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Accounting, Payroll & Pension Issues/Questions Answered by Expert Allen
| Subject | Date Asked |
| Tax exemption on Lump Sum Dist. | 2/4/2012 |
| Q: I'm going to retire this June (2012).I will be 57 years old. I will be receiving a pension through ... A: If the money is paid to you - it will be subject to federal income tax, state income tax (if you ... | |
| Closing 401k | 12/19/2011 |
| Q: I had a solo computer consulting business (no other employees) from 1996-2008, and had a Fidelity ... A: I believe you definitely can move the money from the old plan to an IRA if the two businesses have ... | |
| uniform SEP contributions | 10/30/2011 |
| Q: We sponsor both a 401(k) and SEP-IRA. Our pay package includes a percentage of salary for retirement ... A: The contribution by the company to the SEP for each eligible employee must be the same percentage of ... | |
| profit sharing rollover | 10/20/2011 |
| Q: My former employer will not distribute (rollover) a check for a profit sharing account which I was ... A: It is possible that the plan document states that benefits are not distributed within a short period ... | |
| Federal tax withholding on a monthly annuity/1099R distribution code/early 10% penality | 6/1/2011 |
| Q: I’m age 51. I’m now receiving my pension on a monthly basis; effective 6-1-2011, amount of ... A: The answers to your questions are: 1. If you do not make a tax withholding election, the trustee ... | |
| Defined Pension | 5/31/2011 |
| Q: My mother died from a (GBM) brain tumor on April 14th 2011. She got sick last Sept and was on Med ... A: I suggest the following: 1. Write the plan administrator and tell them that your mother wanted to ... | |
| Defined benefit plan filings | 5/7/2011 |
| Q: The pension acct who handled my account and filed 5500 for the past 10 years has disappeared. I ... A: You will need a firm with an actuary on staff to do this work for you. My firm can help you. ... | |
| Options for Lump Sum Pension Distrib. | 4/25/2011 |
| Q: I really hope that I've chosen an expert in the appropriate category to answer my question. I was ... A: Your options are: 1. Rollover the distribution directly to a traditional IRA at a financial ... | |
| Increase retirement $$ save on taxes | 4/22/2011 |
| Q: I work for a Hospital my wife the Gov. with a vested qualified defined pension benefit plans. My ... A: You definitely should contribute as much as you can afford. The amount contributed is subject to ... | |
| SEP contributions | 4/4/2011 |
| Q: I am associated with a two member LLP with no employees and each has other income from sole ... A: Unfortunately no. The only alternative is for the other partner to make the contribution and then ... | |
| Retirement | 3/28/2011 |
| Q: My husband has liver cancer. The doctor said he has 4 to 12 weeks to live. My husband is 56 years ... A: I'm sorry to hear about your husband. Having lost my wife to cancer, I can understand and sympathize ... | |
| SEP contributions | 3/12/2011 |
| Q: I am associated with a two member LLP with no employees and each has other income from sole ... A: When a business establishes a SEP, all "employees" of the business must have the same percentage of ... | |
| Profit Sharing Pension | 3/10/2011 |
| Q: I had a profit sharing pension plan since 1994 under a simple partnership. This year, I opened a new ... A: There may be ways for the new LLC to adopt the partnership's plan. However, since the ownership of ... | |
| 401k | 3/8/2011 |
| Q: My wife has participated in her law firms's 401k plan as a W-2 employee for 10 years. In 2010 she ... A: Normally income for a partner is reported on a K-1 rather than a 1099. The 1099 would be used when ... | |
| SEP contributions | 3/7/2011 |
| Q: I am associated with a two member LLP with no employees and each has other income from sole ... A: You are correct that SEP contributions for members are not reported on the K-1 issued by the LLP. ... | |
| quadro and child support and maintance arrears | 2/28/2011 |
| Q: i live in ny and have a quadro for a divorce.can i also get child support & maintance arrears from ... A: Unfortunately, you can only receive child support and maintenance from his pension and 401k if it ... | |
| deferred defined benefit pension | 1/27/2011 |
| Q: if a person works until say age 75 under a deferred defined pension, how does irc 401(a)(9)(C)(iii) ... A: I assume you are asking about the required minimum distributions. You must receive these ... | |
| Would like my penision calculation reviewed | 1/26/2011 |
| Q: I plan to retire in 15 months at age 55 after 32 years at my company. For 19 years, I was in the ... A: You can hire an actuary or a lawyer. I recommend using an actuary. You can find one who will help by ... | |
| defaulted 401k | 1/20/2011 |
| Q: In 1993, my husband a I purchased our 1rst home and I borrowed from my 401k for the dwn pymnt. I ... A: I'm not a lawyer and therefgore can not give legal opinions. However, I do work in the retirement ... | |
| Not divorced, but retirement age | 11/24/2010 |
| Q: My husband and I have not lived together since 1996( I live in PA., he resides in TN) He basically ... A: Unfortunately, a lawyer may be the best way to go. However, I would also try the following: 1. ... | |
| Pension withholdings | 10/24/2010 |
| Q: I recently paid out some pensions to some of our firefighters. I deducted the Social Security and ... A: You will need to obtain IRS Form 8109-B. You complete the form and a check. You then take the form ... | |
| Rollover old Keogh to IRA or new S Corp 401K? | 10/8/2010 |
| Q: I did some contracting work in the 80's. Self employed, sole proprietor. I set up and contributed ... A: The answer to your question is all of the above. There is no best answer. It all depends on whether ... | |
| L.S.Ayres, Stewart's Dry Goods Pension | 9/25/2010 |
| Q: Allen, I worked for L.S.Ayres and Stewart's Dry Goods in Louisville, KY from June 1972 to August ... A: Unfortunately, there is no sure method to get this information. You can try contacting the human ... | |
| Certain Annuity/ Deferred Vested | 9/7/2010 |
| Q: My father was killed 1 month before his 55th birthday and was to start receiving payments for a 10 ... A: Sorry to read about your loss. The answer to your question depends on the terms of the plan. You ... | |
| Pension | 9/1/2010 |
| Q: My company is no longer funding the union pension fund and I'm being told that because I'm not yet ... A: Since the plan has not terminated, your benefit is determined by the terms of the plan. The plan ... | |
| Pension | 8/29/2010 |
| Q: My company is no longer funding the union pension fund and I'm being told that because I'm not yet ... A: When a pension plan is terminated all participants become vested in their benefits. So anything you ... | |
| Profit sharing | 8/27/2010 |
| Q: I left my previous job exactly one year ago. Upon leaving, I spoke to my employer regarding my ... A: The plan document will state when distributions must be made. Many documents are written to provide ... | |
| Pensions | 8/25/2010 |
| Q: After almost 36 years on the job, I left my employer in December of 2009 with a year's severance pay ... A: Please see corrected answer below: Section 72(t)(2)(A)(v) of the Internal Revenue Code states that ... | |
| Withholding from pensions | 8/20/2010 |
| Q: When I retired from SouthTrust Securities in 2001, I authorized a 10% withholding from my pension, ... A: To answer the easy question - I don't believe Wells Fargo can force you to make a specific election. ... | |
| AT&T Pension | 8/10/2010 |
| Q: I worked for AT&T for 11 years ending in 1989 and should be eligible for a vested pension when I ... A: There is no simple answer. I suggest contacting the human resources department of the current AT&T. ... | |
| Pension Withdraw | 8/4/2010 |
| Q: I have an outstanding pension loan from my previous employer totaling $12,421.24. I recently ... A: The amount in your account other than the loan can be rolled to an IRA. However, as you mentioned, ... | |
| Profit Sharing Keogh Account | 7/26/2010 |
| Q: My boss started a Profit Sharing Keogh Account with a Salary Deferred Option on me about 5 years ago ... A: Ask your boss for a statement of your account. It will show the value of your account and the ... | |
| Pension | 7/14/2010 |
| Q: Want to take a lump sum pension of $147,000. I am 62 years old and retiring. How much tax do I have ... A: The distribution will be taxed like any other taxable income. In other words the tax will be the ... | |
| keogh contributions | 7/6/2010 |
| Q: can i still make contributions to my keogh plan after 70.5 years old if still working and earning ... A: Yes you can. You can not make contributions to an IRA. However, there is no limitation on ... | |
| Pension distribution commencement date - 2 | 6/18/2010 |
| Q: Allen, I just discovered that in my previous message to you, I made a mistake in the middle ... A: Unfortunately I don't believe that you can get the extra payment. About the only thing I can say to ... | |
| Pension lump sum or annuity | 5/26/2010 |
| Q: My husband passed away on 1/6/10, and I am the beneficiary of his pension. The amount of the ... A: Sorry to read about your situation. Unfortunately, I can't give you a good answer to your question. ... | |
| 401k/profit sharing | 5/25/2010 |
| Q: I have worked for a company for the last 30 years, and in the early years we had profit sharing till ... A: A profit sharing plan can have any or all of the following parts: 1. Profit sharing part where the ... | |
| solo 401k | 5/24/2010 |
| Q: I have 2 401k plans. One is a solo 401k plan (sole proprietor) and the other is a 401k plan at my ... A: You would still deduct 1/2 of the self employment tax. However this will only be the Medicare tax of ... | |
| Frozen Defined Pension Plan | 5/17/2010 |
| Q: Wondering if you can advise, once an employer has announced they are freezing the plan on specific ... A: At the time the plan is frozen, you will be entitled to what is known as your accrued benefit. This ... | |
| Annuity | 5/14/2010 |
| Q: 23 years I left a staff position at a major teacher's union and took out all my retirement money. ... A: Is the plan a defined benefit plan or a defined contribution (money purchase, profit sharing, 401k) ... | |
| Annuity | 5/14/2010 |
| Q: 23 years I left a staff position at a major teacher's union and took out all my retirement money. ... A: Sorry to hear about your situation. Unfortunately, there is probably nothing that can be done. The ... | |
