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Message Boards Digest

May 9, 2018

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

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jpod created a topic in Defined Benefit Plans, Including Cash Balance

Missed the 180-Day PBGC Distribution Deadline

What are the consequences of blowing the 180-day Title IV deadline for distributing plan assets? Facts are: one participant left, she's not lost, no extension of the deadline requested. Civil penalties against plan sponsor/administrator? Can the PBGC "undo" the termination in some fashion that will have adverse tax consequences to the other participants?
Number of replies posted  3 replies      Number of times viewed  65 views      Add Reply
 
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justanotheradmin created a topic in Defined Benefit Plans, Including Cash Balance

IRS Wants Proof of Industry Standard Before Approving Document with NRA Younger Than Age 62

We submitted a determination letter request for a defined benefit plan with a normal retirement age of considerably less than 62. The IRS is asking for statistical data to verify the NRA of less than 62 is an industry standard. The plan is a one-person plan for a professional athlete with endorsement deals. Can anyone point me to what kind of information and sources of information the IRS is willing to accept?
Number of replies posted  2 replies      Number of times viewed  70 views      Add Reply
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AdKu created a topic in 401(k) Plans

DB/DC Combo Plan Gateway When DC Plan Has 1,000 Hours Requirement If Terminated Before the End of the Plan Year?

Assuming the DB/DC combo plan has no any type of safe harbor contribution and the only contributions are employee deferrals and group based profit sharing. It appears the client volume submitter plan document doesn't have any gateway language. How do you handle the DB/DC combo plan gateway when the DC plan has 1,000 hours requirement if terminated before the end of the plan year?
Number of replies posted  7 replies      Number of times viewed  65 views      Add Reply
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