rhb401

Dave, As a solo practitioner in the labor and employee benefits sector since ERISA's enactment (closing on 50 years) , I've come to rely on Benlinks to: 1) keep me apprised of current issues and developments ; and 2) provide access to problems and their resolutions encountered by other experienced practitioners . I've always found that Benlinks levels the playing field between we solos and those extraordinarily competent 100 attorney firms.

Thanks to all. Most helpful.

The Plan in which the individual was a participant was a SAR-SEP which terminated.

Under the SECURE ACT, can an "actively employed" over-70 1/2 who has been receiving RMD for 4-5 years make IRA contribution starting in 2020? Would they have to take their RMD and then turn around and contribute to an IRA?

Perhaps, this is simplistic, but why don't the parents just write checks each quarter from their personal account and make a gift to him. Son then just writes loan repayment checks.No implications for Company, Plan or other taxes.

A fate we all suffer

That's why ERISA Sec. 209 (Indefinite Retention) was also cited.

SIX YEAR RETENTION (SEVEN Years to be safe) - ERISA Section 107,(29 U.S.C. 1027) Section 107 provides that any Fund required to file a Form 5500 must retain those records necessary to verify, explain, clarify or back-up the entries on the Form 5500 for a period of six (6) years from the filing date of the report. In the case of the Metro Funds, the filing date is usually extended until October 15th. Section 107-type Records The records required to be maintained for six (6) years under section 107 are not specifically described in DOL regulations or guidance but, based on prior Interpretive Bulletins, it would encompass all records that support entries on the Form 5500, including, but not limited to: -bank records (statements, cancelled checks etc.) -ledgers/journals and other accounting records -receipts -claims records and files -employer remittance reports -contracts and agreements -third party certifications (e.g. insurance company Schedule A information) -financial statements -invoices -insurance policies -reimbursed expense reports 2 -service provider agreements -correspondence relating to all of the above II. INDEFINITE RETENTION: ERISA Section 209, (29 U.S.C. 1059) Section 209 requires every employer and, implicitly, every fund to maintain all records necessary to determine the benefits due or that may become due employees/participants/beneficiaries for “as long as a possibility exists that they might be relevant to a determination of the benefit entitlements of a participant or beneficiary.” . In effect, such records must be retained “indefinitely”.Most of the guidance in this area dates back to ERISA’s predecessor, the Welfare and Pension Plan Disclosure Act. Section 209-type Records Again, while there is no specific guidance other than that noted above, Section 209 and best practices would require the indefinite retention of various records including, but not limited to: -Agreement and Declaration of Trust, with all amendments and restatements. -Summary Plan Descriptions -Plan and Restated Plan documents -IRS Determination Letters -minutes of all meetings of the Board of Trustees. -employer remittance reports -Investment Policy Statements -investment manager contracts -collective bargaining agreements -participant work records

Company A is the parent of Company B. Both A and B operate in similar segments of the same industry. They each have collective bargaining agreements with the same union. However, each collective bargaining agreement provides for contributions to a different pension fund. Company B wishes to transfer a substantial number of employees from its payroll to Company A's payroll where the CBA provides for substantially lower contributions to that penson fund (there's no 70% issue here). Company B will continue to be liable to make contributions under its CBA for the remaining employees. Is there a partial withdrawal under Sec 4205 (b)(2), including the PPA "contract out" amendment? Company B is trying to shift employees from the higher contribution CBA/pension fund to the lower CBA/pension fund. Both Funds have substantial withdrawal liabilities. Comments would be appreciated. RHB401

Is anyone aware of any DOL statements, positions, AOs etc which specifically address the issue of the "reasonableness" of the allocation of multi-employer plan expenses among the Funds and e.g. the Union or employer association. Such "shared" expenses usually include rent, payroll and similar common expenses when the entities share the same building or offices. The issue continually comes up in EBSA audits.

Is anyone aware of any DOL guidance, pronouncements etc. regarding the "reasonableness" of the allocation of administrative expenses among Funds and related entities e.g. union, employer association.