| SOCIAL SECURITY PENSION OPTION | 4/30/2010 |
| Q: I AM SINGLE AND 60. I HAVE A CHOICE OF RECEIVEING A MONTHLY PENSION FOR LIFE OR GOING FOR THE ... A: Unfortunately, there's no simple answer to your question. I believe the choices you are being ... | |
| Mandatory pension payout | 4/26/2010 |
| Q: I have been told there is a federal law requiring a company to begin making pension payouts to ... A: My answer applied to defined benefit plans as well as 401k plans. To my knowledge there is no law ... | |
| Mandatory pension payout | 4/26/2010 |
| Q: I have been told there is a federal law requiring a company to begin making pension payouts to ... A: Until recently the law required that minimum distributions be made to all plan participants when ... | |
| HCE excess contributions and Ira's | 4/24/2010 |
| Q: I recently received a Excessive contribution check from my employer. I was only allowed to ... A: Unfortunately it is too late to contribute to an IRA for 2009. Contributions had to be deposited by ... | |
| Lump sum payout | 4/13/2010 |
| Q: My husband and I both have small pensions from a previous employer and are receiving early monthly ... A: I know nothing in the law that refers to the $10,000 amount. However, in most circumstances, once ... | |
| Sole Proprietor 401k Profit Sharing Plan | 3/24/2010 |
| Q: In 2009, I set up a 401k Profit Sharing Plan for a 1 person law firm. Her $105,058 salary is the ... A: The ordering doesn't matter. The entire contribution (assuming there are no employees) is shown on ... | |
| 401k | 3/11/2010 |
| Q: If you receive a severance package from your former employer and the package and the computed taxes ... A: In most circumstances, money paid in a severance package can only be taken in cash. There may be an ... | |
| Cashing in my Pension | 3/11/2010 |
| Q: I am 27 years old and last March I was laid off. On March 9th I received a letter from my previous ... A: You can either take the amount in your account in a check to you or you can roll it over to an IRA. ... | |
| Terminated Pension Plan | 3/8/2010 |
| Q: I have received notice that my former employer of 7 years is terminating their defined pension plan ... A: I believe you have to be offered a choice of an immediate pension, a deferred pension with payments ... | |
| SSA- Potential private pention benifit info. | 3/2/2010 |
| Q: I received a letter from the Social Security Admin. informing me I may be entitled to a "deferred ... A: This is not very common. The joint and survivor annuity normally covers the participant and his or ... | |
| Profit Sharing | 3/1/2010 |
| Q: I was terminated from a private dental practice. I was enrolled in profit sharing. On my last ... A: You may or may not be entitled to something. It all depends on what is known as the plan's vesting ... | |
| Overpayment of Employer Contribution | 2/26/2010 |
| Q: My previous employer from several years ago has notified me that they overpaid the employer portion ... A: I believe you are required to repay. If you don't they can take you to court. In previous cases the ... | |
| individual 401 k | 2/23/2010 |
| Q: I am a w2 employee and maximized my profit-sharing retirement plan with my employer. My wife is ... A: You can establish a profit sharing plan or a SEP for the side business. The contribution can be as ... | |
| Pension withdrawal | 2/22/2010 |
| Q: My friend left a job about 10 years ago, but still has his money in that employer's pension plan. ... A: The distribution provisions vary from plan to plan. Many plans allow for distribution shortly after ... | |
| 401k early distribution | 2/11/2010 |
| Q: I received notice of an early distribution from my 401K without my permission in September of 2009 ... A: A few comments: 1. The Plan Administrator needs to take action to correct for an error in the ... | |
| 401k early distribution | 2/11/2010 |
| Q: I received notice of an early distribution from my 401K without my permission in September of 2009 ... A: Sorry to hear about your difficulties. You should not have received a distribution if you didn't ... | |
| 401b plan | 2/8/2010 |
| Q: I worked for a non-profit for four years about 18 years ago and had a 401b account. I do not have ... A: Some thoughts: 1. The money is most likely invested at an insurance company or a mutual fund ... | |
| Profit Share | 2/2/2010 |
| Q: Our plan has a last day of the year as 12-31, and gives a profit share on that day if you are ... A: The plan would have to be amended to change the employees who receive an allocation of the ... | |
| 404 limit | 2/1/2010 |
| Q: A sole proprietor has two plans DB and PS/401k and whose schedule C income is over $245,000. DB plan ... A: My understanding of the rules is that you can deduct the actual contribution to the defined benefit ... | |
| sole proprietor - PS contribution | 1/26/2010 |
| Q: I have a Sole proprietor who sponsors two qualified plans – DB and 401(k)/profit sharing plans. For ... A: "Salary" for purposes of calculating plan contributions for a sole proprietor is defined as net ... | |
| Cashing out Pension Plan | 1/11/2010 |
| Q: I am 58 years old and quit my job due to injury. I have only $4000.00 in my pension plan. If I cash ... A: You will definitely avoids the penalty tax if you wait until November to take the distribution. ... | |
| Cashing out Pension Plan | 1/10/2010 |
| Q: I am 58 years old and quit my job due to injury. I have only $4000.00 in my pension plan. If I cash ... A: Sorry to hear of your situation. Unfortunately the plan administrator must deduct the 20% for ... | |
| Individual 401k eligibility | 11/30/2009 |
| Q: My employer has a 401k plan and I participate to the maximum each year. I have started a side ... A: If you have no ownership in the company where you work, you can establish a plan for your side ... | |
| Pensions | 11/24/2009 |
| Q: At my place of employment, I have a pension through the state. There are some options that a person ... A: I believe you may be misinterpreting the choices. A joint and survivor annuity pays a certain amount ... | |
| Pensions | 11/22/2009 |
| Q: At my place of employment, I have a pension through the state. There are some options that a person ... A: This reduction is almost universal. There is a very simple rationale. On average, the same pension ... | |
| Retiree Account Statement | 11/18/2009 |
| Q: I sent you a question about obtaining a copy of my Retiree Account Statement. You replied that you ... A: I already deleted everything from my computer and I will be deleting your new message and this ... | |
| Employer 401(k) Options | 11/6/2009 |
| Q: I have been a volunteer on AllExperts for many years, but now I am on the recieving end. Thanks for ... A: Once you involve an investment advisor he or she will want to be paid for the time involved. And ... | |
| Borrowing from Pension | 10/31/2009 |
| Q: Well my husband and I are in a bad spot right now and so is everyone else. I asked him to borrow ... A: Sorry to read about your situation. You will have to verify if his plan allows loans. Many plans ... | |
| Pension Rollover | 10/30/2009 |
| Q: My company allows monthly pension payout for 3 years, 4 years etc up to 10 years or life annuity. If ... A: The money can be rolled over if you elect a payout period of less than 10 years. You can also choose ... | |
| retirement plans | 10/27/2009 |
| Q: Let's just say in the same calendar year, a person has two jobs (not simultaneously -- one in the ... A: Sorry for the delay in getting back to you. You only have one limit and that's $16,500 in 2009 (or ... | |
| Lump sum limits | 10/17/2009 |
| Q: I am 58 and plan on retiring within the next 5 years. My company allows for a monthly annuity or ... A: The 2006 Act does not limit the amount of the lump sum payment. An older law does limit the maximum ... | |
| Is there a tax break for using IRA funds to buy health insurance? | 10/12/2009 |
| Q: I'm retired at 63 and will need health insurance until i receive medicare - if I withdraw money from ... A: There is a one year restriction on changing the financial institution where you have an account. ... | |
| Early Pension withdrawl | 10/8/2009 |
| Q: My husband and I would like to withdraw his pension to use as a down payment on our first home. My ... A: You can contact an attorney in your area who works in the ERISA or pension areas. However, the ... | |
| Early Pension withdrawl | 10/7/2009 |
| Q: My husband and I would like to withdraw his pension to use as a down payment on our first home. My ... A: I don't believe the company is deliberately withholding the money. I'm guessing but I believe the ... | |
| Company Closing | 10/2/2009 |
| Q: My company is closing.. I have a pension that I am fully vested in.. Can I take this pension and ... A: The answer depends on the type of pension and the provisions of the plan. If you are participating ... | |
| Pension entitlement | 9/25/2009 |
| Q: How do I find out about my father's pension since he died? My father died in DEC 2008. He retired ... A: First, while it may be painful, go through his files to see if you can find anything. If that does ... | |
| 401k or keo? | 9/22/2009 |
| Q: I took out a loan of $3000 in 1999 or 2000 made one payment in 2001 or 2002; I have paid nothing on ... A: When you take a loan and don't repay, it continues to show in the plan. While it remains an ... | |
| Pension rollover | 9/17/2009 |
| Q: I recently retired and elected to receive my pension in 60 payments. I just turned 70. Can I still ... A: The rules are complex. Unfortunately, it would have been easier if you had made an IRA rollover ... | |
| Pension roll over | 9/16/2009 |
| Q: I would like to take my pension (with a former employer) and roll it over to a 401k plan with my new ... A: There are several questions here: 1. A plan does not have to accept rollovers. Alternatively, it ... | |
| Pension loan in default | 9/15/2009 |
| Q: A $50,000 loan was obtained from a pension plan 5 years ago. Payments were made for the first couple ... A: The loan is considered taxable when the participant has not made payments for two consecutive ... | |
| Pension elibibility | 9/13/2009 |
| Q: I have a deferred vested pension with AT&T under the old plan prior to 1997. I only found out now, ... A: The company may claim that you were told about this in the Summary Plan Description which was ... | |
| Accrued Vacation Pay Contribution to 401K | 9/10/2009 |
