Message Boards Digest

May 22, 2018

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

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ESOP Guy created a topic in Form 5500

Need to File 5500 for Short Plan Year in 2018; OK to Use 2017 Version?

I had an ESOP pay the final benefits last month (April 2018). So the final 2018 5500 is due 11/30/2018. We obviously don't have the 2018 version of the Form 5500 yet. Can I use the 2017 version? guess I could extend, and by early 2019 we will have the 2018 form, but because the company was purchased no one wants to hang around to sign the forms almost a year from now.
Number of replies posted  2 replies      Number of times viewed  46 views      Add Reply

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certified3006 created a topic in 401(k) Plans

Basic Safe Harbor Match, Dual Eligibility; Different Eligibility Requirements Allowed?

I have a plan that currently has a basic safe harbor match. Deferrals and SH have same eligibility of age 21 & 1 year w/1000 hours. They want to change deferral eligibility to immediate upon date of hire, but leave the SHM eligibility as is. Is this allowed? If so, can this be changed mid-year or must it be effective 1/1/2019?
Number of replies posted  3 replies      Number of times viewed  59 views      Add Reply
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cdavis25 created a topic in Defined Benefit Plans, Including Cash Balance

412(e)(3) Plan Termination: OK to Force Annuity Form of Distribution?

Can a 412(e)(3) plan be terminated and the annuity contract distributed to the participant without giving that participant any other distribution option available under the plan? The advisor is saying the contract has all the distribution options built into it and the participant can just take a distribution later. This is a PBGC-covered plan and will file for termination with them.
Number of replies posted  1 reply      Number of times viewed  39 views      Add Reply
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Mr Bagwell created a topic in 401(k) Plans

Excluding Contributions for Participants Who 'Retire' But Continue Working Part-Time

I have a law firm's 401k plan. Participants are starting to retire. The ownership group would like to NOT give the safe harbor and profit sharing to the retirees. The retirees will be doing some work, just not a lot of work, and they'll be paid by the law firm as employees in normal fashion. I suggested considering the retirees to be 1099 employees, but the employer is not comfortable with that. Any ideas? Can the plan exclude the retirees the plan year after "retiring"? I hate to use the word termination because they are not terminated; they'll simply work way far fewer hours than they work now. I don't think the plan could exclude by name, but maybe I'm wrong. Or would a class exclusion work?
Number of replies posted  12 replies      Number of times viewed  103 views      Add Reply
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Belgarath created a topic in 401(k) Plans

Working with Search Results on These Message Boards

When I do a search, it comes up with a bunch of results. So I click on one of those results, and read it. When I'm done, how do I get back to the search results? When I hit the "back" button it takes me all the way back to the Forum, and I have to re-enter the search parameter. I'm sure there is a simpler way! Thanks.
Number of replies posted  7 replies      Number of times viewed  45 views      Add Reply
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Belgarath created a topic in 401(k) Plans

Safe Harbor Match Plus Discretionary Match: ACP Testing

Suppose a plan is utilizing a basic safe harbor match and in addition wants to provide a discretionary 100% match on deferrals in excess of 5% up to no more than 8%. So 8% deferral gets you a 7% match. Because deferrals in excess of 6% are being matched, it blows the ACP safe harbor. But do you have to test the ENTIRE match for ACP, or just the match in excess of 4%? I've heard and read different opinions, and it seems that 1.401(m)-2(a)(5)(iv) allows you to choose. The subject ain't as clear as I would like. This is a 403(b) plan.
Number of replies posted  4 replies      Number of times viewed  54 views      Add Reply, Inc.
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