Message Boards Digest

August 8, 2018

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

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Chippy created a topic in 401(k) Plans

Any Experience with 'Student Loan Genius'?

Has anyone ever heard of Student Loan Genius? They say employees make their student loan payments and based on a payment, the company makes a pre-tax contribution into the employee's 401(k). I was just wondering how this would work and if anyone has any experience with it.
Number of replies posted  8 replies      Number of times viewed  96 views      Add Reply

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Gilmore created a topic in Relius Administration

Excludables Not Determined Correctly

Relius Administration question. After upgrading to version 2018.01 (and again still with 2018.1), statutory excludables are not being determined correctly when eligibility is run. The issue appears to be limited to employees hired in the first half of the prior plan year, and whose stat entry would be in the second half of the current plan year. After the initial eligibility run, these employees are incorrectly included in the excludable group. Running an ADP/ACP with the "Recompute statutory exclusions prior to test" checked correctly puts them into the non-excludable group. (We are using statutory entry dates for the determination.) However, if you have to run eligibility again the same employees are back in the excludable group. At first we thought this was limited to our 2018 mid-year tests, but in going back to clients for whom we prepared a 2017 ADP test earlier this year, and now are going back to recalculate a profit sharing contribution, for example, we are having the same issue. Support has determined that this is an issue that is being worked on, and hopefully a fix will be coming shortly, but I was wondering if anyone else was having this issue, and if so, how you are dealing with it in the interim.
Number of replies posted  0 replies      Number of times viewed  24 views      Add Reply
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ERISAAPPLE created a topic in Qualified Domestic Relations Orders (QDROs)

Alternate Payee Considered Spouse for QJSA Purposes but Not for QPSA Purposes

Assume you are drafting a DB plan. The client says the only available benefit forms will be the single life annuity, 50% QJSA, 75% QOSA, and 50% QPSA. The survivor benefits are fully subsidized, and all optional forms are actuarially equivalent. Assume further that the client asks the following. He says he knows an employee is going to submit a QDRO that says the alternate payee is considered the participant's spouse solely for purposes of the QJSA, and not for any other purpose (including not for purpose of the QPSA). He asked what will happen if the participant dies after submitting a distribution election form for the QJSA, but before payments actually begin. He says in this regard he does not want the plan to offer one penny more or any option more than the law requires. What is your response? Will the alternate payee receive the 50% survivor annuity under the QJSA or nothing because the participant died before the annuity starting date, i.e., pre-retirement, and the participant is not the spouse for purposes of the QPSA?
Number of replies posted  1 reply      Number of times viewed  29 views      Add Reply
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June created a topic in Qualified Domestic Relations Orders (QDROs)

Ex-Husband Illegally Acquired Funds Despite Not-Quite-Signed QDRO

Trying to find out what steps are taken when withdrawing a retirement benefits. My ex-husband knew he had not signed the final paperwork of our QDRO (QDRO was awarded in final divorce decree that was signed by judge and filed, so I have been told by court it's a legally binding order regardless of paperwork not being completed). We were in the process of trying to finalize it and submit to his employer while he was in a bankruptcy proceeding. Fast forward a couple months. I contacted the department that handles QDROs only to find out ALL funds have been withdrawn. Can I draw up my own subpoena to get a full accounting of what happened? My ex-husband might have forged my name in order to withdraw the money, or perhaps he stated that no funds had been allocated to anybody else in any legal actions. He was fired for embezzlement and is on a 5-year deferred sentence. He cannot have any matters entered into court during this time. He says he will pay me but I don't believe it. Is there a possibility he was required to sign something and forged my name? I want only what I am due. I realize I'm going to need an attorney, but before doing so I am hoping to get some clarification.
Number of replies posted  0 replies      Number of times viewed  25 views      Add Reply
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Abhishek created a topic in Defined Benefit Plans, Including Cash Balance

DB, Money Purchase, 403(b) Plans -- Do They Affect My Ability to Open a Traditional IRA?

My employer sponsors a 403(b) plan and a Money Purchase Plan. It also sponsorsa Salaried Retirement Plan/Defined Benefit Plan. I need to know these plans are any type of IRA, like a SEP-IRA, SIMPLE IRA, etc. I want to open a Traditional IRA, so I need to know whether the above plans go in the "pro rata rule" on IRAs.
Number of replies posted  3 replies      Number of times viewed  36 views      Add Reply, Inc.
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