EBECDC
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The Plan provides that if a participant works past age 65, no retirement benefit will be paid until actual retirement, subject to any required minimum distributions. Once the participant retires, distributions begin and the participant receives an actuarially increased benefit. The Plan is frozen. The Plan Sponsor wants to amend the Plan to force distribution at age 65. Would such an amendment be an impermissible cutback?
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Mandatory Withholding Error
EBECDC replied to EBECDC's topic in Defined Benefit Plans, Including Cash Balance
This is very helpful. Thank you! -
A participant received a lump sum distribution and the employer deducted 20% mandatory withholding. Over a year later, the administrator discovered the distribution should not have occurred. I believe the participant should repay the distribution amount, and the employer should file for a refund of the erroneously withheld amount using Form 941c and 843 (per the IRS's letter on recovery of erroneous withholding (https://www.pbgc.gov/prac/terminations/missing-participants/irs-letter-on-recovery-of-erroneous-withholding). Does this correction seem appropriate? Thanks in advance.
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The MEWA definition in ERISA 3(40) (29 USC 1002(40)) provides that a MEWA is an employee welfare benefit plan established/maintained for the purpose of offering/providing any welfare plan benefit to the employees of two or more employers (including one or more self-employed individuals)... My question is how to define "self-employed individuals" for MEWA purposes. 401© defines the term, but I'm unsure whether that can properly be incorporated into the MEWA definition. Thank you in advance for your assistance.
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Thank you so much, Carol. This is very helpful.
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I understand that filing Form 5500 begins the running of the statute of limitations for an ERISA Plan IRS audit. A governmental DB plan, however, is not subject to the Form 5500 filing requirement. Any leads on what starts the running of the SOL for a governmental DB plan?