| Q: I took an early retirement package in 1Q of this year. My severance pay continues until late 4Q ... A: The plan can allow a participant to make a 401k contribution from the payment of unused vacation ... | |
| Erroneous Pension distribution | 9/2/2009 |
| Q: My company restructured and separated my division to a wholly-owned subsidiary (LLC) of the company. ... A: This is definitely a very complex area. Whether you could receive a distribution or not depends on ... | |
| 401K "seperated from service" | 8/29/2009 |
| Q: I was laid off from a company at age 54 in 2006. I also received severance pay in 2006. In 2007 I ... A: I am not an attorney and therefore am not qualified to give a legal opinion. Saying that, I can only ... | |
| pension plan of my mom's | 8/27/2009 |
| Q: My mother was a Jordan Marsh employee years ago and receives a pension as a direct deposit to her ... A: For now you should fill out the medicaid form showing the amount that is received each month. If ... | |
| Taking lump sum Pension | 8/19/2009 |
| Q: I am 56 years old and I am thinking of taking a pension, lump sum from a prior employer to pay down ... A: Unfortunately, the payment is subject to the 10% excise tax penalty. There are a few exceptions; ... | |
| Retirement Loan | 7/22/2009 |
| Q: My husband and I separated, and I want to borrow money from my retirement to purchase a home. My ... A: The plan administrator is probably correct. The law says that there must be spousal consent under ... | |
| Pension Plan | 7/8/2009 |
| Q: I am fully vested in a pension plan called Equity services in a firm that I worked for 7 years. My ... A: If you have not done so already, request IN WRITING that the company provide you with information ... | |
| Solo 401(k) Eligibility | 7/3/2009 |
| Q: I recently switched jobs from the federal government (where I participated in the TSP (Thrift ... A: If you are receiving income for your side business and that income is reported to the government on ... | |
| Father's death and pension question | 7/2/2009 |
| Q: My father and mother divorced in 1989. He retired in 1993 with a pension. He lived with a woman ... A: The payment would be governed by the Beneficiary Designation on file with the Plan Administrator. ... | |
| unvested funds | 7/2/2009 |
| Q: If I was terminated without cause what happens to the unvested funds in my employer 401K plan? Also ... A: The money that is not vested is forfeited and reallocated to the other participants in the plan. As ... | |
| Timing of pension payouts? | 6/5/2009 |
| Q: Once a person retires and has submitted their pension election choice to their company, how long is ... A: The answer under most circumstances is payments should commence "as soon as administratively ... | |
| Profit Sharing Plan--Change of Investment Co | 6/1/2009 |
| Q: I am a participant in a Profit Sharing Plan & Trust with a privately held co. The company has ... A: Unfortunately, everything that was done meets the requirements of the law. However, there are a ... | |
| Are Pensions Secure | 5/29/2009 |
| Q: I am currently retired and have 3 other pensions on top of my Social Security as my monthly income. ... A: Under almost all circumstances the pensions are secure. The money in the pension trust account is ... | |
| Pension | 5/23/2009 |
| Q: If a company fires you for just cause, and you are fully vested, are they required to pay you your ... A: I am not familiar about the laws in Missouri. However, federal law does pre-empt stae law and under ... | |
| Dissolving a Profit Sharing Trust | 5/13/2009 |
| Q: I have a corporation and a profit share trust that I want to dissolve. No 5500's have ever been ... A: In order to give you a complete answer, I need more information: 1 Are you using a prototype ... | |
| rollover availability | 5/5/2009 |
| Q: I retired 1/5/09. My employer-paid pension has still not been rolled over. First I was told that ... A: I believe your plan uses what is known as balance forward accounting. This means all money is pooled ... | |
| Pension access/rollovers from previous employment | 4/29/2009 |
| Q: I heard some time ago that pensions can be accessed, pulled and rolled over into IRAs or the like. ... A: Some plans allow for payout of a terminated participant's account at the time of termination or ... | |
| 401K Loan not being repayed | 4/16/2009 |
| Q: I took out a 9k loan from my 401K, over two years ago and recently noticed that I still owe very ... A: I would first write your employer again and whoever administers the plan. If that doesn't work, you ... | |
| 401k loan and corporate buyout | 3/27/2009 |
| Q: I currently have a 401k loan with a stipulation you must pay it off in full if you leave your ... A: Unfortunately, most of what I have to say is bad news. Check the terms of the loan. It probably ... | |
| in service distribution | 3/23/2009 |
| Q: Where do I find guidance on in-service distributions for people under age 59.5. I'm trying to ... A: I can help with some of this. To start with, if he's unhappy with the investment choices, why not ... | |
| Have QDRO, how to obtain? | 3/22/2009 |
| Q: My question is: I was divorced in 1997 after 5 years of marriage. The judge and lawyers issued me ... A: I'm very sorry to hear about your situation. I wish I could help. Unfortunately, the payment to you ... | |
| 401k with previous employer | 3/18/2009 |
| Q: I've changed my job 2 yrs ago and have not changed my 401k with the previous employer. I do not ... A: The answer to your question is that you should invest your money where you expect you will be able ... | |
| 401k | 3/9/2009 |
| Q: My job was recently done away with. I have asked for paper work to get my 401k monies and my ... A: Your former employer may be correct. Some plans allow for immediate distribution. Others say it will ... | |
| beneficiary pension distribution | 3/6/2009 |
| Q: My Mom is in the process of completing paperwork for beneficiary payout of my Dad's pension. She is ... A: If it is a payment from a pension plan and your father did not make any after tax contributions to ... | |
| taxes out of pension check | 3/1/2009 |
| Q: I'm planning to start receiving my pension funds that have accumlated from 1978 to 1997. The ... A: It's not necessary to have taxes withheld. However, the pension will be considered taxable income ... | |
| Thrift savings account | 2/24/2009 |
| Q: My friend has a retirment thrift savings acct through her job.She had investment losses on it can ... A: Unfortunately the answer is no. The money that is contributed to the plan is deposited with no ... | |
| Over 70 1/2-Wants more IRA tax withheld | 2/21/2009 |
| Q: My wife is over 70 1/2 and has a Fidelity IRA. She must make an annual withdrawal and some ... A: A number of things to be aware of: 1. There is no required federal tax withholding on distributions ... | |
| Self Employment Earnings For a DB Plan | 2/18/2009 |
| Q: I have a Sole Proprietor who sponsors two qualified plans. A 401(k) Plan and a Defined Benefit ... A: You do not subtract salary deferral contributions to obtain "compensation" for plan purposes. To be ... | |
| 401k distribution | 2/14/2009 |
| Q: I took a loan out to pay legal fees in a divorce in 2007, was paying the loan back until June 2008 ... A: Answer to your question is maybe. The law says the loan is considered a taxable distribution at the ... | |
| SIMPLE, SOLO 401k, possible change in strategy?? | 2/3/2009 |
| Q: Question I have 2 small businesses. One is a small web design firm (llc / sole prop - NO employees) ... A: There are several things you need to know: 1. The SIMPLE must be the only plan established for your ... | |
| 401 K | 1/27/2009 |
| Q: My job was eliminated, I am about 20 years from retirement. With the current economic climate, ... A: The state of the economy or your former employer should not affect where you keep your money. The ... | |
| deferred vested benefit pay out | 1/7/2009 |
| Q: I am 65.8months. My plan allow's lump sum pay out. What taxes and/or penalties will i have to pay to ... A: You will have to pay federal and state income tax on any money you receive. The tax will be ... | |
| solo 401(k) contributions | 12/11/2008 |
| Q: I am self employed and I receive a mixture of W-2 and 1099 earned income. My W-2 income comes from ... A: In responding, I am assuming the following: 1. Your 1099 income comes from a business that is ... | |
| 401K | 12/10/2008 |
| Q: Good morning, I have a question's about 401k. I had a 401k with my last company which as of ... A: Regarding your first question - The answer depends on where you will get a better investment return. ... | |
| borrowing against pension to buy home | 12/6/2008 |
| Q: Someone mentioned that us union carpenters may borrow or get pension money early to purchase a home ... A: Some pension plans allow a participant to borrow from the plan. If the value of your benefit is ... | |
| vested pension | 12/4/2008 |
| Q: I was laid off by AT&T in 1988 with 16 years of service. I have some vested pension benefits that ... A: I don't think you have to do anything at this time. If you want to check your status or have other ... | |
| SIMPLE IRA vs. 401(k) | 12/3/2008 |
| Q: I have 2 small businesses. One is a small web design firm (llc / sole prop) and I use profits from ... A: Sorry for the delay in getting back to you. One general comment. A SIMPLE is supposed to be adopted ... | |
| SIMPLE IRA vs. 401(k) | 12/2/2008 |
| Q: I have 2 small businesses. One is a small web design firm (llc / sole prop) and I use profits from ... A: It may be worth the extra tax benefit. However in order for me to give you a good answer I would ... | |
| Pension Years | 11/24/2008 |
| Q: I have an issue. My job was recently eliminated. I am a participant of my employers pension plan. ... A: I am not a lawyer and therefore can not give legal advice. Saying that, my thinking, for what it's ... | |
| profit sharing plan | 11/24/2008 |
| Q: I WAS RECENTLY LAID OFF MY JOB,I'M CASHING OUT MY PLAN WITH A 20% TAX WITHHOLDING MY QUESTION IS ... A: There is no simple answer to your question. It all depends on the language in the plan documents. ... | |
| 401 Deduction | 11/18/2008 |
| Q: Employee retiring 12-01-08 wishes to have 10,000.00 of the annual leave pay out contributed to the ... A: Answer to your questions are maybe and maybe. Sorry to not give you a good answer because it ... | |
| profit sharing plan | 11/15/2008 |
