knows where to find any information about best practices for QDRO procedures related to placing hold on the participant's account Specifically, how long should a participant's account be frozen once the administrator receives notice that a QDRO is f
- Excluded Class Employee works 1000 hours - What next?
Once you determined they have the 1,000 hours in the 12 months what is the plan's entry dates? If it is the 1 1, 7 1 following the person doesn't enter the plan until 1 1 2023 and wouldn't get a 2022 contribution
- Full Time to Part Time - 401 (k) Plans - BenefitsLink Message Boards
The first paragraph in WIFBR's follow-up is not dealing with allocation conditions; it is the fail-safe mechanism for ensuring that the service-based excluded class ends at the time prescribed by IRC 410 (a), i e , an employee forever ceases to be able to be a part-time employee (for purposes of the excluded class) once one year of service (for
- Annual Service Requirement for Mandatory Employee Contributions?
Does the “once in, always in” concept applicable to eligibility for elective deferrals also apply to eligibility for employer contributions, and if so, what is the legal authority requiring such treatment? By way of background, we have a client that is a school (the “School”) that sponsors a 403(
- Participant wants to change distribution election
Interesting question - but think of it this way - has the 60 day rollover period started? The participant has control of the funds - and can cash the check at any point in time - so I would argue yes, it has Our position is that "from the plan's position" - once the check is cut, the distribution is complete and we do not allow changes in the form of distribution This would be especially
- Participant and Ex-Spouse Remarry After QDRO - What to do??
I dont think they will do so because it costs money (Also I have never herad of a QDRO being unwound once payments start ) The Second choice is for the plan admin to continue payment to the spouse based on the QDRO and recognize the spouse as beneficiary for the remaining spousal benefits payable under the plan
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