Advisory Committee on Administration
|
|
- Archibald Briggs
- 5 years ago
- Views:
Transcription
1 W W W. S E S A D V I S O R S. C O M Advisory Committee on Administration Written by Tina Fisher, The Principal Financial Group Reviewed by Mychelle Holloway, SES Advisors
2 One of the most complicated and sometimes confusing aspects of ESOP administration is determining the compensation required for various plan purposes. Compensation impacts many different areas of administration including: 1. allocations to participants, 2. determination of highly compensated employees (HCEs) and key employees, 3. nondiscrimination testing, 4. maximum annual additions to participants, 5. the employer s maximum deductible contribution, and 6. top heavy minimum benefit calculations.
3 While the plan sponsor has some discretion in how compensation is defined in the plan for allocations to participants, for all other purposes compensation must conform to the Internal Revenue Code s (IRC) prescribed definition. Further complicating matters are the several alternative definitions allowed in each area. It is important to be familiar with the compensation rules, all compensation definitions in your ESOP document, and the various categories of your company s compensation so that your ESOP allocations and compliance tests are completed using the correct compensation.
4 Section 415 Compensation IRC Section 415 limits the amount of annual additions (contributions and forfeitures) which are allocated to a participant s account. These limits are calculated using one of four possible definitions of compensation: 1. the current includible compensation definition ---wages, salaries, fees for professional services and other amounts received for personal services to the extent that the amounts are includible in gross income, 2. compensation for federal income tax withholding, 3. W-2 compensation, and 4. a simplified version of the current includible compensation definition. The plan document must specify which of these four definitions apply, usually in the section of the document which addresses the annual addition limits. All four definitions include elective deferrals. The list of compensation items in each definition of compensation is fairly lengthy and the differences between the definitions can seem complicated. However, if your company pays only wages, salaries, bonuses, overtime, and commissions, there are no differences between the four definitions. In addition to applying the 415 limits, one of these four definitions must be used in identifying HCEs, identifying key employees, and calculating the required minimum contribution if your plan is top-heavy. Section 415 compensation may also be used for all other aspects of plan administration.
5 Section 414(s) Compensation ESOPs, like other qualified plans, must be designed so that the contributions and benefits provided in the plan do not discriminate in favor of HCEs. Certain nondiscrimination testing is required and IRC Section 414(s) defines the compensation to be used in the testing. Any of the four Section 415 definitions of compensation can be used alone or in conjunction with any or all of the following three modifications: 1. Exclusion of fringe benefits and other specified compensation items (all applicable items must be excluded), 2. exclusion of all elective deferrals, or 3. exclusion of any compensation item as long as the exclusion applies to only some or all of the HCEs. If compensation is modified in any other way, the compensation ratio test must pass in order for the compensation to be considered nondiscriminatory. The first part of this test requires that the compensation be considered reasonable. The second part of the test divides the plan s definition of compensation by total compensation and averages these percentages for HCEs and non-hces. The average of the HCEs can only exceed the average of the non-hces by a minimal amount.
6 Section 414(s) Compensation (con t.) To illustrate, let s assume the ESOP allocates contributions based on compensation which is defined as total pay minus bonuses. This definition is not one of the Section 415 or 414(s) definitions of compensation, so the compensation ratio test must be performed. The reasonableness test passes as bonuses are considered a reasonable exclusion. Participant s compensation net of bonuses must be divided by total compensation to calculate a percentage. These percentages are averaged for HCEs and non-hces and compared. If bonuses tend to favor the HCEs, the test results would be favorable as less pay is being used in allocations to HCEs. In contrast, a definition which excludes overtime may have more difficulty passing the test as non-hces would be the likely recipients of overtime pay.
7 Allocation Compensation While some ESOPs may have more creative allocation methods, most ESOPs are designed to allocate employer contributions solely based on compensation. Compensation to be included for allocation purposes must be defined in the plan document. If this definition is any of the Section 415 or 414(s) definitions (including a modified definition which passes the compensation ratio test), the allocation method is considered nondiscriminatory. The plan may be written to allocate employer contributions using a compensation definition which does not meet one of these prescribed definitions. While this is allowable, the plan sponsor should be advised that additional complicated nondiscrimination testing must be completed and passed.
