The 401(a)4 Test Passed - but now it Fails?
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1 The 401(a)4 Test Passed - but now it Fails? Robin Snyder, QPA, QKA Deon Archer Where to Begin? Review Plan Document and Coding details in the System Enter Census Information (compensation, hours, status changes, etc.) Enter Investment Information (or not, if only estimate) Review Results of Plan Passes? Fails? What to do next? (c) 2010 DATAIR 1
2 Safe Harbor 401(k) Plan with Non- Elective and Cross Tested Allocation Age 21 with 1 year of service and dual entry Requirement to receive ER allocation is 1000 hours and last day of employment Cross Tested allocation provides the owner with a large allocation and the employees with 2% additional when added to the 3% Safe Harbor Non-Elective Discrimination Testing Passed - 410(b) Participation Test Ratio Percentage Test Passed - 410(b) Participation Test Average Benefit Test Nondiscriminatory Classification Test Passed 410(b) Participation Test Average Benefit Test Average Benefit Percentage Test Failed Minimum Allocation Gateway Failed 401(a) (4) Discrimination Test NOTE: Plan Fails! (c) 2010 DATAIR 2
3 Passed 410(b) Participation Test Ratio Percentage Test Passed 410(b) Participation Test Average Benefit Test Nondiscriminatory Classification Test (c) 2010 DATAIR 3
4 Passed 410(b) Participation Test Average Benefit Test Average Benefits Test Failed Minimum Allocation Gateway (c) 2010 DATAIR 4
5 Failed - 401(a)(4) Discrimination Test What to do when the Plan Fails? What does your document say? Fail Safe Allocation election Corrective Amendment (c) 2010 DATAIR 5
6 Fail Safe Allocation provisions Selected in the adoption agreement for Section of the Base Plan Document Prototype Options D7.j and D10.i Volume Submitter AA Options D7.m and D10.i Volume Submitter IDP format Option A9 and Section Document Section - item D7 D7. Requirement to Share in Non-Elective Contribution Allocation - In order to share in the allocation of the Employer's Non-Elective Contribution for the Plan Year, a Participant: (Select all applicable. Does not apply to CODA Safe Harbor Contribution. See Part II.D.17.) j. To satisfy the minimum coverage requirements of Code section 410(b), the Employer elects to apply the Fail Safe Allocation provisions of Section (c) 2010 DATAIR 6
7 Corrective Amendment Treas. Reg Section 1.401(a)(4)-11(g) Retroactively increase accruals or allocations for employees who benefitted under the plan during the plan year being corrected. May grant accruals or allocations to individuals who did not benefit under the plan during for plan year being corrected. May not result in the reduction of an employee s benefit. Must have substance. 9 ½ months after the close of the plan year. Plans Provisions Eligibility Last Day Date (c) 2010 DATAIR 7
8 Source Eligibility Contribution Provide Client with Estimate or Allocation for Plan Year Client provides you with Census information including new entrants and compensation Enter Data Review Plan Results Provide Client with Estimate for Allocation based on Plan Results Nothing changed but a few months later the plan now fails! HELP! What happened? (c) 2010 DATAIR 8
9 Discrimination Testing Passed - 410(b) Participation Test Ratio Percentage Test Passed - 410(b) Participation Test Average Benefit Test Nondiscriminatory Classification Test Passed 410(b) Participation Test Average Benefit Test Average Benefit Percentage Test Passed Minimum Allocation Gateway Passed 401(a) (4) Discrimination Test NOTE: ALL TESTS PASS! Passed 410(b) Participation Test Ratio Percentage Test (c) 2010 DATAIR 9
10 Passed 410(b) Participation Test Average Benefit Test Nondiscriminatory Classification Test Passed 410(b) Participation Test Average Benefit Test Average Benefits Test (c) 2010 DATAIR 10
11 Passed Minimum Allocation Gateway Passed - 401(a)(4) Discrimination Test (c) 2010 DATAIR 11
12 Months later enter gains/losses All tests passed before. I provided client with allocation amount and deposits were made to the participants accounts. Now today enter gains/losses for the plan to finalize and. TESTS NO LONGER PASS! What happened? My allocations are the same? My participants are the same? Discrimination Test Results after entering Gains/Losses Passed - 410(b) Participation Test Ratio Percentage Test Passed - 410(b) Participation Test Average Benefit Test Nondiscriminatory Classification Test Passed 410(b) Participation Test Average Benefit Test Average Benefit Percentage Test Passed Minimum Allocation Gateway FAILED 401(a) (4) Discrimination Test NOTE: PLAN NOW FAILS! (c) 2010 DATAIR 12
13 FAILED 401(a) (4) Discrimination Test What to do next? Now a solution is needed. Did client deduct the contribution already? Can more money be contributed? Can allocations be revised? Facts and circumstances based on the needs of your client will determine the best way to proceed. (c) 2010 DATAIR 13
14 Resources Release Notes DATAIR Employee Benefit Systems, Inc. Customer Support Telephone: (630) DATAIR Discussion Forums Internal Revenue Service (IRS) Retirement Plans Community: (c) 2010 DATAIR 14
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