| Q: I WAS RECENTLY LAID OFF MY JOB,I'M CASHING OUT MY PLAN WITH A 20% TAX WITHHOLDING MY QUESTION IS ... A: Unfortunately, I believe boss is correct. It sounds like you're money is invested in what is known ... | |
| Pension | 11/14/2008 |
| Q: Aloha! This question is for my dad. He is 60 and wants to take out his pension. His company said ... A: It probably is legal. It all depends on the terms of the plan. Some plans allow what are known as ... | |
| withdraw hardship pension | 11/8/2008 |
| Q: my plant closed down the whole textile company in feb.i stillhave not got a job WHY can i not ... A: PBGC will pay the pension in the same form and at the same time as it would have been paid had you ... | |
| follow up question | 11/3/2008 |
| Q: I just have one more question that I would like your advice on. My previous employer had a defined ... A: There is no exact answer to the question about how long it should take. The plan termination is an ... | |
| Withdrawal from 401(k) | 10/29/2008 |
| Q: I'm retired (age 66) and am contemplating purchasing a mobile home to be my permanent residence and ... A: When you withdraw money from the 401k it is taxable income and you pay federal income tax on the ... | |
| Pension Payout | 10/29/2008 |
| Q: I am receiving two pension payouts at age 60 beginning next year. They give me two options: (A) LIFE ... A: The life annuity pays you a certain amount each month as long as you live. The 10 year certain ... | |
| Pension and taxes | 10/27/2008 |
| Q: I will be retiring next month. I know my pension will be taxed, but can you tell me how the taxes ... A: In most instances any money you receive from a pension or 401k will be taxed as ordinary income. ... | |
| 401K contributions after employee termination | 10/22/2008 |
| Q: My position has been eliminated and my employer has terminated my 401K contributions from my final ... A: You should have been able to make a 401k contribution from your final regular salary check. However, ... | |
| lump sum distributions | 10/18/2008 |
| Q: I am 54 yoa, I will retire in Jan. 2009. I will receive approx. $80,000 from my employer in ... A: This is taxable income and it will be treated like any other salary payment received in 2009. If ... | |
| Deceased Parent's Pension Plan | 10/13/2008 |
| Q: My father passed away earlier this year, and was not married at the time of his death. I am his ... A: I believe the plan administrator is correct regarding the transfer to an inherited IRA. In all ... | |
| Profit Sharing Plan | 10/10/2008 |
| Q: I've been working a second job for the past 10 years - at present I work about 7 hours a week, but ... A: There is a good reason why you can't get the answer from the websites. There is no general answer to ... | |
| pension | 10/6/2008 |
| Q: I have heard that if a person is working for a company with a pension plan that they need only 3 ... A: I believe you may be confusing two concepts - eligibility and vesting. Eligibility refers to how ... | |
| CalSTRS | 10/4/2008 |
| Q: We have a CalSTRS 403B plan which is invested 100% in Citi Institutional Liquid Reserves. We were ... A: This sounds like a money market account which is invested in very short term debt instruments. Since ... | |
| profit sharing 401k | 9/26/2008 |
| Q: I established a profit sharing 401k plan for my C-corp. I am the sole owner/employee. (a)I need to ... A: Answers to your questions: a. I believe the "insurance" you are referring to is a fidelity bond. ... | |
| Rollover from 401(k) to Roth IRA | 9/15/2008 |
| Q: Allen, My company's 401(k) is with Fidelity. I have six stock mutual fund options, two bond fund ... A: Your contributions can only be moved out of the plan and into an IRA under the following ... | |
| qdro | 9/14/2008 |
| Q: I HAVE A QDRO IT SAYS I CAN START MONTHLY BENEFIT 2016 OR WHEN MY EX HUSBAND RETIREMENT BUT WHAT IS ... A: Please reread my answer. You and your ex husband will be receibving a lifetime pension. If he dies ... | |
| qdro | 9/12/2008 |
| Q: I HAVE A QDRO IT SAYS I CAN START MONTHLY BENEFIT 2016 OR WHEN MY EX HUSBAND RETIREMENT BUT WHAT IS ... A: A 5 year certain and life annuity makes payments as long as the annuitant lives. If he dies before ... | |
| 5500 & 5500EZ "Total Plan Assets" | 9/7/2008 |
| Q: For years my CPA has been taking the previous 5500's "Total plan assets" end-of-year balance, ... A: It also doesn't make sense to me. In most cases the beginning of the year assets will be the same ... | |
| Rollover of monthly pension payments | 8/27/2008 |
| Q: Do IRS regulations prohibit the rollover of monthly single life annuity payments from a pension plan ... A: You can not roll monthly payments to an IRA. You can only rollover a distribution that is considered ... | |
| 2 jobs w/ 401k.. | 8/27/2008 |
| Q: I have a job and starting my other job soon and my present job I have a 401k plan. Can I rollover my ... A: There are two separate issues here. 1. If the new plan and the old plan have matching provisions, ... | |
| 401k Loan Default | 8/26/2008 |
| Q: My wife changed employers this year and we just received notice that the 401k loan has been placed ... A: I don't believe the administrator is giving you accurate information. Check the terms of the loan. ... | |
| Pension Benefits | 8/1/2008 |
| Q: My father worked for Interstate Bakeries for 17 years, from 1953 through 1969. However, is has been ... A: They may be correct. Before ERISA was passed in 1974, companies could require long periods of ... | |
| pension/hardship withdraw | 7/28/2008 |
| Q: I am a recently divorced mom to 3 kids. My ex works for Mayo Clinic and has for the entire marraige. ... A: Using the money for a down payment on a home will not qualify for the exception to the 10% excise ... | |
| pension/hardship withdraw | 7/24/2008 |
| Q: I am a recently divorced mom to 3 kids. My ex works for Mayo Clinic and has for the entire marraige. ... A: Sorry to hear about your problems. The 20% that is withheld is a legal requirement. They must ... | |
| profit sharing payout | 6/28/2008 |
| Q: I resigned my position from my previous employer but have never received my profit sharing pay-out, ... A: The procedure will be specific to your plan. The timing of distributions will also be specific to ... | |
| keogh rollover | 6/14/2008 |
| Q: I am 65 and have a Keogh from my business. I am an individual owner no employees.I have had this ... A: The answer to your question is yes. However, there are a few things to be aware of if you want to ... | |
| refused pension | 6/11/2008 |
| Q: I would like to know, if a company can hold my pension and hold my 2 weeks pay after being forced to ... A: As I indicated in my earlier response, you should go to the local office of the United States ... | |
| missing pension funds | 6/7/2008 |
| Q: how do i find money that i paid into a pension fund 16 years ago A: I would try to contact the plan administratotr for that plan. If you can't do that, the only ... | |
| Deferred Vested Pension | 6/2/2008 |
| Q: I am 60 years old and disabled (since 2003. I have a deferred vested pension with Lucent(AT&T, it ... A: Unfortunately, there is no simple answer to your question. It all depends on the provisions of the ... | |
| pension | 5/28/2008 |
| Q: MY husband and i divorced 2 years ago and he is ready to retire from the police force. Hes 42 and im ... A: It depends on the wording in the papers that were signed when you divorced. The specific document is ... | |
| drawing a union pension while working outside the union. | 5/24/2008 |
| Q: I'm 70 3/4 years old. I am applying for my union pension from the carpenters (Northern and Southern ... A: There are two separate issues: 1. Many plans state that in order to receive a distribution, a ... | |
| refused pension | 5/12/2008 |
| Q: I would like to know, if a company can hold my pension and hold my 2 weeks pay after being forced to ... A: I don't fully understand your question. However, if you believe the company is withholding money and ... | |
| Termination & Retirement Withdrawal | 5/9/2008 |
| Q: My former employer terminated part of the workforce including me due to company finance issues. I ... A: There may be a good reason for the delay. Nevertheless if it has been some time since you were ... | |
| pension distribution | 4/30/2008 |
| Q: I plan to work past 70.5 years of age. I have a pension with the company I am working for. Will I be ... A: It all depends on the terms of the plan. Some plans allow a participant to begin receiving benefits ... | |
| 401K Loan | 4/30/2008 |
| Q: I have a similar question to the previous one about defaulting on a loan from a retirement plan. As ... A: Unfortunately, I believe the penalty applies. If you had originally taken a hardship distribution to ... | |
| Rollover Lump Sum to IRA? | 4/27/2008 |
| Q: I am 65 and retiring. I have the option of getting a $135000 lump sum pension, or $935/mo. I am ... A: Several comments: 1. You can rollover to your traditional IRA. However, to avoid tax withholding, ... | |
| County pension plan | 4/22/2008 |
| Q: I have a government pension that I want to cash out to put a down payment on a new house. The ... A: There is no way to avoid the income tax. This is required when you receive a distribution from a ... | |
| 401K Loan Default | 4/18/2008 |
| Q: In June 2004 I took out a 401K loan for a new home purchase, in September of 2007 I received a ... A: First of all, if it were me I would not be happy with a computer glitch causing me to pay current ... | |
| pension | 4/17/2008 |
| Q: As an employee owner of an S corp I am seriously displeased with the increasing amount being paid ... A: Your objectives are not unusual In order to give you an estimate of the contributions for each ... | |
| pension | 4/16/2008 |
| Q: As an employee owner of an S corp I am seriously displeased with the increasing amount being paid ... A: You might be a candidate for a defined benefit pension plan. In this type of plan, you could ... | |
| pension | 4/12/2008 |
| Q: As an employee owner of an S corp I am seriously displeased with the increasing amount being paid ... A: You can establish a defined benefit plan and make substantial contributions to the plan. Since you ... | |
| DEFINED DEFERRED PENSION AFTER AGE 70 1/2 | 4/11/2008 |
| Q: I AM 75 AND AM WORKING UNDER A DEFINED DEFERRED PENSION PLAN FOR OVER 50 YRS. AS I READ 'SMALL ... A: Hope the following is understandable. If it isn't write back. The law states that if an employee ... | |
| Default | 4/10/2008 |