8 Compensation for Calculating Deduction Limits The maximum that an employer can contribute to the plan is determined using 415 compensation, regardless of how the plan defines compensation for allocating the contribution. The compensation considered in the deduction limit calculation is based on the employer s taxable year and the compensation considered in the 415 limit calculation is based on the limitation year, which is usually defined as the plan year. If these years are different, the plan sponsor will end up using at least two sets of compensation in their calculations (three sets if the allocation compensation definition is different than the 415 definition).
9 Maximum Compensation Limit Qualified plans can only consider compensation up to a certain amount (indexed for cost of living adjustments) in allocations and compliance testing. For 2013, this compensation limit is $255,000.
10 Conclusion If your ESOP contains multiple definitions of compensation or uses a definition which requires additional testing, determining the proper compensation for all aspects of your ESOP administration and compliance testing can be a complex undertaking. Further complications can arise in plan years where special compensation items occur which are beyond the scope of this article such as post-severance compensation, military employees, or leaves of absences to name a few. Plan sponsors should review the compensation being considered in the ESOP to ensure compliance with both the compensation rules and the plan document.
11 The authors consulted with Committee Chair, Pete Shuler, Crowe Horwath LLP, Columbus, OH on this article. This article originally ran in the October 2013 ESOP Report newsletter, the newsletter of The ESOP Association. Reprinted with permission from The ESOP Association. The ESOP Association All Rights Reserved 2013 Find out if an ESOP is right for your company. Visit to learn more. SES ADVISORS has one of the nation s largest core groups of ESOP professionals, with offices in Pennsylvania, New Jersey, New York, Massachusetts, Rhode Island, Vermont, Florida, Kentucky, Indiana, Virginia and Texas. HEADQUARTERS: 10 Shurs Lane, Suite 102 Philadelphia, PA Consult your advisors for up-to-date legal and tax information. IRS CIRCULAR 230 DISCLOSURE: Pursuant to Treasury Regulations, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used or relied upon by you or any other person, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or(ii) promoting, marketing or recommending to another party any tax advice addressed herein. Please contact a member of the firm if you require a formal, written tax opinion that satisfies applicable IRS requirements.
Teamwork: Plan Sponsor & ESOP Recordkeeper
W W W. S E S A D V I S O R S. C O M Teamwork: Plan Sponsor & ESOP Recordkeeper Written by Mychelle Holloway Each year during the allocation process, most Plan Sponsors have to compile census data for submission
More informationPartial Plan Terminations & their Impact on ESOP Companies in a Difficult Economy
W W W. S E S A D V I S O R S. C O M Partial Plan Terminations & their Impact on ESOP Companies in a Difficult Economy Written by Brian Wurpts The economic environment over the last eighteen months has
More informationI don t have the right type of company. Both large and small, public and private companies can form ESOPs.
W W W. S E S A D V I S O R S. C O M 8 ESOP Myths Debunked When considering employee benefit and owner succession plan alternatives, business owners often overlook the possibility of an ESOP: an Employee
More informationCompensation - The Backbone of Retirement Plan Testing
Compensation - The Backbone of Retirement Plan Testing Robert M. Richter, J.D., LL.M. VP FIS Relius 3 Definitions 415 Compensation 415 limits Top-heavy minimums 414(s) Compensation Nondiscrimination testing
More informationCompensation Quandary
Compensation Quandary Robert M. Richter, FIS Relius Avannesh K. Bhagat, IRS Robert M. Richter, FIS Relius Robert M. Richter, JD, LL.M. is a Vice President with FIS (formerly SunGard) in Jacksonville, Florida.
More information8, ADP,
2013 Tax Changes Beginning with your first payroll with checks dated in 2013, employees may notice changes in their paychecks due to updated 2013 federal and state tax requirements. This document will
More informationState Estate Taxes BECAUSE YOU ASKED ADVANCED MARKETS
ADVANCED MARKETS State Estate Taxes In 2001, President George W. Bush signed the Economic Growth and Tax Reconciliation Act (EGTRRA) into law. This legislation began a phaseout of the federal estate tax,
More informationCompensation Consternation S. Derrin Watson. Copyright 2010, SunGard, all rights reserved
Compensation Consternation S. Derrin Watson Copyright 2010, SunGard, all rights reserved Consider This: Safe harbor 401(k) plan 3% QNEC Cross-tested profit sharing contribution. Catch-ups OK Employees
More informationTask Force on State and Local Taxation
NCSL: Executive Committee Task Force on State and Local Taxation State Implications of Federal Tax Reform Business Tax Reform (Panel 2) March 23, 2018 Presenters Andrew Phillips Quantitative Economics
More informationSmall Business Retirement Plans: Maximizing Contributions JEANNE V. GORDON, ESQ.
