Full Version: Avoiding election to reduce prefunding balance
Can I, as the Enrolled Actuary, choose to keep the prefunding balance at $0, simply by entering $0 in line 11d of the Schedule SB? Thus avoiding the need for a sponsor election.
QUOTE (carrots @ Jul 30 2009, 01:58 PM) 
Can I, as the Enrolled Actuary, choose to keep the prefunding balance at $0, simply by entering $0 in line 11d of the Schedule SB? Thus avoiding the need for a sponsor election.
It was my understanding that the plan sponsor must elect how much of the excess contributions get applied to the prefunding balance. If the plan sponsor doesn't elect, I would think $0 would be appropriate.
Proposed regs use such phrases as "... the plan sponsor may elect..."
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.