| Q: Allen, I took out a loan against my 401k plan in 2005 and defaulted on that loan. Since that time, ... A: It sounds like they may have made a mistake when they allowed you to take out the other loans. You ... | |
| Closing pension and need to decide what to do | 4/8/2008 |
| Q: I am 46 years old. My company stopped their pension plan a few years ago and switched to 401K. Now ... A: I can't give you a simple answer to your question. However here are some of my thoughts: 1. If you ... | |
| 401K loan payment | 4/3/2008 |
| Q: Our company is discontinuing our pension plan. We also have a 401K. I have borrowed money against ... A: Your question isn't clear to me.I think you are asking - can I pay off my 401k plan loan with the ... | |
| Division of Retirement Account | 3/16/2008 |
| Q: Allen, I am going to be taking my exhusband to court to make him comply with the divorce decree ... A: An actuary could help you. The fee would depend on how many hours he or she must spend making the ... | |
| pension distribution | 2/28/2008 |
| Q: I worked for, and retired early from, a local plant of a worldwide manufacturing company. The ... A: Unfortunately, I believe everything they are doing is legal. There are two separate issues; 1. They ... | |
| Real Property in Pension Plan | 2/26/2008 |
| Q: I've got a property in Minn. My Pension plan bought 3/4 of it, but there wasn't enough to purchase ... A: Unfortunately the sale of property by you to the pension plan is what is known as a party in ... | |
| Pre-tax dollars | 2/20/2008 |
| Q: When I was working I was able to use pre-tax dollars to pay for medical insurance. I am currently ... A: I believe that when you were employed you participated in what is known as a cafeteria plan. This ... | |
| 401k withdrawl | 2/19/2008 |
| Q: This year I took out money from my 401k to pay for College. Do I have to claim this as income and ... A: There is a good reason for the confusion. Distributions from an IRA to pay higher education expenses ... | |
| Still working at 70 1/2 - Pension | 2/17/2008 |
| Q: My father turns 70 1/2 on May 11, 2008, and he is still actively working for the company from which ... A: There are two separate issues. The time when distributions start is governed by the plan document. ... | |
| 401K Loan Default | 2/12/2008 |
| Q: Allen, I had a loan from my 401k from my previous employer, when I left the company I called the ... A: It is my understanding of the rules that the loan defaulted in 2000 and the $7,200 principle should ... | |
| lump sump vs annuity options | 2/5/2008 |
| Q: I will turn 55 in 3 months. I have an early retirement option. Cash balance is $49,272. Single ... A: If the numbers turn out to be correct, I see no reason not to take distribution at age 55. If you ... | |
| lump sump vs annuity options | 2/5/2008 |
| Q: I will turn 55 in 3 months. I have an early retirement option. Cash balance is $49,272. Single ... A: The numbers don't make sense to me. Normally the lump sum will be more than 100 times the single ... | |
| lump sum to IRA | 2/3/2008 |
| Q: Can I roll a lump sum pension (approx $150,000)at 62 years old into a Mutual Fund IRA like at ... A: The answer to your questions are yes and yes. This is definitely the way to go. Just make certain to ... | |
| Lump sum pension expectancy | 1/27/2008 |
| Q: I have 31 years with a national company that is about to be sold. I will turn 55 around the time the ... A: The lump sum amount payable at age 55 will be calculated using actuarial life expectancy factors at ... | |
| pension pay out | 1/24/2008 |
| Q: My Mom asked for a cash out of her pension. She did all the paper work and sent a letter to inform ... A: Unfortunately I don't have enough information to give you a good answer. The company may be correct ... | |
| 401k in service distribution | 1/10/2008 |
| Q: My company's 401k plan permits an in service distribution to employees who have reached age 59 1/2. ... A: If you are eligible for a distribution, you certainly can take one. However, you should probably ... | |
| 401k withdrawl | 1/9/2008 |
| Q: Allen, my wife (age 43) has decided to change from full time to part time status at work to return ... A: You have asked several questions and I'll try to give you the general rules. However, some of the ... | |
| social security | 1/9/2008 |
| Q: Well, I'm not sure if you can answer my question or not. If not maybe you can tell me who can. Well, ... A: If the annual increase for 2008 is 2.1% and your benefit in 2007 was $1,000 a month, then your ... | |
| profit sharing contributions without a 401k plan | 12/19/2007 |
| Q: I just graduated college and started my new job in May. I was waiting till my first pay raise ... A: If the contribution is a profit sharing contribution then in most cases it will be allocated to all ... | |
| 401 K -loan defaulted -taxes and penalty | 12/18/2007 |
| Q: I have borrowed a loan ~40k from my 401k savings in Feb 2007 and it was defaulted in july 2007 .. ... A: In reviewing what you are saying, it appears that the loan came due when you terminated employment. ... | |
| 401 K -loan defaulted -taxes and penalty | 12/15/2007 |
| Q: I have borrowed a loan ~40k from my 401k savings in Feb 2007 and it was defaulted in july 2007 .. ... A: You may be able to avoid the penalty if the loan did not go into defult until July. However, you ... | |
| over 70 1/2 | 12/10/2007 |
| Q: IS IT A FEDERAL LAW THAT AT AGE 70 1/2 YOU HAVE TO START COLLECTING MY UNION PENSION AND STILL WORK ... A: It's either the year the participant reaches age 70 1/2 or the year the participant stops working. ... | |
| over 70 1/2 | 12/7/2007 |
| Q: IS IT A FEDERAL LAW THAT AT AGE 70 1/2 YOU HAVE TO START COLLECTING MY UNION PENSION AND STILL WORK ... A: Under federal law, a participant in a plan who is not an owner of the business (or in your case, the ... | |
| pension | 12/2/2007 |
| Q: I would like to know if there is any way to move the money that is in my pension. I worked 17 yrs ... A: There is no general answer to your question. The answer depends on the terms of your plan. I would ... | |
| Pension Payout Options | 11/30/2007 |
| Q: .. I am a well-paid professional who can claim full early retirement in 3 yrs from a large ... A: I'm assuming the plan is a defined benefit pension plan and that you can choose either a life ... | |
| loan repayment vs default | 11/27/2007 |
| Q: My pension is with Fidelity, in march I was injured and off work for several month, I called ... A: The government agency that may be able to help you is the U.S. Dept. of Labor - Employee Benefits & ... | |
| 401k deduction | 11/26/2007 |
| Q: I work for a company that took 401 deduction form my payroll but never deposited in the 401 account ... A: This is an extremely serious matter. In effect the company has not paid you your entire salary. The ... | |
| Pension cash out rolled in to IRA | 11/23/2007 |
| Q: I cashed out a of pension in 1999. I rolled a 401k balance and the pension cash out in to an IRA. I ... A: I don't know the answer to your question. The only place I can think of to get more information is ... | |
| 401 k | 11/22/2007 |
| Q: I have two jobs; one at a bigger company providing me a 401k plan and my own company. I am looking ... A: You can not double up on the 401k contributions. You can contribute a total of $15,500 (or $20,500 ... | |
| Pension | 11/21/2007 |
| Q: I am 58. I can start taking my pension out, but by doing so I will loose 6% for each year I retire ... A: I believe the answer to your question depends on how well you can do on your investments and your ... | |
| Pension | 11/21/2007 |
| Q: I am 58. I can start taking my pension out, but by doing so I will loose 6% for each year I retire ... A: If I understand the numbers you have a choice of receiving a pension of $23,684 beginning 4 years ... | |
| 401k rollover delays | 10/16/2007 |
| Q: I left 180K in my 401k when I left my job in late 2006. I started requesting paperwork in January to ... A: What they are telling you may be correct. Some plans are what is known as trustee directed. This ... | |
| 401k withdrawal at 55 y/o | 10/11/2007 |
| Q: I left the company I worked for in 06/07. I was 54 at the time. I am still in the companies 401k ... A: Sorry for the delay in responding. The Internal Revenue Code states that the 10% excise tax on ... | |
| 401K | 10/1/2007 |
| Q: I am no longer with my employer, as of July 9, 2007. They were not depositing my deductions from my ... A: If the amount is significant, you can complain to the local office of the U.S. Dept. of Labor, ... | |
| defaulted loan | 9/23/2007 |
| Q: I am the executor of my late psychiatrist, father-in-law's estate. He made the mistake of loaning in ... A: To answer your basic questions, while it is highly unlikely, if the IRS audited the plans it could ... | |
| Vested in preiose employment | 9/22/2007 |
| Q: I need to find out how to reach my previous employer that I was vested in back in 1975. What age do ... A: Don't know how you can contact your previous employer. One suggestion - try a search on google. As ... | |
| withdrawl from pension | 9/15/2007 |
| Q: i worked 27 years in a government agency as a civil service employee. I opt retirement and froze my ... A: You probably can not withdraw from the plan. There are two possible options which may be available ... | |
| ex-husbands pension | 9/6/2007 |
| Q: I have been divorced for 15 years now. My divorce decree states that I am entitled to my ex-husbands ... A: I think there is a problem. The administrator can not pay benefits to you if it was never provided ... | |
| ex-husbands pension | 9/6/2007 |
| Q: I have been divorced for 15 years now. My divorce decree states that I am entitled to my ex-husbands ... A: At the time you were divorced the divorce decree should have included a document known as a ... | |
| SS Deductions while receiving SS Benefits | 7/29/2007 |
| Q: Hopefully, you can help me or pass me on. Since 2005, my wife and I have been contributing around ... A: Unfortunately, what you are saying is correct. Even though you are collecting Social Security ... | |
| 401K cash out to pay credit card debts | 7/29/2007 |
| Q: After a divorce about 10 years ago, I was stuck with a huge credit card debt, followed by a huge ... A: Obviously getting rid of the credit card debt is very important. The only thing to be aware of is ... | |
| Pension reduction | 7/25/2007 |
| Q: is a pension reduced for age by 50% and called an early retirement even though I'm 100% disabled ? ... A: It all depends on the wording in the plan document. Some plans do not make an early retirement ... | |
