Message Boards Digest

January 8, 2019

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

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CLE401kGuy created a topic in 401(k) Plans

Missed Disclosure to Participants on Change in Investment Options

A 401k plan converted from one investment product to another product with the same recordkeeper. A couple, but not all, funds in the plan's core lineup changed and the account number changed. Discovered that the notice to the participants announcing the change was not delivered. Is the fix to forward the notice now to communicate the change? What other correction would/should be made?
Number of replies posted  1 reply      Number of times viewed  45 views      Add Reply

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

Incorrect Trustee Named in Plan Document

Is it a plan failure requiring correction if the wrong Trustee was named in the plan document? Adoption Agreement lists the Board of Directors of the plan sponsor as the Trustee, but they actually hired a corporate Trustee several years ago. There is a trust agreement in place naming the corporate trustee. The Adoption Agreement explicitly states that a plan amendment is not necessary to change the information in Trustee section of the agreement.
Number of replies posted  2 replies      Number of times viewed  52 views      Add Reply
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Thornton created a topic in Qualified Domestic Relations Orders (QDROs)

Drafting a QDRO for Benefit in Pay Status from a Union Plan

I've been drafting QDROs for several years for family law attorneys. I am working on my first multiemployer Plan (Carpenters' Union) QDRO. This is my first QDRO with the participant in payment status. The monthly benefit is $3,610.64 (disability) for the lifetime of the Participant with a 75% survivor benefit to the surviving spouse. The Marital Settlement Agreement provides that the monthly benefit is to divided equally. Since the annuity election can rarely be changed, how much does the Alternate Payee receive?

[1] $3,610.64/2 = $1,805.32?

[2] 50% of the gross monthly benefit as if the participant had elected a Single Life Annuity? This would provide the AP any possible cost of living increases, etc., but could change the amount of the payment to something other than $1,805.32.

[3] If #2 is chosen, what protections can be provided for the AP if the participant predeceases her?

[4] Single employer plans are qualified under IRC 401. Is this also true for multiemployer plans? The sample QDRO from the union doesn't really address this.

Number of replies posted  4 replies      Number of times viewed  54 views      Add Reply, Inc.
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