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Account balance plans: The regulations describe two alternative methods for attributing compensation under account balance plans.
That regulation aggregates deferred compensation arrangements of the same one of eight "types," that is, elective deferrals to account balance plans, nonelective deferrals to account balance plans, nonaccount balance plans, separation pay plans, in-kind benefits and reimbursements, split-dollar life insurance arrangements, modified foreign earned income arrangements, and stock rights plans.
You can assist your clients in determining the RMD by annually requesting year-end balances for IRAs and other account balance plans.
If the failure occurs in a so-called "account balance" deferred compensation plan, then all amounts the employee has in all of your account balance plans are subject to the tax consequences of noncompliance.
7) The section 3121(v) rules for account balance plans are rather straightforward.
11) In other words, so-called account balance plans (defined contribution plans) are generally aggregated and treated as one plan.
The notice provides specific guidance for account balance plans, reasonable ascertainable amounts under nonaccount balance plans, and stock rights.
3121(v)(2)-1(d)(2) distinguishes between account balance plans and nonaccount balance plans.
Under this provision, there are two basic types of deferred compensation plans, account balance plans and nonaccount balance plans.
3121 (v) (2)-1 (c) differentiates between account balance plans and nonaccount balance plans in making the determination of how much compensation has been deferred.
Although the regulations generally require the benefit in an account balance plan to be based on the account's balance, Regs.
For example, if an account plan has several distribution options, the plan may be treated as an account balance plan and, therefore, a reasonable FICA amount may be calculated, if the options are actuarially equivalent.