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Message Boards Digest

October 12, 2018

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

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kmhaab created a topic in 457 Plans

Consolidation of 457(b) Vendors: Restrictions? Notices Required?

Plan sponsor wants to reduce number of active investment vendors under the 457(b) plan from 5 to 3. They will close the 2 discontinued investment vehicles to new contributions, but will allow participants to keep their current balances in those investment vehicles (for now). Going forward, new contributions may only be made to the 3 remaining vendors. I can't find anything under federal, state or relevant local law that governs these changes or addresses any participant notice or timing requirements). Other than any potential collective bargaining agreements, am I missing anything? Is there a required notice period?
Number of replies posted  1 reply      Number of times viewed  24 views      Add Reply
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Chaz created a topic in Health Plans (Including ACA, COBRA, HIPAA)

Late Filing of Forms 1094-C and 1095-C

Does anyone have any thoughts on what the likelihood is that the IRS will assess penalties under Code Section 6721 on a hypothetical ALE that failed (for no reason other than a lack of knowledge of the requirement) to timely file with the IRS Forms 1094-B and/or 1095-C for 2016?
Number of replies posted  0 replies      Number of times viewed  11 views      Add Reply
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AJC created a topic in 401(k) Plans

RMD Based on Value of Life Insurance in 401(k) Plan

When calculating the Age 70‑1/25 Required Minimum Distribution on a participant account holding a life insurance policy, regarding the life insurance policy, does the RMD calculation include the value of the death benefit, does it use the cash value for the calculation, or does it include both?
Number of replies posted  4 replies      Number of times viewed  49 views      Add Reply
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dmb created a topic in Cross-Tested Plans

Excluding Union Employees from Testing if Benefiting Under Different Formula

I'm looking at a plan with pro-rata allocation. Plan includes both union and non-union employees. Employer is considering giving different allocations to union and non-union. If union employees are eligible for plan and allocation, can they still be excluded from 410(b) and 401(a)(4) as statutory exclusions?
Number of replies posted  1 reply      Number of times viewed  42 views      Add Reply
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ESOP Guy created a topic in Retirement Plans in General

SARs and SPDs Required in Spanish?

I am being asked if there is a legal requirement to produce notices in Spanish or other languages for people whose primary language isn't English. Mind you the client agrees it is a good idea and is trying to get translations done. They just want to know if there is a requirement and if so which notices.
Number of replies posted  1 reply      Number of times viewed  32 views      Add Reply
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Cynchbeast created a topic in Retirement Plans in General

Form 5500 Now Requires MyPAA Confirmation Number for PBGC-Covered Plans

5500s now ask for a MyPAA confirmation number for plans covered by PBGC. What do you do if the plan is covered but you have no confirmation number? What if you check "Not Determined"? What if you force it through EFAST -- will it accept it?
Number of replies posted  1 reply      Number of times viewed  24 views      Add Reply
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Chippy created a topic in 401(k) Plans

Late Deposits: Self Correction and Form 5330

Employer had two late deposits during 2017. If they correct it on their own, and deposit lost earnings, are they required to file a Form 5330 with the excise tax?
Number of replies posted  2 replies      Number of times viewed  34 views      Add Reply
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tuni88 created a topic in Defined Benefit Plans, Including Cash Balance

Sunrise, Sunset... Wondering About the Many Pension Relief Rules

When will each of the recent pension relief rules we've been living under (MAP21, HATFA, etc.) expire? Will it be a big deal?
Number of replies posted  3 replies      Number of times viewed  35 views      Add Reply
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jennintenn created a topic in Plan Document Amendments

Implementation of New Hardship Rules

Is anybody going to apply the new hardship rules January 1, 2019 or are you waiting for IRS guidance? Our relationship managers are pushing to implement January 1 and our document provider (FTW) is not going to update the document until the IRS issues guidance. Fidelity is implementing January [1] What are other document providers like ASC, R.A., etc. doing?
Number of replies posted  1 reply      Number of times viewed  33 views      Add Reply
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