Small Business Retirement Plans: Maximizing Contributions JEANNE V. GORDON, ESQ. Defined Contribution or Defined Benefit Defined Benefit Plan Promised Benefit. Provides a fixed, pre-established benefit
More informationFederal Rates and Limits
Federal s and Limits FICA Social Security (OASDI) Base $118,500 Medicare (HI) Base No Limit Social Security (OASDI) Percentage 6.20% Medicare (HI) Percentage Maximum Employee Social Security (OASDI) Withholding
More informationCompensation Part I: Allowable Definitions and When to Use Them. Ilene H. Ferenczy, Managing Partner Ferenczy Benefits Law Center
Compensation Part I: Allowable Definitions and When to Use Them Ilene H. Ferenczy, Managing Partner Ferenczy Benefits Law Center Ilene H. Ferenczy, Managing Partner Ferenczy Benefits Law Center Ilene Ferenczy
More information2011 Federal and State Tax Guide
2011 Federal and State Tax Guide GFR-TX 1/11 For employer and financial professional use only. Not for use with the public. Long-Term Care Insurance This document does not constitute legal or tax advice
More information2015 Federal and State Tax Guide
2015 Federal and State Tax Guide GFR-TX 1/15 For employer and financial professional use only. Not for use with the public. Long-Term Care Insurance Introduction This brochure presents an overview of the
More informationMainStay Funds Income Tax Information Notice
MainStay Funds Income Tax Information Notice The information contained in this brochure is being furnished to shareholders of the MainStay Funds for informational purposes only. Please consult your own
More informationWRITTEN TESTIMONY FOR THE RECORD OF PATRICIA THOMPSON, CPA ON BEHALF OF THE
WRITTEN TESTIMONY FOR THE RECORD OF PATRICIA THOMPSON, CPA ON BEHALF OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS 1455 PENNSYLVANIA AVENUE, NW WASHINGTON, DC 20004-1081 SPECIAL COMMITTEE ON
More informationState Individual Income Tax Rates for Retirement Income as of January 31, 2015 Presented by Timothy Weller
State Individual Income Tax Rates for as of January 31, 2015 Presented by Timothy Weller State Low High Low High Alabama 2.0 5.0 $500 $3,000 Social security, as well as military, civil service, state/local
More informationDepartment of the Treasury Internal Revenue Service
96 Department of the Treasury Instructions to Filers of s 1099, 1098, 5498, and W-2G This package contains: Instructions for s 1099, 1098, 5498, and W-2G 7018-C, Order Blank for s Mailing Label Note: We
More informationTA X FACTS NORTHERN FUNDS 2O17
TA X FACTS 2O17 Northern Funds Tax Facts provides specific information about your Northern Funds investment income and capital gain distributions for 2017. If you have any questions about how to apply
More informationJanuary 2, States are not required to allow this deduction. Indeed, some 18 states already have chosen to disallow it.
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org January 2, 2007 STATE REVENUE LOSSES FROM THE FEDERAL DOMESTIC PRODUCTION DEDUCTION
More information2012 RUN Powered by ADP Tax Changes
2012 RUN Powered by ADP Tax Changes Dear Valued ADP Client, Beginning with your first payroll with checks dated in 2012, you and your employees may notice changes in your paychecks due to updated 2012
More informationRetirement. Presented for Valued Client. Presented by John M. Webster HMS Insurance Associates, Inc.
