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Showing results for tags 'suspend'.
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A client issued a hardship but payroll failed to suspend their contributions for 6 months. They have not (yet) adopted the amendment to dispense with this requirement and have issued other hardships where the contributions were suspended appropriately. What is the recommended remedy/correction for the Plan Sponsor in this situation?
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A frozen plan provides for a suspension of benefits upon re-employment. Plan Administrator never sent notice, and over a year has passed. 1) Can Plan Administrator stop payments and restart them upon subsequent "second" retirement? 2) If the Plan Administrator can do so, is it required to give actuarial equivalence of benefits upon second retirement because it did not provide notice of suspension of benefits? 3) If Plan is required to give actuarial equivalence to this retiree, does it need to treat all future rehired retirees the same way, i.e., not suspend benefits or provide actuarial equivalence at subsequent retirement? Thank you
