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Message Boards Digest

March 19, 2019

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

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52626 created a topic in Retirement Plans in General

Money Purchase Distribution at Employment Termination: Spousal Consent Needed Again?

Employer has a Money Purchase Plan. Participant named her children as her primary beneficiary and the spouse consented to waiving his rights. The employee has now terminated and wants to take a distribution. Does the participant's spouse have to consent to the payment? Since he waived his rights when he signed the beneficiary form, does he still have to consent to the distribution? I am thinking the beneficiary waiver does not apply when a distribution is requested.
Number of replies posted  4 replies      Number of times viewed  60 views      Add Reply
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Dougsbpc created a topic in 403(b) Plans, Accounts or Annuities

HCE Definition: What If No HCEs in Lookback Year?

I see a 403(b) plan document that allows for cross testing. The definition of Highly Compensated Employee refers to any employee who earned in excess of $120k in the lookback year. What if no employee earned in excess of $120k in the lookback year? Thanks.
Number of replies posted  2 replies      Number of times viewed  41 views      Add Reply
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cheersmate created a topic in 401(k) Plans

ACA Premium Refunds Count as 'Compensation'?

When an employer's group medical plan does not utilize at least 80% of the premiums for healthcare in a given year, the insurance company must provide a "refund" to the employer. This "refund" is then allocated to those employees who paid insurance premiums, and it is reported as taxable income on W2. Is this "refund" received by the employee included in plan compensation the year the refund is received? The particular plan uses 415 Comp excluding reimbursements or other expense allowances, fringe benefits (cash or non-cash), moving expenses, deferred compensation (other than certain deferrals above) and welfare benefits.
Number of replies posted  1 reply      Number of times viewed  29 views      Add Reply
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AdKu created a topic in Defined Benefit Plans, Including Cash Balance

CEO Can Sign PBGC Form 500?

Can the CEO of a company sign PBGC Form 500 Filing in the Plan Administrator line for a Standard Termination Notice Single-Employer Plan Termination? If this were Form 5500, I believe the answer would be yes under normal circumstances. (A CEO of a company can sign the Form 5500 representing the employer as long as the stated plan administrator is the employer in the plan document.)
Number of replies posted  0 replies      Number of times viewed  21 views      Add Reply
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Pat Crum created a topic in Retirement Plans in General

K-1 Income from Another Partnership

The client is a small medical practice. It's an LLC taxed as a partnership. The partners have entered into an arrangement with a large medical group which is also an LLC taxed as a partnership. For 2018 each partner received guaranteed payments from the large medical group. The guaranteed payments equal the amount of self-employment earnings in box 14 of the large group K-1s. Can those earnings be treated as part of each partner's compensation for the small medical practice's money purchase plan? (The large plan has its own plan that the small practice will be affiliated with in 2020.)
Number of replies posted  0 replies      Number of times viewed  18 views      Add Reply
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Fiduciary Guidance Counsel created a topic in Retirement Plans in General

Post-NRA Employee Now Works Only One Month Per Year: Retired or Not?

An employer maintains a retirement plan that provides no involuntary distribution except as required to meet Internal Revenue Code Section 401(a)(9). The employer has a non-owner worker, older than 71, who works in only one month of each year. The work is real, not a subterfuge. Should the employer/administrator treat that worker as 'retired' to compel a minimum distribution? Why or why not? Does it matter whether the worker is or isn't available to work in the other eleven months (if the employer wanted services of the kind the worker performs)?
Number of replies posted  8 replies      Number of times viewed  79 views      Add Reply
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