Duration: 60 Min.
Description
If a plan fails and ADP test or an ACP test, then something has to be done. Some correction has to be made in order to bring the plan into compliance with the regulations. The good news is that we will have some guidance from the code and our document, and the better news is the Relius can process the corrections quickly and efficiently. The system will even offer suggestions for correcting a failed test, including corrective distributions, using the leveling method or the SBJPA method, QNEC and/or QMAC amounts. But remember, these are only suggestions, additional processing will be needed to enact any correction methods, and then additional testing might be required to show that these corrections achieved the desired results.
In this session, we will:
- process refunds for excess contribution amounts
- set up and process QNEC/QMAC contributions
- calculate “Gap” Income and Include it in the Corrections
- examine other available correction methods