Jen D
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I don't think he's joking. I think Don's upset because that was his application. x;-)
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We chose to pay the early retirement incentives through the qualified plan since it was well over-funded. That way, the company didn't have to come up with the payments through general assets. If your plan isn't over-funded, it's probably much easie…
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One more thing I forgot to mention -- the Social Security "bump up" for early retirees I mentioned is part of our normal pension calculation for all participants. However, there are ways to offer a one-time incentive like the "bump up" to a select g…
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If part of the early retirement incentive you wish to offer is through a defined benefit pension plan, you will want to first make sure what's allowed by your plan document (i.e. does the attainment 20 years of service/ age 55 allow the participant …
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Chari -- The company who sponsors the 401(k) plan has a fiduciary liability to the participants. It is imperative that you do not give any information to the participants that can be construed as advice. A participant who elected not to join the 40…
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I forgot to mention two great books which you'll find to be really helpful. One is The 401(k) Answer Book put out by Panel Publishers. It's a question and answer book which is easy to use and understand and covers everything you need to know about 4…
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I highly recommend SunGard Corbel's seminars. I have been to three and have always been extremely pleased with the instructors and the course materials. They offer a 3-day intro to 401(k) plans which would a great place for you to start. Their web a…
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If the plan document states that the profit sharing contribution is discretionary, then there is no legal requirement that the participants be notified that there will be no contribution. However, the "big" picture is employee relations and morale…
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>Am I correct that part time employees are eligible for enrollment into > pension plans that are offered to F/T employees if they complete >1,000 hours of service in a period of 12 consecutive months even >though they may not be …
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Nicely put, Lori. I agree that a 401(k) can be a viable option for a small company. If your company wants to keep expenses to a minimum, a lot of the charges to run the 401(k) can be passed on to the participants. The fees are well worth it when com…
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Schedule F was discontinued (which is the schedule for fringe benefit plans), but I don't know if that means you don't have to file a 5500 (my assumption would be that you would still have to file the 5500.) A good resource on the web might be 'www.…
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415 limits are also known as "annual additions" limits. The definition of these limits just changed this year with the passage of EGTRRA. Annual additions are the "deposits" made to a participant's account in a defined contribution plan. These con…
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You can't, and don't, want to do that. The reason you can't is that neither your plan, nor the plan he is in at his other employer, should allow this. The plan documents should specify the company (or companies in some cases)that are covered by the …
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The book is a Panel Publication from Aspen Publishers. The author is Barry M. Newman. I ordered my copy through the International Foundation of Employee Benefit Plans, but you can look up the publisher directly online at 'www.aspenpub.com' or call t…
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Carolyn, The requirement to distribute SARs is part of the 5500 filing process. The purpose of the SAR is to inform participants of the plan's financial status. The SAR does not need to be filed with the IRS or the DOL. You need to distribute the S…
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When you say you asked for the IRS' help, did you use the letter forwarding program? I looked up your question in the Defined Benefit Answer Book, and I was surprised to discover that the book instructs that in the case of a lost participant, thei…
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It really depends on how the plan is structured. Typically, though, under a qualified pension plan, if the plan is set up to give "highly compensated employees" a higher percentage of benefit, the plan will fail discrimination testing. Often, a comp…
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When you say "retirement allowance" are you referring to some type of pension plan?
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If your company offers a 401(k) plan, and the employee was eligible for the plan before he or she was laid off, don't forget to start his/her deferrals again. They do not have to wait for an entry date to start contributing.
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Before EGTRRA, there were two parts to the "annual additions" limits on defined contribution plans. A maximum of 25% of a participant's compensation could be contributed to their account (including elective deferral, company match, reallocated forfe…
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There is a one-year "grace period" in which you can continue to file without an auditor's report. This applies to the first year that you go over 100 participants, but only if you do not exceed 120 participants at the beginning of that plan year. Th…
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KDowney, I'm impressed. Are you hiring? x;-) Jen D
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I'm assuming that your plan document states that the only requirement for the profit sharing is that the participant is employed 12/31. Unless her resignation date is prior to December 31, you will have to give her the profit sharing.
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Don't forget to check any retirement plans your company may sponsor as well. Make sure that the part time employees are not meeting the requirements of plan eligibility. A common eligibility requirement for plans might be that the employee works 1,0…
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Hi Dottie, I'm in your neck of the woods (work in downtown, live in Kentucky...) There is a personnel agency downtown called Columbia Personnel who recruits for HR jobs, including high-level. Their number is (513) 762-7682. You'll see their listing…
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One company I used to work for gave us grocery store gift certificates at holiday time. Not a glamourous gift by any means, but everybody needs groceries! The thought behind it was that we could put it toward a holiday meal in lieu of handing out tu…
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I think giving large raises to those employees threatening to leave can set a dangerous precedent. I used to work for a small company (50 employees) and during the four years I worked there, I knew of at least 15 people who quit and were enticed to …
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Rockie, You are correct that the participant can not make elective deferrals from military pay. However, the participant can "make up" deferrals once he or she is reemployed after the absence (and any missed company match must be credited to the pa…
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Diane, The book is from Panel Publishers. Their website is [url]www.panelpublishers.com[/url]. Jen
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General Rules for SPDs: New participants must be issued an SPD 90 days after they become a plan participant (or 90 days after their benefits begin if they are a beneficiary.) Initial SPDs (plans newly subject to SPD requirements): SPD must be dis…