Presented for Valued Client Presented by John M. Webster HMS Insurance Associates, Inc. johnwebster@financialguide.com 443-632-3436 Page 1 of 7 The Concept A 401(k) plan is an employer-sponsored, qualified
More informationCorrecting Qualified Plan Errors under EPCRS
Correcting Qualified Plan Errors under EPCRS This is just one example of the many online resources Practical Law Company offers. Andy Wang and Jennifer Kobayashi, Wang Kobayashi Austin, LLC with PLC Employee
More informationPreparation for a Successful Payroll Year end. Presented by: Jean Domaingue, CPP
Preparation for a Successful Payroll Year end Presented by: Jean Domaingue, CPP November 15, 2012 CompuPay is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor
More informationImportant Tax Information for VanEck Vectors ETFs
2018 VanEck Supplemental Tax Guide Important Tax Information for VanEck Vectors ETFs Section 1 - Information for Municipal Income ETFs Page # Taxable vs. Tax-Exempt Income 2-4 State by State Information
More informationFiduciary Compliance Checklist Essential Points
Fiduciary Compliance Checklist Essential Points Who are the fiduciaries named under the plan? Defining the Fiduciary Structure Who are the fiduciaries not named under the plan but are performing duties
More informationGovernmental 457(b) withdrawal request
Annuities Governmental 457(b) withdrawal request Because deferred compensation plan withdrawal rules are complex, please read Instructions and Special Tax Notice Regarding Payments from 457(b) Plans of
More informationKevin J. Donovan, CPA, MSPA Pinnacle Plan Design, LLC. Compensation Uses
Compensation Concerns Monday, April 29, 2013 Kevin J. Donovan, CPA, MSPA Pinnacle Plan Design, LLC Compensation Uses Determine HCE status Allocations or benefit accruals 415 limits Top Heavy minimums Non-discrimination
More informationDFA INVESTMENT DIMENSIONS GROUP INC. DIMENSIONAL INVESTMENT GROUP INC. Institutional Class Shares January 2018
DFA INVESTMENT DIMENSIONS GROUP INC. DIMENSIONAL INVESTMENT GROUP INC. Institutional Class Shares January 2018 Supplementary Tax Information 2017 The following supplementary information may be useful in
More informationSelf Procurement taxes
Self Procurement taxes Daniel J. Kusaila, Tax Partner Crowe Horwath LLP Audit Tax Advisory Risk Performance 2015 Crowe Horwath LLP Agenda What is a procurement tax Nexus standards and Todd Shipyards Non
More informationNonqualified Plans - To Fund or Not to Fund A Case Study of the Ross Stores NQDC 19th Annual TMA Conference November 17, 1998 Orlando, Florida
Nonqualified Plans - To Fund or Not to Fund A Case Study of the Ross Stores NQDC 19th Annual TMA Conference November 17, 1998 Orlando, Florida Ms. Linda Ruiz-Zaiko Phone: 925-743-0201 Fax: 925-743-0322
More informationCheckpoint Payroll Sources All Payroll Sources
Checkpoint Payroll Sources All Payroll Sources Alabama Alaska Announcements Arizona Arkansas California Colorado Connecticut Source Foreign Account Tax Compliance Act ( FATCA ) Under Chapter 4 of the Code
More informationTHE ANSWER TO 1099 TAX INFORMATION REPORTING
1099 REPORTING THE ANSWER TO 1099 TAX INFORMATION REPORTING Researching IRS and state regulations, updating applications, year-end processing, printing, stuffing and mailing forms to recipients, filing
More informationPlan Facts November 2016 newsletter
Plan Facts newsletter Required Minimum Distribution (RMD) Refresher As we approach the end of the year, the deadline to distribute required minimum distributions (RMDs) from your defined contribution retirement
More informationYear-End Tax Tables Applicable to Form 1099-DIV Page 2 Qualified Dividend Income
Year-End Tax Tables This document contains general information to assist you in completing your 2016 tax returns. You should consult your tax advisor to determine the appropriate use of these tables. This
More informationInstructions for Form 5300
Department of the Treasury Instructions for Form 5300 (Revised December 1992) Application for Determination for Employee Benefit Plan (Section references are to the Internal Revenue Code unless otherwise
More informationState Tax Treatment of Social Security, Pension Income
State Tax Treatment of Social Security, Pension Income The following chart Provides a general overview of how states treat income from Social Security and pensions for the 2016 tax year unless otherwise
More informationSTATE AND FEDERAL MINIMUM WAGES
www.thinkhr.com 2014 STATE AND FEDERAL MINIMUM WAGES s About ThinkHR ThinkHR provides brokers and their clients with easy and immediate access to expert HR advisors who will provide information and answers
More informationHiding in Plain View: Impact of Recent Tax Legislation on Retirement Plans
Hiding in Plain View: Impact of Recent Tax Legislation on Retirement Plans Presented by Eric Paley and Claire Rowland March 14, 2018 Tax Cut and Jobs Act ( TCJA ) signed December 22, 2017 TCJA included
More informationIncome from U.S. Government Obligations
Baird s ----------------------------------------------------------------------------------------------------------------------------- --------------- Enclosed is the 2017 Tax Form for your account with
More informationMutual Fund Tax Information
2008 Mutual Fund Tax Information We have provided this information as a service to our shareholders. Thornburg Investment Management cannot and does not give tax or accounting advice. If you have further
More informationMutual Fund Tax Information
Mutual Fund Tax Information We have provided this information as a service to our shareholders. Thornburg Investment Management cannot and does not give tax or accounting advice. If you have further questions
More informationSales Tax Return Filing Thresholds by State
Thanks to R&M Consulting for assistance in putting this together Sales Tax Return Filing Thresholds by State State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Filing Thresholds
More informationTesting & Reporting Services. Glossary
Testing & Reporting Services Glossary Table of Contents Click on a term/letter below to view a definition or section of the Glossary. # - IRC, 1% Owner, 103-12 Investment Entity, 3-Digit Plan Number, 401(a)(4)
More informationAutomatic Enrollment Guide
Automatic Enrollment Guide Introducing Automatic Enrollment Almost daily, new statistics are showing employers (plan sponsors) are taking a more proactive role in helping their employees save for retirement.