| lost pension plan | 7/10/2007 |
| Q: I need information on how I can locate a pension plan I paid into. I have moved several times since ... A: As far as I know, there are only two alternatives: 1. You can try to contact the plan administrator ... | |
| Pension | 7/9/2007 |
| Q: I currently hold a pension from the Sony Corporation and no longer work for them. They currently ... A: Unfortunately, the law allows a company to delay payment of benefits until the normal retirement ... | |
| Receipt of Delayed Retirement Benefits | 7/5/2007 |
| Q: My company's defined benefit plan allows employees to continue to work past 65. At 65 the employee ... A: I apologize for the delay in writing you. I also apologize because I can not give you a definitive ... | |
| cash bal. pension lump to 401k | 7/5/2007 |
| Q: I have at my current employer both a 401k and a cash balance pension ( with a lump sum option ). ... A: There are two relevant sections of the Internal Revenue Code. Section 72(t)(2)(v) states that ... | |
| union pension | 7/5/2007 |
| Q: My Husband was in the electrical union, he has left for another position that is not union. He ... A: The pension plan is governed by general rules that apply to all plans (and regulated by the ... | |
| Union Pension | 6/25/2007 |
| Q: I'm now POA for my grandmother. I just learned she NEVER collected on her union pension. Grandma is ... A: I believe you will be able to collect. Contact the union ASAP. If they are not cooperative contact ... | |
| Borrowing from Pension | 6/11/2007 |
| Q: I have been with my employer for 7 years and just found out I can borrow from my pension. I would ... A: You can borrow from the plan with no penalty. However, you must pay back the loan just like you ... | |
| Company failure to set up my 401k account | 6/5/2007 |
| Q: As a 2006 college graduate, I don't know much about 401k plans. When I was hired by my company in ... A: The company must make you whole. The IRS has detailed a procedure for them to do this. It is ... | |
| 403b/pension rollover | 5/25/2007 |
| Q: I have left my old position and will be starting work with the federal government. I have about ... A: There is no simple answer to your question. The most important factor is where you believe you ... | |
| IBM | 5/24/2007 |
| Q: I HAVE A PENSION FROM IBM 111 DOLLARS A MONTH FOR LIFE FIRST, CAN I GET A LUMP SUM PAYMENT FROM IBM ... A: You would have to check with the plan administrator on whether you can elect a lump sum. It may be ... | |
| Pension Rollover - College Savings | 5/23/2007 |
| Q: Just changed jobs and have a decision to make regarding a pension distribution. MyDoes the law allow ... A: Unfortunately you can not rollover a pension distribution to a 529 plan and avoid the 10% excise ... | |
| Cash out pension for down payment | 5/11/2007 |
| Q: I'm planning to leave my company for a new job opportunity. Recently the pension at my current ... A: If it were me, I wouldn't cash out. The tax amounts you quote are not quite correct. The 20% tax is ... | |
| benefits for an employee | 5/6/2007 |
| Q: We are four members who have equal shares in an L.L.C. service company. We want to expand by hiring ... A: A SEP MUST include all employees of the business. For this purpose members are considered employees. ... | |
| 403b cashout | 5/2/2007 |
| Q: I am well under 59 1/2 and about to leave a non-profit job in which I have a fully vested $14,000 in ... A: There are three taxes that you may have to pay: 1. Federal income tax. The rate may be more or less ... | |
| Company funded pension and 401K | 4/26/2007 |
| Q: I am 57 1/2 years of age. The company that I retired from has a company funded pension and also a ... A: You are confusing a few terms. But I think I can give you an answer, although it may not be the ... | |
| cashing in pension | 4/26/2007 |
| Q: My husband and I have recently divorced, he is 44 as so am i. I have a court order through ... A: It all depends on the wording in the plan document. Some plans allow immediate cashout when there is ... | |
| Company funded pension and 401K | 4/25/2007 |
| Q: I am 57 1/2 years of age. The company that I retired from has a company funded pension and also a ... A: A couple of comments: 1. The law itself doesn't require you to take distributions from both plans ... | |
| State Pension | 4/21/2007 |
| Q: I was downsized from a job with NY state in 1991 after 9 years of service. When I started the ... A: The answers to your questions are: 1. Your friend is correct. However, plans established by state ... | |
| choices | 4/17/2007 |
| Q: I am about to quit my job. I have a profit sharing plan called a Keough and a 401K. I have a Roth ... A: I cannot give you a definitive recommendation on what you should do with your plan assets. The ... | |
| early use of pension | 4/9/2007 |
| Q: If I am laid off from my current job the company will cut a check for the entire amount of my ... A: When you receive a disribution that is not rolled over to an IRA, it is subject to federal and state ... | |
| Non 401K pension | 4/8/2007 |
| Q: I am vested at my company and leaving for another job. I have both a 401K pension which I am ... A: If you receive the money (rather than rolling it over to an IRA) it is subject to federal and state ... | |
| Required minimum distribution | 4/6/2007 |
| Q: I am 77 and have a qualified pension 401K plan at work. I only work a few days a year (as they need ... A: I searched trhe Internal Revenue Code and the regulations. Unfortunately, I could not find a ... | |
| Lost track of pension information | 4/5/2007 |
| Q: I left a company in 1995 where I had worked for seventeen years and I have subsequently lost track ... A: The best approach is to contact the plan administrator and request a distribution. If the company ... | |
| 401k | 4/4/2007 |
| Q: I just found out the other day that my job was taking money from my check for 401k but not sending ... A: You can contact the local office of the U.S. Dept of Labor Employee Benefits & Security ... | |
| deductable and non deductable IRA taxes | 3/31/2007 |
| Q: I contributed 5 years $ 20 000 deductable IRA. I contributed 11 years, $ 22 000 to non deductable ... A: Your question peaked my curiosity and I did a little research. I have to modify and expand on my ... | |
| deductable and non deductable IRA taxes | 3/31/2007 |
| Q: I contributed 5 years $ 20 000 deductable IRA. I contributed 11 years, $ 22 000 to non deductable ... A: Everything you withdraw from the deductible IRA account will be taxed. This is because no tax was ... | |
| 401K roll or not? | 3/31/2007 |
| Q: The corporation that I was working for recently split up and some of us were aquired by another ... A: If the check is made out to you they are required by law to withhold 20% federal tax and maybe ... | |
| Section125 Cafeteria Plan | 3/30/2007 |
| Q: Please forgive me if outside your expertise. I have little to no knowledge about Section 125 ... A: This is outside my area of expertise. However I'll try to help. I don't believe the cost of using ... | |
| 401K roll or not? | 3/30/2007 |
| Q: The corporation that I was working for recently split up and some of us were aquired by another ... A: You can avoid current taxation by setting up a rollover IRA account. The procedure is: 1.You should ... | |
| Pension Roll Over | 3/22/2007 |
| Q: I'm currently receiving pension on a monthly basis and I'm planning to continue to work with a ... A: If it's a pension from what is known as a defined benefit pension plan you probably can't convert. ... | |
| IRA | 3/20/2007 |
| Q: I would like to use my regular ira funds(50K) to buy a annuity. I am 62 and my social security ... A: You can use your IRA to purchase an annuity from an insurance company. After you decide which ... | |
| Cash Balance Pension Lump Sum and 401K | 2/11/2007 |
| Q: I just resigned from my last job where I had both 401K plan as well as Cash Balance Pension Plan. I ... A: General response to your questions is that you can commingle all assets in a single IRA. Specific ... | |
| Pension annuity | 2/8/2007 |
| Q: Just wanted to ask what you think about obtaining a lump sum for my pension through J C Wentworth? ... A: I don't believe you can sell an annuity being paid to you from a pension plan. If you can, you can ... | |
| 10% penalty exception | 2/7/2007 |
| Q: I read that in 1997 Congress made an exception to the 10% early withdrawal penalty for a number of ... A: You are correct. For details and restrictions go to Section 72(t)(2)(F) and 72(t)(8) of the Internal ... | |
| Need help again | 2/2/2007 |
| Q: Allen you helped me with a pension and 401k problem back on 01-15-07.I was terminated before ... A: This may be correct. It has nothing to do with your age or the reason you are no longer employed by ... | |
| lump sum | 1/19/2007 |
| Q: i worked for a company for 16 years i left the company in 2000 i left the pension money there in ... A: If the plan is a traditional defined benefit pension plan, then there is either a lump sum option or ... | |
| will i lose my pension and 401k ? | 1/16/2007 |
| Q: I was employed for a major retail chain for 35 years until today when i was given a " separation ... A: Vested benefits can not be lost. If you have any problem receiving your benefits you should contact ... | |
| Pension -cash out | 1/5/2007 |
| Q: I have a pension with a company I no longer work for. They said I could cash out on the pension, ... A: The plan administrator should have provided you with a Tax Notice. That would explain the ... | |
| pension question | 1/5/2007 |
| Q: Page 75 in 2006 IRS Publication 17 provides exceptions to the 10% penalty if not 59-1/2. "Additional ... A: The answer is maybe. There is an additional requirement. You must have reached the retirement age ... | |
| Cash out Pension Plan | 12/28/2006 |
| Q: I just got my pension plan that I didn't know I had with the law firm that I'm with now. This coming ... A: Some plans provide for payment when a participant terminates. Others make you wait until age 65. ... | |
| Annuity Pension | 12/21/2006 |
| Q: I worked for Bellcore (AT&T) for 19 years and was laid off in 1992. I was told my pension is an ... A: I would contact either or both of the following government agencies and see if they can help you: 1. ... | |
| 401b | 12/20/2006 |
| Q: My wife is a school teacher in Connecticut. She participates in the teacher's equivalent to a 401K ... A: The plan your wife participates in is known as a 403(b) plan. Unfortunately, with either a 401(k) or ... | |
