Mistake #10

01 Oct

Mistake #10

By Uncategorized Comments Off on Mistake #10

October 2017

Mistake: Hardship distributions weren’t made properly.

Fix the Mistake: Amend plan retroactively to allow for hardship distributions. If impermissible hardship distribution, have participant return hardship distribution amount plus earnings.

Monthly BBQ Recipe 

Monthly Beverage Recipe

Tom Collins

Ingredients
  • 2 ounces (60ml) gin
  • Juice of 1/2 a lemon
  • 1 teaspoon sugar (preferably superfine)
  • Chilled club soda
Directions

Add gin, lemon and sugar to a Collins glass and stir to dissolve sugar (you can instead use simple syrup and make the process easier). Fill glass with large chunks of ice and top with chilled club soda. Insert straw and do what comes natural.

Share this post

Author

Related Posts

01 Feb

Mistake #2

February 2017 Mistake: You didn’t base the plan operations on the terms of the plan document. Failure to follow plan terms is... read more

01 Aug

Mistake #8

August 2017 Mistake: You haven’t timely deposited employee elective deferrals. Fix the Mistake: Usually corrected through DOL’s Voluntary Fiduciary Correction Program. You may also... read more

01 Sep

Mistake #9

September 2017 Mistake: Participant loans don’t conform to the requirements of the plan document and IRC Section 72(p). Fix the Mistake: You may correct... read more

01 Mar

Mistake #3

March 2017 Mistake: You didn’t use the plan definition of compensation correctly for all deferrals and allocations. Fix the Mistake: Corrective contribution or... read more

01 Nov

Mistake #11

November 2017 Mistake: The plan was top-heavy and required minimum contributions weren’t made to the plan. Fix the Mistake: Properly contribute and allocate the... read more

01 Jul

Mistake #7

July 2017 Mistake: You didn’t base the plan operations on the terms of the plan document. Failure to follow plan terms... read more

01 Apr

Mistake #4

April 2017 Mistake: Employer matching contributions weren’t made to all appropriate employees. Fix the Mistake: Apply a reasonable correction method that would put affected... read more

01 Jan

Mistake #1

January 2017 Mistake: You haven’t updated your plan document within the past few years to reflect the recent law changes. Fix the... read more

01 May

Mistake #5

May 2017 Mistake: The plan failed the 401(k) ADP and ACP nondiscrimination tests. Fix the Mistake: Make qualified non-elective contributions for the non-highly compensated... read more

01 Jun

Mistake #6

June 2017 Mistake: Eligible employees weren’t given the opportunity to make an elective deferral (exclusion of eligible employees). Fix the Mistake: Make qualified non-elective... read more