Message Boards Digest

February 19, 2019

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

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JustnERPA created a topic in 401(k) Plans

Plan Sponsors Get Notice of Class Action Settlement

A couple of our plan sponsors received notices that their plan is one of the settlement class members covered by some class action against a bank. The period covers some foreign transaction fees from 1997 to January 2019. If they do nothing, it explains that a small percentage of the settlement may be sent to them, if the court approves. Does this mean that years from now, the plan fiduciaries will receive some small check to allocate to participants to offset expenses paid by the plan from 1997 to January 2019? Would it be better to just write back asking to be excluded from the settlement? Or would that be a fiduciary breach?
Number of replies posted  6 replies      Number of times viewed  97 views      Add Reply

2019 SPARK National Conference -- June 4-5, Falls Church, VA

Sponsored by SPARK
The retirement services industry's leading event for top marketing, sales, administration and record keeping professionals. Comprehensive agenda is designed to meet the needs of 401(k) Plan Providers, Financial Advisors and Record Keepers.
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mehmgo created a topic in 401(k) Plans

ADP and ACP Testing If Safe Harbor Match Stopped Mid-Year

We have a calendar year plan that had an employer matching safe harbor contribution for 2018. They stopped the safe harbor match as of 11/15/18. Does the ADP and ACP test need to cover only the period from 11/16/18 -- 12/31/18, or does it need to pass the tests for the whole year?
Number of replies posted  1 reply      Number of times viewed  25 views      Add Reply, Inc.
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