| 401k statements | 12/8/2006 |
| Q: Is an employer required to provide monthly or annual 401k statements to enrolled employees. My wife ... A: Currently, an employer does not have to automatically provide statements. However, it must provide ... | |
| 401k | 12/5/2006 |
| Q: I have a 401k plan with a company I worked part time for for around 15 years and recently left. I ... A: There is no difference in the amount of tax that will be paid on a distribution from a 401k or an ... | |
| Two 401k plans | 11/29/2006 |
| Q: Can a person have two 401(k) plans because they have two jobs with 2 separate companies where they ... A: You may want to hire a new accountant. The 401k limit is for an individual. If your husband ... | |
| Social Security Deductions | 11/27/2006 |
| Q: I am 75 years old and I retired some years ago and have been receiving SS payments for a number of ... A: Social Security must be deducted from salary even if the individual is receiving benefits. I ... | |
| assurance of continued pension | 11/19/2006 |
| Q: My late husband worked for a company that had very good benefits, and among them was a guaranteed ... A: The pension is guaranteed. Assets in the plan must be kept in a trust which is separate from company ... | |
| DB Plan in combo with Individual 401k | 11/8/2006 |
| Q: I am 57 years old, resident of Colorado and established a Defined Benefit plan for 2006. I need to ... A: You can make the following contributions for 2006: 1. Defined benefit plan - the amount determined ... | |
| 401K Rollover got mistakenly put into checking account | 11/4/2006 |
| Q: After completing all of the forms for a direct rollover of approximately 38,000 from a 401K ... A: I may be misreading what you sent but the numbers don't add up (at least for me). It sounds like you ... | |
| Is SEP IRA contirubtion required for a subcontractor? | 11/1/2006 |
| Q: I am a LLC and am planning to subcontractor work to another individual (incorporated as a business). ... A: You have to include an "employee" in your SEP. If you withhold taxes and Social Security and report ... | |
| one time withdrawal | 10/27/2006 |
| Q: I thought there was a one-time no penalty withdrawal option allowed prior to age 59-1/2 on pension ... A: There has not been any recent change to the rules. There are certain exceptions to the 10% penalty ... | |
| pension rollover | 10/25/2006 |
| Q: I am thinking of retiring next year (at age 57-3/4)and we are allowed to take a lump sum on our ... A: When you receive the distribution forms for the pension plan, you will want to elect a rollover to ... | |
| Retirement payout. | 10/15/2006 |
| Q: I am 55 years old and am wanting to draw my 401-k at approximatly 59.5 years old. I do not want to ... A: Each plan has its own rules on when you can withdraw from your account and when you can withdraw. If ... | |
| Pension after severence | 10/15/2006 |
| Q: I was severence from the banking industry in early January. Since I am no longer with the company ... A: There is no way to answer your question without seeing the plan document. There are many variations. ... | |
| annuity savings for home purchase | 10/10/2006 |
| Q: Im 57 yrs. old, single w/no children. still working-earn 70k annually. have about 75k in tda's ... A: This question is outside my area of expertise. You need to contact someone who provides financial ... | |
| pension annuities | 10/4/2006 |
| Q: I have several payment options for my pension, but I really don't fully understand them. From a ... A: A 100% joint and survivor annuity pays you a monthly income as long as you live. If your wife is ... | |
| pension & 401K contributions | 9/28/2006 |
| Q: If my company has a pension plan can I also contribute to a 401K that my comapny offers and if so ... A: The answer to your question depends on the type of pension plan. If it's a defined benefit ... | |
| pension plan | 9/26/2006 |
| Q: I have been employed by my company for 5 years. They have a pension plan for me and I dont put any ... A: I believe you are entitled to the benefit you've earned based on your 5 years of employment. ... | |
| Retirement Plan | 9/24/2006 |
| Q: What are the retirment options available to a single member LLC? Is it mandatory for the member to ... A: The options available to you are the same as those available to any business. The only caution is ... | |
| SEP & Severance | 9/20/2006 |
| Q: A while back my boss terminated an employee ('ee) (oct 2005). Upon termination she was given a ... A: Unfortunately, this has been a gray area and there may not be a definitive answer. The closest that ... | |
| Another question | 9/19/2006 |
| Q: You were a big help. Now I am looking for a bank that does the Simple IRA that uses CDs or ... A: I can't give you any names since I don't work in this area. Some suggestions: 1. Google bank simple ... | |
| ROTH IRA investment in an LLC | 9/18/2006 |
| Q: How can I obtain a list of IRA trustees that allow ROTH IRA funds to be invested in Limited ... A: Listed below are IRA trustees that in the past may have allowed non traditional investments. This ... | |
| non-contributory pensions | 9/11/2006 |
| Q: IS THERE ANYTHING (LAW, IRS PROVISION) THAT ALLOWS OR PROVIDES FOR A CASH PAYOUT (EARILY) ON A ... A: The law allows a plan to permit distributions in the event of hardship. The law also allows a plan ... | |
| Defined Pension to Cash Contribution Conversion | 9/10/2006 |
| Q: I presently work for a hospital in NYC and my service tenure there is a little over 3 years. I have ... A: I believe you should receive credit for whatever you earned during those three years. The benefit ... | |
| company only funded retirement plan | 9/1/2006 |
| Q: i have three different retirement plans with general dynamics, hughes and raytheon. $ amount per ... A: I believe you are asking two questions. Regarding the first and most important one (whether it's 3 ... | |
| SEP-IRA Participation | 8/28/2006 |
| Q: I work for a company that has a SEP-IRA plan. Each employee must set up their SEP account and then ... A: You definitely have to make the contribution(s). I would contact the former employee(s) and tell ... | |
| Pension Aggregation with 401k | 8/25/2006 |
| Q: I am currently 55 and immediately eligible for a lump sum distribution of my company's pension plan. ... A: The most important criteria for a decision is how you want to invest the money from the pension ... | |
| 401 problem | 8/25/2006 |
| Q: My wife worked at a bank they have a 401K plan. She changed jobs and requested her money from the ... A: If you are having a problem you can contact the local office of the Employee Benefits Security ... | |
| pension keep or roll over | 8/24/2006 |
| Q: I have just turned 55. I have a pension with a previous company that will pay about $900.00 a month ... A: A couple of comments: 1. I assume you participated in what is known as a defined benefit pension ... | |
| 401-k | 8/16/2006 |
| Q: my wife has a 401-k plan with employer contribution if she retires now at 57 or gets let go what ... A: The plan provides a vesting schedule for the employer money. The schedule shows the portion of the ... | |
| Pension Investments | 8/5/2006 |
| Q: Can a small pension plan have its investments funded in a margin account and be able to sell short, ... A: A pension plan whether it's a DB or DC, corporate or Keogh, can establish a margin account. However ... | |
| IRA and pension money | 7/31/2006 |
| Q: . Thank you for your 2-part answer to my previous questions. Would your answer to this same ... A: A number of questions here: 1.Any payments to you, whether they are in the form of a monthly pension ... | |
| IRA , pension money | 7/29/2006 |
| Q: .. I have sent a previous email about this subject, but the Internet was cut just as I was trying to ... A: As you can see by my other e-mail, your first message would come through. I would add two thoughts ... | |
| IRA and pension money | 7/29/2006 |
| Q: .I have not started taking my pension money as of yet. I would like to know if I may have the ... A: You can either leave the money in the pension plan or "roll it over" to an IRA. If you want to roll ... | |
| early withdrawl | 7/27/2006 |
| Q: We are in financial stress and would like to take out some of the money in my husbands pension. It ... A: Each plan is different. The only way to answer this question for your husbamd's plan is to look at ... | |
| Pension Options | 7/3/2006 |
| Q: I left this employer in 1997 buy I'm vested in the pension plan. Going on-line I can check balances ... A: There are several questions here. I can answer most. But you're the only one who can answer the most ... | |
| Pension Rollover | 6/3/2006 |
| Q: I left a company in which I was fully vested in a pension plan that required no participation by me. ... A: It sounds like you were a participant in a defined benefit pension plan. If this is the case the ... | |
| Non Profit Deferred comp plans | 6/1/2006 |
| Q: Can Non profit companies offer Deferred comp plans to thier employee/ non employee groups? ... A: Non profits can still provide their employees with deferred compensation plans. However the rules ... | |
| 401k | 5/17/2006 |
| Q: I will withdraw $50,000 from my 401K this year. This will up my regular income of course by $50,000. ... A: Unfortunately, you are correct. For income tax purposes, the distribution is taxed as if your pay ... | |
| Pension beni | 5/16/2006 |
| Q: My dad recently passed on. He married a women and they have been together for five years. He forgot ... A: Based on your question I assume that your father participated in a defined benefit pension plan. My ... | |
| 401k employer profit sharing contribution | 5/11/2006 |
| Q: Couple of followup questions: 1) Shouldn't the plan documents contain some clause to that effect ... A: To respond to your followup questions: 1. The last day requirement MUST be in the plan document. It ... | |
| profit sharing | 5/7/2006 |
| Q: is there a penalty when you take money out of your profit sharing to purchase a house? Do you have ... A: You always have to pay income tax on any withdrawal from the plan. You also have to pay an ... | |
| Pension Lump Sum or 10 Year Annuity | 5/4/2006 |
| Q: I worked for a bank for 28 years 10/72 - 7/00. On April 1997, my pension plan was coverted to a ... A: I can help with some, but not all, of your questions. And as I said, I can only help put things in ... | |
