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Once-eligible, always-eligible rule and rehires reclassifications of . . . Employee ends up being re-hired later in the same Plan Year, but in an ineligible position (fewer than 20hrs week) Does the employee get to participate immediately under the "once-eligible, always eligible" rule? Situation 2 - Reclassification Full-time employee is eligible for the 403(b)
can one become ineligible once eligible in 403(b)? See "Once In, Always In - Q2" (about 36 minutes in, and be selected directly from indexing list) Once eligible to defer, the future actual hours worked are never taken into account again for deferrals, but can be excluded from employer contributions It also doesn't seem to trigger all less than 20 hour employees to become eligible
Payback Loan After Default - after 1099R issued Now that you have clarified, it looks like your best bet is to go back to whoever issued the 1099R with 1L as the code and try to convince them it should have been 1M due to the fact that he was terminated It should be a simple matter to issue an amended 1099-R once you convince them the existing 1099R is wrong
Placing a hold on participants account The legislative history for the bill that created QDROs states that the plan administrator can freeze the account for a reasonable amount of time once the PA receives notice of a forthcoming QDRO It's in H R Rep No 99-841 at pg 4945 (conference report from 1986) and the Joint Committee on Taxation's Explantion of Technical Corrections to
Form 5500EZ, assets dip below $250,000 - BenefitsLink Message Boards 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)?
DOL Guidance on Pension Benefit Statements Administrators of DB plans only have to furnish Statements once every three years, so the first Statement generally would be due for the 2009 plan year However, if the plan wants to send an annual notice about the availability of Statements instead of furnishing a Statement every three years, FAB 2006-03 provides the first such notice must be
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
Changing from eligible to excluded class - 401(k) Plans - BenefitsLink . . . Once you solve if these people are in an excluded class or not it solves all your questions It might add the problem the plan struggles to pass coverage but that is a future conversation To some degree I am not sure you aren't mixing up the coverage rules that say when a person is a factor in the test and rules plan provisions that say when a
Mistake in fact or operational error - 401(k) Plans - BenefitsLink . . . However internally the plan sponsor kept making deposits to the participants account over several payroll periods resulting in 22,000 in deferrals deposited Recordkeeper will not allow a mistake-in-fact distribution of the excess because it happened more that once - in thier opinion that by definition makes it an operation failure