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BenefitsLink
Message Boards Digest
November 12, 2018
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Here are the most recently added topics on the BenefitsLink Message Boards:
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Santo Gold created a topic in Distributions and Loans, Other than QDROs
We are the TPA firm for an ERISA 403b that has assets with a well known recordkeeper. Plan sponsor has an unbundled service agreement with the recordkeeper. We have a terminated participant who will be due an RMD by 12/31/18 and we're being told that only the participant can request the RMD. Not the TPA, not the plan sponsor. But if the RMD is missed, it is the plan sponsor who is responsible and liable for the missed RMD, correct? If the RMD is missed because the participant either intentionally or unintentionally does not request the RMD, but the plan sponsor requests it, is the plan sponsor still liable? Is the answer different because this is a 403b plan?
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[Advert.]
We'll look at Findley's PlanTerm™ Financial Modeler, how to prepare the participant data needed, and tips to build consensus among stakeholders. Register now for this December 5 webinar.
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Lois Baker created a topic in 401(k) Plans
Proposed regs released for Hardship Withdrawal changes made by TCJA and BBA2018. Also includes relaxed rules for those affected by Hurricanes Florence and Michael. https://benefitslink.com/newsletters/2018/2018_11_09_retirement_bulletin.html
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austin3515 created a topic in 401(k) Plans
Plan has up to ~12% profit sharing (after integrating w/SS) plus a 6% matching contribution. As a result, after taking into account 401(k) contributions, a handful of participants each year will require a portion of their 401k refunded. 4.04 of EPCRS states: "A plan that provides for elective deferrals and nonelective employer contributions that are not matching contributions is not treated as failing to have established practices and procedures to prevent the occurrence of a section 415(c) violation in the case of a plan under which excess annual additions under section 415(c) are regularly corrected by return of elective deferrals to the affected employee within 9½ months after the end of the plan's limitation year." So I'm OK with the policy, correct?
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Lindsay created a topic in Employee Stock Ownership Plans (ESOPs)
The company is being sold with lots of Unallocated shares in the ESOP. What happens to them? Are they divided up among the participants? Or do the new owners decide?
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kshawbenefits created a topic in 401(k) Plans
Should an investment committee have a special process for adding a target-date fund to a 401k lineup, and possibly using it as the QDIA? A client is being told that it should take the extra step of having its investment committee interview the managers of the target-date funds under consideration. I hadn't heard this before.
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AdKu created a topic in Defined Benefit Plans, Including Cash Balance
We are using Relius software. Please help me how to pull from Relius (or direct me where/how to find it) the APR at age 65 if the actuarial assumptions are: Pre-retirement 7% interest; Post-retirement 5% interest, and the 1994 Group Annuity Mortality without setback.
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BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146
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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
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