Accounting, Payroll & Pension Issues/Expert Profile


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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 in the area

Over 35years experience in the pension field

Organizations

Various actuarial organizations

Education/Credentials

MBA and various professional certifications

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Recent Answers from Allen

2012-02-04 Tax exemption on Lump Sum Dist.:

If the money is paid to you - it will be subject to federal income tax, state income tax (if you live in a state that has an income tax) and a 10% excise tax for money received before age 59 1/2. The trustee

2011-12-19 Closing 401k:

I believe you definitely can move the money from the old plan to an IRA if the two businesses have separate federal identification numbers and are not what is known as a controlled group. The businesses

2011-10-30 uniform SEP contributions:

The contribution by the company to the SEP for each eligible employee must be the same percentage of pay. Your plan design is well intentioned. Unfortunately, I do not believe your current arrangement

2011-10-20 profit sharing rollover:

It is possible that the plan document states that benefits are not distributed within a short period following the end of your employment. The only way to know this is to look at the Summary Plan Description

2011-06-01 Federal tax withholding on a monthly annuity/1099R distribution code/early 10% penality:

The answers to your questions are:    1. If you do not make a tax withholding election, the trustee will withhold 10% for federal income tax. However, you can elect a different amount including no withholding

 

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