| Rolling Pension to 401k | 4/30/2006 |
| Q: After 6/29/06 Verizon will no longer fund our pension. We have the option to roll our existing ... A: This will be governed by the provisions of the 401k plan. If there is a loan provision and the ... | |
| 401k rollover from previous employer | 4/21/2006 |
| Q: I have a 401K account with my previous employer which I am trying to rollover to an IRA account into ... A: The rules regarding timing of distributions from a 401k plan will vary. Most plans provide for ... | |
| Pension form 5500 | 3/25/2006 |
| Q: In reviewing my employer's defined pension plan Form 5500 disclosure, I notice a peculiar change in ... A: Not sure what it means other than the actuary expects 20% of the employees to leave each year. To me ... | |
| Pension payout | 3/19/2006 |
| Q: The company I worked 23 years for was sold March 1st. My 401k was transfered to Vangaurd as ... A: At some time in the past you should have received a document known as the Summary Plan Description ... | |
| Pension Cash Out | 2/28/2006 |
| Q: Can you give the present cash value for a $20,000 per year pension for a male 65 years old? Thanks A: Exact answer would depend on a number of factors. In today's market it's approximately ... | |
| UFCW Union and Employers Pension Plan of Southwestern Ohio | 1/17/2006 |
| Q: My wife worked several years, and has 23,000 dollars in this Union pension plan. She hasn't worked ... A: I would write the Plan Administrator and specifically ask if she is entitled to any benefit or ... | |
| EX-HUSBANDS PENSION | 12/15/2005 |
| Q: My ex-husband is eligible to retire, but has elected not to. I can collect my portion of his ... A: Sorry that I couldn't get back to you sooner. I have been out of the office due to a death in the ... | |
| Defined Benefit Plan - deduction and cost | 12/2/2005 |
| Q: Allen, Thank you for prompt reply. I would appreciate a ballpark figure of what it costs to ... A: My firm charges $1,750 for the papers to establish the plan. The annual fee, which is charged in all ... | |
| Defined Benefit Plan - deduction and cost | 12/1/2005 |
| Q: I am 55 and have been recommended to consider a defined benefit plan. I currently have a Profit ... A: You have been given some good advice. A few comments: 1. The limit on contributions to your current ... | |
| vested pension fund | 9/5/2005 |
| Q: In 1998 another healthcare system took us over & one year later closed us down. This healthcare ... A: The money in the pension account is in a trust. This trust is separate from the company. Even if the ... | |
| coda sep plan | 8/6/2005 |
| Q: I have a small dental office in Michigan. Some years ago I enrolled in a Coda Sep(like a sar sep, ... A: I believe I am very familiar with the various types of plans. But I have not heard of a coda sep. I ... | |
| 401K | 7/14/2005 |
| Q: I have a 401K plan at work for the last 4 years. I am putting 325 per week as my contribution. The ... A: The company has the right to terminate or discontinue the 401k plan. However they would have to let ... | |
| 401k and severence | 6/8/2005 |
| Q: my employer is laying off many of our employees and is giving a lump severence payout. we are being ... A: There is a important recent development that I forgot about when I sent my earlier response. The ... | |
| Equal Distribution of Pension Benefits | 5/13/2005 |
| Q: That's very funny. Two equally vested workers lose their employment within the same window when ... A: I wasn't trying to be funny. I was just telling you the law. I can understand why you are upset. But ... | |
| Equal Distribution of Pension Benefits | 5/13/2005 |
| Q: Are laid-off vested workers, when they reach the age of 50, entitled to the same pension benefits ... A: Unfortunately this may be possible. Companies that are looking to downsize will offer special ... | |
| Tax Shelter for Withdrawing Partial 401K | 5/9/2005 |
| Q: I am asking this for a 65 year old male who has no computer. He has retired and will be withdrawing ... A: He may be eligible for something referred to as five year averaging which could reduce the tax that ... | |
| union pension | 4/10/2005 |
| Q: may husband has a union pension. you have to work a certain no. of hours to recieve a retirment ... A: It may be legal. It depends on the language in the collective bargaining agreement and the pension ... | |
| leaving company -401K/profit sharing | 3/30/2005 |
| Q: I'm new to this site, but it seems extremely informative! My husband will be leaving a company that ... A: You have several options: 1. You can leave the money in the plan and it will be invested based on ... | |
| PENSION DISTRIBUTION | 3/19/2005 |
| Q: IS IT POSSIBLE TO TAKE DISTRIBUTIONS FROM A 401K OR IRA PLAN WITHOUT INCOME TAXES ON THE DISTRBUTION ... A: No taxes are withheld on a distribution from a 401k if the distribution is in the form of a life ... | |
| 401K | 3/1/2005 |
| Q: Our company changed ownership. We were told we cant touch the money in the old companies 401K even ... A: Unfortunately, they may be correct. Some plans state that you can only receive the money after a ... | |
| Pension | 2/21/2005 |
| Q: My mother was given a social secuirty disablilty award in 1994, she passed away 7/03/98 at the age ... A: Unfortunately there is no way of knowing what your father was entitled to without seeing the plan ... | |
| value of pension | 2/10/2005 |
| Q: I currently work for the NYC government. Under my pension plan, after I retire, I will get 2% of the ... A: If the annuity is paid as long as you live, you can estimate its value by multiplying the annual ... | |
| transfer of funds from final salary pension scheme | 2/2/2005 |
| Q: From your instructions above it looks like you are based in the US. I am based in the UK, but I ... A: You are correct that I am based in the colonies. However, since you are dealing with mathematics, ... | |
| pension payout | 1/8/2005 |
| Q: Can a company payout your pension in a lump sum if you did not elect to opt out of your pension plan ... A: It depends on the circumstances. If you are no longer employed by the company and the amount in your ... | |
| Pension payout | 1/4/2005 |
| Q: I am 69 1/2 & need to know how to figure my 401K rollover pension payout by 70 1/2. I have $85,000. ... A: I'm assuming you will turn 70 1/2 before the end of 2005. If this is correct, you will have to begin ... | |
| How do I project the mandatory... | 1/3/2005 |
| Q: How do I project the mandatory distribution percentage of mine and my wife's 401k? I will turn 72 ... A: The percentage is in a table published by the IRS. For 2005, the required minimum is your account ... | |
| retirement funds | 12/27/2004 |
| Q: I work for the NYPL and it pays into the NY State Retirement Fund. If I "leave" before I am fully ... A: The answer to your questions will depend on the rules governing the administration of the plan. You ... | |
| Pension rollover to 401k vs. annuity | 10/15/2004 |
| Q: The single life annuity amount is correct at $168 per month but it starts now at age 42 until death. ... A: A life annuity for $168 a month beginning at age 42 would cost $34,000 if the insurance company ... | |
| Pension rollover to 401k vs. annuity | 10/13/2004 |
| Q: I'm losing my job at the end of this month and they have sent me the pension paperwork to select a ... A: I think you may have misquoted the annuity amount in your question - I'm guessing the annuity is ... | |
| Early retirement and 401K | 10/3/2004 |
| Q: I am a 54 year old construction electrician. The work in my Union Jurisdiction has been so bad of ... A: Sorry to hear that you have to tap your retirement funds. The plan administrator has given you good ... | |
| 401K to a pension fund | 9/1/2004 |
| Q: I have what is most likely a simple question. My husbands company was bought out last year and they ... A: Whether you have a choice on withdrawing the money or rolling it into the pension plan will depend ... | |
| 401K rollover mistake | 8/17/2004 |
| Q: The company my fiancee works for was recently bought out at subsequently the company who handles her ... A: She has two alternatives to avoid taxation on the distribution: 1. On her own, write a check for the ... | |
| 401k | 8/6/2004 |
| Q: Several years ago my husband put fourty dollars (we think, certainly was not much more than that) ... A: Don't worry. You're not in trouble. The money would have been reported as a 401k contribution on the ... | |
| Flexible Spending Account | 6/7/2004 |
| Q: We have a FSA or medical savings account plan at work (non-profit co.). Is the deadline to turn in ... A: The procedures should be set by the plan administrator. In most cases, the election must be made ... | |
| Pension Plan and Layoffs | 4/20/2004 |
| Q: Great West Life purchased my company, Canada Life. Those employees who decided not to accept jobs ... A: Sorry to her about your situation. Hope you can locate a new position quickly. I am responding on ... | |
| Rights of individual in pension plan | 3/13/2004 |
| Q: Allen, I have been in retail for over 30 years. I was part of Federated for 16 years, Woodward ... A: At the time you participated in the plan you should have been given a document known as a Summary ... | |
| rollover of IRA funds | 2/17/2004 |
| Q: my fax number is (203) 268-8071Allen, I just learned that the real estate investment is being set ... A: It's on the way. Please note that this is an old list so I can't vouch for the accuracy. Also note ... | |
| rollover of IRA funds | 2/17/2004 |
| Q: I have IRA funds with a brokerage house that are invested in individual stocks that have done very ... A: The law allows you to invest IRA money in a limited partnership. However, the financial institution ... | |
| Early retirement | 1/10/2004 |
| Q: I work in a university and participate in their 403b pension plan. I have been thinking about early ... A: I do not believe there is anyway to avoid the penalty if you withdraw directly from the 403b. ... | |
Accounting, Payroll & Pension Issues
Answers by Expert:
Allen
Top Expert on this page
Expertise
Pension questions ONLY. Pension, profit sharing, and 401(k) plan design, installation, administration and actuarial services; rollovers to Individual Retirement Accounts; taxation of retirement plan distributions
Experience
Over 35years experience in the pension field
Organizations
Various actuarial organizations
Education/Credentials
MBA and various professional certifications
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