Assume calendar year plan.
Am I correct that a formal AFTAP certification has to be issued for 2007 in writing to the plan administrator or else the presumption for 2008 will be less than 60%, and that this presumption will create restrictions on amendments after 1/1/2008 and restrictions on distributions and accruals after 4/1/2008?
Full Version: AFTAP for 2007
That is my understanding. Also, I think that a participant notice would be required within 30 days of the date the restriction on accelerated payments or benefit accruals applies.
QUOTE (Penman2006 @ Feb 5 2008, 06:12 AM) 
That is my understanding. Also, I think that a participant notice would be required within 30 days of the date the restriction on accelerated payments or benefit accruals applies.
Thanks Penman.
QUOTE (saeissler @ Feb 4 2008, 11:17 AM)
Assume calendar year plan.
Am I correct that a formal AFTAP certification has to be issued for 2007 in writing to the plan administrator or else the presumption for 2008 will be less than 60%, and that this presumption will create restrictions on amendments after 1/1/2008 and restrictions on distributions and accruals after 4/1/2008?
Am I correct that a formal AFTAP certification has to be issued for 2007 in writing to the plan administrator or else the presumption for 2008 will be less than 60%, and that this presumption will create restrictions on amendments after 1/1/2008 and restrictions on distributions and accruals after 4/1/2008?
You don't have to issue a 2007 AFTAP, and one of two things will result.
1. The 2008 AFTAP is issued, and the consequences of that are used.
2. The restrictions start 4-1-08, or until the 2008 cert is done.
But you can do the 2007 AFTAP, and buy time until 10-1-08
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.