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Found 6 results

  1. I’m wondering whether a 401(k) or other individual-account retirement plan’s summary plan description ought to include a part that explains risks about an individual’s data security, and ways for the individual to help manage those risks? Is it a good idea? Is it a bad idea? What are your reasons for including or omitting such an explanation?
  2. I have an employer that has 2 companies that are part of a control group. In reviewing their plan compliance (while doing something else), I saw that they had one SPD mega wrap that comprised the plans for both companies. Thing is, the "parent" company sponsors and administers the medical and dental for both companies. The "child" company sponsored and administers some different benefits than the parent (pre-paid legal, etc.). Correct me if I'm wrong, but shouldn't the plans for the "child" company be in a different SPD wrap (or standalone SPDs) than the "parent"'s mega wrap? I believe the code says that each administrator/plan sponsor has the requirement to furnish the SPD. If this is just going to the "child" company's employees, I guess it is only a technical violation. Am I picking nits here?
  3. Is anyone aware of any authority that would support a view that a defined benefit multiemployer pension plan could exclude retirees from a mass distribution of an updated SPD? Even though the language in 29 CFR section 2520.104b-2 is somewhat inconsistent, it appears that retirees in pay status are not excluded from a mass distribution of an updated SPD.
  4. Hello, A participant is demanding a copy of the Adoption Agreement. She was provided will all the other required notices. Here is her email response. I have researched and all parties I have spoken to state that the employer has discretionary choice to provide the Adoption Agreement. Has anyone encountered this and what was the response?
  5. Hello everyone, I have quite the mess on my hands. We recently took over the administration of a client that has an executed plan document from 2010 with age 21 / 1 Years of Service and semi-annual entry dates for all contributions. Before the beginning of 2012, the client asked for an amendment to be drafted that would reduce the eligibility requirement for deferrals to three months of service with monthly entry dates. Unfortunately, somehow this amendment slipped through the cracks at the client's office and was never executed. Fast forward to 2014. The client informs us that they have been providing a Summary Plan Description with the "unexecuted" eligibility change to new employees. My question is in relation to the EPCRS self correction method of retroactive amendments. Let's say out of the 55 people hired during 2012 and 2013, only seven decided to defer. Do we draft a retroactive amendment to allow just the seven employees into the plan, or are we forced to let in all 55 people, provided they all received the incorrect SPD based on the provisions set forth in the unexecuted amendment? My gut says to let all of the employees in, but am unsure whether the 48 employees that did not defer would be considered as being a true "early inclusion." All of the examples I have reviewed (IRS website, EPCRS, etc.) strictly address early inclusion errors where employees actually deferred or received employer contributions, and do not address where employees were just misinformed on the actual plan terms. Any thoughts to help me wade through this mess is much appreciated. Thanks! - WickedP
  6. Guest

    401(a) and ERISA?

    Hello All, I am having trouble accessing my 401(a) pension account from a company I left in 2005. I have called the company, but they say there is no provision for access to the account until age 59.5 and that they did not need to comply to ERISA since they are a Church Plan. This is different than what they told me a few years back when I was planning to roll the funds over into my current pension plan and I have a booklet they sent me back then seems to also provide for withdrawl or rollover upon separation from service, provisional upon payment of a 10% tax penalty. I called the company twice and spoke with two different people. One of them even said that since the account was entirely company funded, that it was their money until I retired. In the "Plan Details" section of my account online, the SPD is missing. When I asked the woman about this, she said that it used to be posted there but it wasn't anymore and she didn't know why. When I asked if I could get a copy emailed to me, she said it was only available to be sent to me by postal mail for $40.00. This whole thing seems really shady to me and I am wondering if I need to hire an Attorney? Anyone have any knowledge on this? Many Thanks Lindsay
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