More informationSPECIAL TAX NOTICE REGARDING PLAN PAYMENTS (For Participant) A. TYPES OF PLAN DISTRIBUTIONS
SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS (For Participant) This notice explains how you can continue to defer federal income tax on your retirement plan savings in the Plan and contains important information
More informationInstructions for Form 5330
Department of the Treasury Internal Revenue Service Instructions for Form 5330 (Revised May 1993) Return of Excise Taxes Related to Employee Benefit Plans Section references are to the Internal Revenue
More informationOptions for Retirement Benefits OPTIONS FOR RETIREMENT BENEFITS. Charles M. Lax
OPTIONS FOR RETIREMENT BENEFITS Charles M. Lax INTRODUCTION Your Name Your Company Your Position Your Companies Retirement Plan(s) 2 WHAT S COMMON IN MOST QUALIFIED RETIREMENT PLANS? Tax Benefits Income
More informationWithdrawal Form ForeRetirement Variable Annuity Forethought Life Insurance Company
Not for use with ForeInvestors Choice products. To request a withdrawal from a ForeInvestors Choice contract use the Withdrawal Form ForeInvestors Choice Variable Annuity. Use this form to request a: Systematic
More informationState Tax Relief for the Poor
State Tax Relief for the Poor David S. Liebschutz and Steven D. Gold T his paper summarizes highlights of the book State Tax Relief for the Poor by David S. Liebschutz, associate director of the Center
More informationIRC 965, BEAT, GILTI and FDII Through the Lens of a SALT Professional + Recent Developments
IRC 965, BEAT, GILTI and FDII Through the Lens of a SALT Professional + Recent Developments June 21, 2018 Korwin Roskos (Moderator) Senior Tax Manager-State & Local Tax, Amazon Vice Chair of TEI s SALT
More informationSIMPLIFIED. Employee Pension Plan. John Hancock Investments. Your SEP/SARSEP retirement plan guide for small businesses and self-employed individuals
John Hancock Investments SIMPLIFIED Employee Pension Plan Your SEP/SARSEP retirement plan guide for small businesses and self-employed individuals EMPLOYER DOCUMENTS Employer information This kit contains
More informationHousing Allowance and Other Clergy Tax Issues Revised December 2015
By Dennis R. Walsh, CPA Housing Allowance and Other Clergy Tax Issues Revised December 2015 This is a summary of special income tax issues applicable to clergy employed by units of government and serving
More informationState Income Tax Tables
ALABAMA 1 st $1,000... 2% Next 5,000... 4% Over 6,000... 5% ALASKA... 0% ARIZONA 1 1 st $10,000... 2.87% Next 15,000... 3.2% Next 25,000... 3.74% Next 100,000... 4.72% Over 150,000... 5.04% ARKANSAS 1
More informationPAY STATEMENT REQUIREMENTS
PAY MENT 2017 PAY MENT Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia No generally applicable wage payment law for private employers. Rate
More informationFHA Manual Underwriting Exceeding 31% / 43% DTI Eligibility Quick Reference
Credit Score/ Compensating Factor(s)* No Compensating Factor One Compensating Factor Two Compensating Factors No Discretionary Debt Maximum DTI 31% / 43% 37% / 47% 40% / 50% 40% / 40% *Acceptable compensating
More informationProfit-Sharing Arrangement
Profit-Sharing Arrangement The Concept Profit-sharing arrangements are employer-sponsored qualified retirement arrangements. In a profit-sharing arrangement, the amount of a particular employee s retirement
More informationSocial Security: The Windfall Elimination Provision (WEP)
Social Security: The Windfall Elimination Provision (WEP) Christine Scott Specialist in Social Policy January 8, 2013 CRS Report for Congress Prepared for Members and Committees of Congress Congressional
More informationTANF FUNDS MAY BE USED TO CREATE OR EXPAND REFUNDABLE STATE CHILD CARE TAX CREDITS
