From the Executive Editor

By Norman Levinrad • October 12, 2016 • 0 Comments

Hi folks. Are you bored with no work to do? If so, here’s another ACOPA enews for you to read! 

Bored? Yes, I know, here we are again with the Oct. 17 Form 5500 deadline a few days away, and dealing with the inevitable last-minute clients and filings. Somehow it seems to always be the same clients year after year that cause us this last-minute stress. We want to fire them, but we never do. 

I’ve been dealing with the worst possible last-minute client yesterday and today — the client (always a doctor) who thinks he (always a he) knows the pension rules better than I do. This client didn’t fund his minimum required contribution by Sept. 15 and doesn’t believe he should have to pay the excise tax, and apparently I’m unaware of the provisions in the law that exempt him from the excise tax. He found these magic provisions based on his detailed research. 

Yes, I have already fired this gem — I told him we’ll wrap his 2015 work and he can find someone else to handle his work for him for 2016. Good luck if you’re his new TPA for 2016!
 
We have great content for this month’s edition. We’ll start with Part 2 of Richard Kutikoff’s article on a takeover situation. You’ll recall that Part 1 last month discussed takeover issues when you lose a client to another actuary. This month, Part 2 discusses the issues when you are the actuary taking over the plan. Richard’s article is here

Last month the IRS issued final regulations on how 417(e) applies when a benefit is bifurcated. I asked our regular contributor Jim Holland to explain these regulations for us. Jim’s article is here
 
Speaking of Jim Holland… Many of us first heard of Jim in the 1980s, when he was working at the IRS during the small plan audit program, so I thought Jim would be a good victim for an enews interview. I hope you like the questions I asked. I enjoyed reading his responses. My interview with Jim is here.
 
Kurt Piper is our new ACOPA President, and Kurt’s first update from the LC is here. I was very pleased to read that Kurt has called for a meeting at a bar with him, me and anyone who wants to join us, at the ASPPA conference in a couple of weeks. This is clearly the caliber of leadership that we have been missing, and I look forward to more suggestions like this from our leaders.
 
Judy Miller’s update from Washington diverges from the usual governmental update, and talks about interesting work being done with youth by The Actuarial Foundation. Judy’s article is here
 
I look forward to seeing you in DC in a couple of weeks. 

Cheers,
 
Norm