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- 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
- 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
- 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
- Alternate Payee Beneficiaries. - Qualified Domestic Relations Orders . . .
Some domestic-relations orders try to get an alternate payee a power to name the alternate payee’s beneficiary, and some plans’ administrators react by deciding that such a DRO is not a QDRO
- Participant wants to change distribution election
This is most likely not true from a tax perspective There is a tax doctrine known as the 'Constructive Receipt" doctrine It says once a person has constructive receipt or control of income it is taxable to them Think of it this way You send the check to this person in last 2021 and they don't cash it until 2022 When is it taxable to them?
- 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
- 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)?
- 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)
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