BenefitsLink.com logo   

BenefitsLink
Message Boards Digest

April 13, 2018

Here are the most recently added topics on the BenefitsLink Message Boards:

Author's photo

PFranckowiak created a topic in 401(k) Plans

Late Elective Deferral Deposits by Affiliated Companies; Both Must File Form 5330?

Two companies in a controlled group had contributions that were withheld from a participants' pay, but didn't make it on the payroll they sent us. The amounts are very small. We're giving interest and filing a Form 5330. Because it's two different companies, I assume that two 5330 forms are needed. Is that correct?
Number of replies posted  1 reply      Number of times viewed  30 views      Add Reply
Author's photo

Vlad401k created a topic in Distributions and Loans, Other than QDROs

RMD to Surviving Spouse of 76-Year-Old Participant

A participant in a 401k who is 76 years old died in 2018. The spouse was the primary beneficiary. She wants to rol lover the funds into her own 401k plan and treat it as her own. Because she is the spouse, I believe she can do that. But does is a Required Minimum Distribution needed from the 401k before the rollover?
Number of replies posted  6 replies      Number of times viewed  49 views      Add Reply
Author's photo

Earl created a topic in 401(k) Plans

Safe Harbor Notice Required for HCEs Who Don't Get Allocation of SH Contribution?

If HCEs are not eligible for the SH contribution are they required to receive the notice? Everything I can find just says "to those eligible to participate." Is that "eligible to participate in the SH benefit"? I am thinking of adding it to my default one-person plan design so that when a sole prop calls me today and says I have an employee (whom I never heard about before) entering on July 1, it doesn't hose the entire plan for the year.
Number of replies posted  0 replies      Number of times viewed  24 views      Add Reply
Author's photo

Earl created a topic in 401(k) Plans

Mistaken Early Entry Into 401(k) Plan

Plan has 3% SH. 401k eligibility is 3 months, PS & SH is one year. Employee starts to defer early by mistake but terminates before year end, so no TH. Did not satisfy the 1 yr requirement for ER contributions. We amend the plan to let the employee in. What are we letting her into? Just the 401k is ok? Fear is we need to let into SH also.
Number of replies posted  1 reply      Number of times viewed  29 views      Add Reply
Author's photo

Chinabloo created a topic in Distributions and Loans, Other than QDROs

Income Tax on My 401(k) Cash-Out

I lost my job about a year ago. I couldn't take a hardship withdrawal because I was no longer with the company. I was unable to pay large medical bills or my rent (due to the loss of my job/income), so I took a distribution of my 401k (around $20k). I'm getting killed on taxes. Is there a way to show on my taxes that it was a hardship distribution?
Number of replies posted  3 replies      Number of times viewed  56 views      Add Reply
Author's photo

Loves401(k) created a topic in 401(k) Plans

Deferral Rate Changes for Money Earned But Not Paid

Let's use the example of someone electing a 5% deferral rate on Wednesday April 11. This pay period is from Monday, April 2 through Friday, April 13. Is it legal to do the 5% deferral on the paycheck for this period that will be paid next week?
Number of replies posted  1 reply      Number of times viewed  33 views      Add Reply
Author's photo

dave 222 created a topic in 401(k) Plans

Plan Paid Out Too Much to My Financially-Strapped Sister, Wants Repayment

My sister received a hardship distribution to take care of her grandkids. She is age 60. She has no funds left to repay. The plan administrator wants the overpayment repaid. She has no assets or car; she rents her home (i.e. does not own a home). She lives in Pennsylvania. She can't even handle a repayment plan. Should she just walk away? Please advise.
Number of replies posted  1 reply      Number of times viewed  31 views      Add Reply
BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146

Lois Baker, J.D., President  loisbaker@benefitslink.com
David Rhett Baker, J.D., Editor and Publisher  davebaker@benefitslink.com
Holly Horton, Business Manager  hollyhorton@benefitslink.com

Copyright 2018 BenefitsLink.com, Inc. All materials contained in this mailing are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.

Unsubscribe | Privacy Policy