820 First Street, NE, Suite 510, Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org http://www.cbpp.org October 11, 2000 TANF FUNDS MAY BE USED TO CREATE OR EXPAND REFUNDABLE STATE
More informationSTATE TAX WITHHOLDING GUIDELINES
STATE TAX WITHHOLDING GUIDELINES ( Guardian Insurance & Annuity Company, Inc. and Guardian Life Insurance Company of America (hereafter collectively referred to as Company )) (Last Updated 11/2/215) state
More informationA Guide to Tax Treatment for Long-Term Care Insurance
A Guide to Tax Treatment for Long-Term Care Insurance From Mark Baron, CLTC BARON LONG TERM CARE INSURANCE Afford the care you need Have the life you want Phone: (617) 823-8334 Fax: (781) 634-0588 mark@baronltc.com
More informationThe nondiscrimination tests can be complicated but boil down to three basic themes:
SECTION 125 CAFETERIA PLANS NONDISCRIMINATION TESTING GUIDE AND FAQs 2017 Why Do We Have To Test Our Section 125 Plan? Because Code Section 125 cafeteria plans (and the component benefits within the 125
More informationTaxable/Exempt Interest Income and Private Activity Bond Interest Percentage Page 7
Year-End Tax Tables This document contains general information to assist you in completing your 2017 tax returns. You should consult your tax advisor to determine the appropriate use of these tables. This
More informationMake ADP/ACP Testing Great Again. Steve Riordan, CPC, QPA, QKA Director of Testing and Reporting Services Fidelity Investments
Make ADP/ACP Testing Great Again Steve Riordan, CPC, QPA, QKA Director of Testing and Reporting Services Fidelity Investments Steve.Riordan@fmr.com 1 Agenda ADP/ACP Testing Overview Compensation Disaggregation
More informationThe Alert Guidelines are tools used by Employee Plans Specialists during their review of retirement plans and are available to plan sponsors to use
The Alert Guidelines are tools used by Employee Plans Specialists during their review of retirement plans and are available to plan sponsors to use before submitting determination letter applications to
More informationPayroll Tax and Compliance Guide
Payroll Tax and Compliance Guide Dear BenefitMall Client, This tax and compliance guide has been designed to provide our payroll clients with access to important payroll planning and processing information.
More informationINTERNAL REVENUE SERVICE. Tax Exempt and Government Entities (TE/GE) Operating Division. Federal, State and Local Governments
INTERNAL REVENUE SERVICE Tax Exempt and Government Entities (TE/GE) Operating Division Federal, State and Local Governments Federal, State and Local Governments The office of Federal State and Local Governments
More informationQ&As from Definitions of Compensation for Retirement Plans Webinar. June 20, 2012
Q&As from Definitions of Compensation for Retirement Plans Webinar June 20, 2012 Questions are arranged by topic and are reproduced as submitted. Questions and answers prepared by Aimee Nash CE Credits
More informationBasic ESOP Distribution Rules
Basic ESOP Distribution Rules 22 nd Annual Multi-State ESOP Conference Scranton, PA September 13-15, 2017 Jon A. Williams, QKA Blue Ridge ESOP Associates jwilliams@blueridgeesop.com Jane E. Rogers, QKA
More information[PLACE YOUR COMPANY NAME HERE] BASIC PLAN DOCUMENT #04-ESOP [INTENDED FOR CYCLE D]
[PLACE YOUR COMPANY NAME HERE] BASIC PLAN DOCUMENT #04-ESOP [INTENDED FOR CYCLE D] Copyright, 2002-2009 [PLACE YOUR COMPANY NAME HERE] All Rights Reserved. [PLACE YOUR COMPANY NAME HERE] BASIC PLAN DOCUMENT
More informationTax update Important information to prepare your tax return. Included in this edition, tax information for the DWS funds
00219348 2019 Tax update 2018 Important information to prepare your tax return Included in this edition, tax information for the DWS funds Tax-exempt income notes Percentage of 2018 tax-exempt income by
