BG5150

This is one of the URL's. It is not using my view. https://benefitslink.com/boards/ I am attaching a screen grab that IS from my personal view. Screen grab.pdf

Participant was supposed to have her first RMD in 2020, but that was suspended. Had it not been suspended, her RBD would have been 4/1/21. But since it was suspended, did she really have an RBD? By when must her 2021 be taken? 21/31/21 or 4/1/22?

Thanks

After the update, when I am in my personal view, there is a pane with recommended jobs. Is there a way to get rid of that? It takes up too much real estate on my screen.

Plan is failing 2020 ADP. We were thinking of retroactively amending the plan for 2020 to be a 4% SHNEC, depending on the cost-benefit analysis. (Plan is TH, too, so it'll probably be worth it.) We can still exclude HCEs from that, right? The main question is if we amend for 2020, will that automatically be in effect for 2021, too? Or do we need to to another amendment for 2021 to be 4% SHNEC? We will then amend the plan for 2022 to either be SHNEC or SHM, and talk to the owners to see if they want to exempt themselves from the SH.

I jsut find it odd that all that comes under the ERISA umbrella which is ostensibly a retirement income law.

The question then becomes whether the extra 1% over the TH is less costly than the tax savings due to the refund. The refund has to be $19,500 (plus earnings) if no one else deferred.

ERISA is the Employee RETIREMENT Income Security Act. What do Health Plans have to do with Retirement? Just something I've always wondered about. I don't deal with Health Plans, so I can't figure out why there is overlap.

Wouldn't just "Hurricane Ida" work? Would it get kicked back for some reason?

But if the assets are at a recordkeeper, doesn't the Schedule R usually reflect the payor ID of the recordkeeper? So, it's not really the ID of the plan, but of the custodian who paid the benefits.

Time to make this plan a Safe Harbor Match plan.

Why not do months? It's so much easier. For example, if it is 60 days, Someone hired on February 1, won't be eligible until May 1. Their 60th day is April 2. If it is 2 months, they enter April 1. On the flip side, someone hired July 2 or 3, they enter the plan Sep 1, as their 60th day is August 31 or Sep 1. If using months, it's October 1. It is MUCH easier to just do months. No counting involved. But as you can see, you can have different results. Most of the time it won't matter. But there may be outliers like the situation above. Using months, you can just look at the date and know when the entry date will be, without having to actually count the days.

Under your reasoning: Someone may not "need" the entire amount for the semester tuition bill; they can just take a loan. Someone may not "need" that facelift or tummy tuck, so it's not an acceptable hardship request.

Thanks. Just realized the company is based in New York County (NYC). But still covered anyway. Appreciate the help.

A decline in the market, or plan assets? They don't always move in the same direction. Also, could be problematic if there are assets in the plan for which valuations aren't readily available.

Is there Hurricane Ida relief for 5500's? Company involved is based in NJ.

But if you re-value for one, don't you need to do that every time someone asks for a distribution mid-year? That could get costly.

In cases like that, does teh plan allow for partial withdrawals at termination? Most of the plans I deal with are all or nothing before retirement age.

This guy gets me.

How much is the difference? IS this a small plan filer? If an SF, and if the amount is small, I'd just adjust the earnings for 2020 (or 2021 if '20 has already been filed), make a note in the file an move on.

Keep in mind, this all needs to pass non-discriminaiton testing. Remember, son-in-law in NHCE. Any other employees? I don't remember the exact original question.

This man gets me.

[EDIT] Aw, man! I had like six paragraphs of great insights and code citations for you! Now I had to delete them.

How much does the son-in-law make? He could be HCE via compensation.

My bad. Good point, guys.