for Employee Benefits Security Administration [EBSA] (Boston MA / Chicago IL / San Francisco CA / Pasadena CA / Philadelphia PA / Hybrid)

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Hi,

Looking to separate out my email provider from my IT provider.

Curious for a recommendation on hosting email, if any.

Thanks!!!

Four years ago, Fidelity launched Digital Assets Accounts available to workplace retirement plans.

Does anyone have a sense, however anecdotal, of how many plans allow this investment alternative?

And of plans that have this, what is your guess on the percentage of participants with any allocation to this investment alternative?

Question: A participant of a company dies, and their life insurance premiums have been paid by employer contributions. The life insurance company can only make the check out to "The Trustee of the ABC Company 401K." Can the employer deposit the check to trust at the record keeper  and, from there, allocate the funds to the deceased participant account? 

Or how else does this get done?  I have very little experience with life insurance contracts in 401(k) plans, and this might be the first time I've ever had one pay out.

for CAPTRUST (Raleigh NC / Southfield MI / Clarkston MI / Tampa FL / Charlotte NC)

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for FinDec (Stockton CA)

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for U.S. Department of Labor, Office of the Solicitor (Washington DC / Hybrid)

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for First American Bank (Elk Grove Village IL / AZ / FL / IN / TN / TX / WI / Hybrid)

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Asking for a CPA friend

A terminated participant rolls over his pre-tax 401k account and employer account (SH+PS) directly into a ROTH IRA without any conversion during July 2025 and is now concerned about the taxes.

As this is out of my knowledge base, what is wrong with this scenario, what should have been done and what should be done now?

Thank you

I'm wondering any one has any insight into calculating the implicit bifurcation (annuity payment bifurcation) for SSLIOs when valued for a joint life such as a 50% J&S SSLIO.  Particularly, my team is debating whether or not it is appropriate to use the plan basis for the J&S conversion or the 417(e) basis.  When leveling both the participant and beneficiary benefit I can see a defense for either.  I can't seem to find any guidance on this so any input would be appreciated.  As a corollary, what are your thoughts when leveling just the participant benefit for something like a 50% J&S SSLIO?  We're thinking it makes the most sense to use the plan basis for such a case.

Thanks for the help!

for The Finway Group (Remote)

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Has anyone thought about the permissibility of escheat in the context of annuity contracts issued under a terminated defined benefit plan?

Field Assistance Bulletin No. 2025-01 currently permits escheat from a qualified plan only for benefits of less than $1,000 (among other conditions).  However, we are now dealing with a terminating defined benefit plan which is seeking an insurer to provide the annuities required in the case of a terminated plan.  Several of the companies have provisions in their contracts saying that they will escheat benefits of missing participants in accordance with state law (with no cap on the amount that may be escheated).  When questioned, they say that the insurance company is not subject to ERISA and thus need only comply with state law.

My concern here is that even if the insurer is not subject to ERISA, the plan is.  And if the plan cannot directly escheat benefits of missing participants, is the plan violating its fiduciary duties if it signs a contract to purchase an annuity that explicitly states that benefits may be escheated?

What are other plans doing in this situation?

for Daybright Financial (Remote)

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for Cetera Retirement Plan Specialists (Coppell TX / West Des Moines IA / Hybrid)

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Company A and Company B each sponsor their own 401(k) plan. Both entities are owned 50/50 by Tommy and Cooper. Both plans have the same plan year (fiscal year-end), testing method (current year), and neither is a safe harbor plan. No employer contributions are made to either plan for the year in question.

Plan A:

• Participants: Tommy and Cooper only (the only employees/participants)

Plan B:

• Tommy and Cooper are employees of Company B (and eligible participants in Plan B) but do not make elective deferrals. 

• There are 16 HCEs total (including Tommy and Cooper)

• There are 79 NHCEs eligible to participate (2 are otherwise excludable, 77 are not)

How are these plans required to be tested for 410(b) coverage and ADP testing?

Specifically:

• Are the two plans required to be aggregated for testing purposes due to common ownership/controlled group rules, or may they be tested separately?

• If aggregation is required, how does that affect coverage and ADP results in this fact pattern?

• If separate testing is permitted, under what circumstances would that apply?

• Are there any other issues or traps in this structure that we should be aware of?

Thanks in advance for any insight.

Good morning. I have a client (1 ee plan) who rolled INTO the Plan aftertax money. To establish basis within his Plan, I'm preparing a 1099-R showing the after-tax amount as being 'converted' to Roth inside the Plan.

Can you please tell me if I'm thinking right about the 1099-R?

Box 1, the amount that came in is shown ($30k). Box 2a, taxable amount $0. Box 7 - H (what else could this code be? is H right?)

 

Thanks !

for Pentegra (Remote)

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for Pentegra (Remote / Putnam Valley NY)

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for 401K Safe (Remote)

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for BPAS (Utica NY)

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