More informationNEWBERRY GROUP INCORPORATED EMPLOYEE STOCK OWNERSHIP PLAN
NEWBERRY GROUP INCORPORATED EMPLOYEE STOCK OWNERSHIP PLAN WHEREAS, The Newberry Group Inc. ( Company ) previously adopted The Newberry Group Incorporated Employee Stock Ownership Plan ( Plan ); and thereof;
More informationTax update 2016 Important information to prepare your tax return
00186350 Tax update 2016 Important information to prepare your tax return Included in this edition, tax information for the Deutsche funds Tax-exempt income notes Percentage of 2016 tax-exempt income by
More informationEnclosed, please find the form(s) needed to complete the requested transaction. The completed form(s) can be faxed to (877) or mailed to:
Thank you for calling MetLife and giving us the opportunity to be of service to you. Enclosed, please find the form(s) needed to complete the requested transaction. The completed form(s) can be faxed to
More informationIMPORTANT TAX INFORMATION
IMPORTANT TAX INFORMATION The following information about your enclosed 1099-DIV from s should be used when preparing your 2017 tax return. Form 1099-DIV reports dividends, exempt-interest dividends, capital
More informationGuide to your Year-End Employer Contribution Report Package
ADP Retirement Services Guide to your Year-End Employer Contribution Report Package IMPORTANT DEADLINES: March 1 For Clients with March 15th Corporate Due Date November 30 December 14 Last day for ADP
More informationHealth Care Reform 2013 Update. Presented by Rachel Cutler Shim
Health Care Reform 2013 Update Presented by Rachel Cutler Shim 2 Agenda Health Care Reform in 2013 and Beyond 2012 Preventive Care for Women Form W-2 Reporting Summary of Benefits and Coverage 2013 Health
More informationEquity and Fixed Income
Equity and Fixed Income ALLIANCEBERNSTEIN TAX BULLETIN 2005 This booklet is a summary of useful tax information for various AllianceBernstein funds. It will assist you, as an investor, in the preparation
More informationSECTION 401(a) SECTION 414(q) SECTION 414(s) Overview to Non-discrimination 401-1
SECTION 401(a) SECTION 414(q) SECTION 414(s) Overview to Non-discrimination 401-1 INTERNAL REVENUE CODE 401(a) 401(a) has a laundry list of items that are required for a plan to be qualified: 401(a)(3)
More informationPRUDENTIAL RETIREMENT DEFINED CONTRIBUTION PROTOTYPE AND VOLUME SUBMITTER PLAN AND TRUST AGREEMENT ARTICLE I, DEFINITIONS 1.01 Account... 1 1.02 Account Balance or Accrued Benefit... 1 1.03 Accounting
More informationMetropolitan Life Insurance Company MetLife Investors USA Insurance Company 1. GENERAL INFORMATION
1. GENERAL INFORMATION Metropolitan Life Insurance Company MetLife Investors USA Insurance Company 403(b) Withdrawal Request Form Because 403(b) withdrawal rules are complex, please read Instructions and
More information401(k) Plan Executive Summary January 2018
401(k) Plan Executive Summary January 2018 3000 Lava Ridge Court, Suite 130 Roseville, CA 95661 Tel (916) 773-3480 Fax (916) 773-3484 6400 Canoga Avenue, Suite 250 Woodland Hills, CA 91367 Tel (818) 716-0111
More informationSupporting innovation and economic growth. The broad impact of the R&D credit in Prepared by Ernst & Young LLP for the R&D Credit Coalition
Supporting innovation and economic growth The broad impact of the R&D credit in 2005 Prepared by Ernst & Young LLP for the R&D Credit Coalition April 2008 Executive summary Companies of all sizes, in a
More informationPay Frequency and Final Pay Provisions
Pay Frequency and Final Pay Provisions State Pay Frequency Minimum Final Pay Resign Final Pay Terminated Alabama Bi-weekly or semi-monthly No Provision No Provision Alaska Semi-monthly or monthly Next
More informationState Social Security Income Pension Income State computation not based on federal. Social Security benefits excluded from taxable income.
State Tax Treatment of Social Security, Pension Income The following CCH analysisi provides a general overview of how states treat income from Social Security and pensions for the 2013 tax year unless
More informationPENSION EDUCATOR SERIES GLOSSARY
PENSION EDUCATOR SERIES GLOSSARY 2 1% Owner An employee who owns more than 1% of the outstanding stock or more than 1% of the total combined voting power of all stock in a corporation; or more than 1%
More informationGeneral Information for 401k Plan Sponsor
General Information for 401k Plan Sponsor Welcome to our 401k Guide for the Plan Sponsor! The information contained on this site was designed and developed by various governmental agencies, and compiled
More informationUnderstanding Nondiscrimination Testing
Understanding Nondiscrimination Testing A WHITE PAPER BY Pentegra Retirement Services 2 Enterprise Drive, Suite 48 Shelton, CT 6484-4694 8.872.3473 tel 23.925.674 fax www.pentegra.com Nondiscrimination
More informationMulti-State Payroll. State Income Tax Withholding
Multi-State Payroll Part 2 Tax Challenges Charlotte N. Hodges, CPP October 7, 2016 State Taxation Considerations Unemployment Insurance Taxes Temporary Disability Insurance 1 States With No Income Tax
More informationSummary Plan Description
Summary Plan Description Prepared for Progressive Quality Care, Inc. Introduction Effective 01/01/2004, Progressive Quality Care, Inc. has amended the Progressive Quality Care, Inc. 401(k) Plan designed
More informationYear-End Tax Tables Applicable to Form 1099-DIV. Mutual Funds: Qualified Dividend Income ETFs: Qualified Dividend Income
Year-End Tax Tables This document contains general information to assist you in completing your 2018 tax returns. You should consult your tax advisor to determine the appropriate use of these tables. This
More informationVolume Nine, Issue Eleven November Section 79 of the Internal Revenue Code addresses the potential tax implications
Volume Nine, Issue Eleven November 2006 In This Issue Internal Revenue Code Section 79 In this eleventh issue of the McGraw Wentworth Benefit Advisor, we will continue our review of non-discrimination
More informationState of Arkansas. Tax Relief and Reform Legislative Task Force. Corporate Income Tax EXHIBIT E. January 8, PFM Group Consulting LLC.
EXHIBIT E State of Arkansas Tax Relief and Reform Legislative Task Force Corporate Income Tax January 8, 2017 PFM Group Consulting LLC. 1735 Market St. 43 rd Floor (267) 713-0700 pfm.com Philadelphia,
More informationTax update 2017 Important information to prepare your tax return
00202053 Tax update 2017 Important information to prepare your tax return Included in this edition, tax information for the Deutsche funds Tax-exempt income notes Percentage of 2017 tax-exempt income by
More informationIRS restructures pre-approved qualified plan program
Important information Plan administration and operation IRS restructures pre-approved qualified plan program Who s affected These changes affect qualified defined benefit and defined contribution plans
More informationTotal state and local business taxes
Total state and local business taxes State-by-state estimates for fiscal year 2014 October 2015 Executive summary This report presents detailed state-by-state estimates of the state and local taxes paid
More informationS U M M A R Y P L A N D E S C R I P T I O N Marvell Semiconductor 401(k) Retirement Plan
S U M M A R Y P L A N D E S C R I P T I O N Marvell Semiconductor 401(k) Retirement Plan This information is not intended to be a substitute for specific individualized tax, legal, or investment planning
More informationAIG Benefit Solutions Producer Licensing and Appointment Requirements by State
3600 Route 66, Mail Stop 4J, Neptune, NJ 07754 AIG Benefit Solutions Producer Licensing and Appointment Requirements by State As an industry leader in the group insurance benefits market, AIG is firmly
More informationAFFORDABLE CARE ACT ( ACA ) EMPLOYEE COMMUNICATION PART I OVERVIEW OF HEALTHCARE REFORM
AFFORDABLE CARE ACT ( ACA ) EMPLOYEE COMMUNICATION PART I OVERVIEW OF HEALTHCARE REFORM Most employees are familiar with the terms healthcare reform, the Affordable Care Act ( ACA ) or Obamacare. The media
More informationQualified Plan News. QPN Highlights Action Required: This Qualified Plan News (QPN) is for information only; no action is required at this time.
Qualified Plan News Compliance made easy through the Qualified Plan Consulting Team of Voya Financial CORPORATE MARKETS No. 2016-6 Date: December 29, 2016 Qualified Plan News 2017 Annual Plan s Voya Qualified
More information