Message Boards Digest

July 24, 2019

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

katieinny created a topic in IRAs and Roth IRAs

Can the Uniform Life Table Be Used Under Age 70-1/2?

An IRA holder is age 66. His siblings are his beneficiaries (he is not married). He wants to start taking life expectancy distributions, but I noticed that the Uniform Life Table starts at age 70. Must he use the single life table to determine life expectancy distributions?
Number of replies posted  4 replies      Number of times viewed  48 views      Add Reply

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BG5150 created a topic in 401(k) Plans

Safe Harbor Plan Adopted Mid-Year; Retroactively Extend Effective Date to January 1, 2019?

We have a SH plan that was effective 5/1/2019. We generally write plans with a full initial year, but this one slipped through the cracks. Can we amend the plan to be effective 1/1/19 (with a deferral start date of 5/1)? Could I interpret this as an allowable amendment because it is increasing the SH benefit (12 months of compensation compared to eight)?
Number of replies posted  1 reply      Number of times viewed  33 views      Add Reply

Christopher Wilson created a topic in 401(k) Plans

Using the 'Check Mark Column' on Form 8955-SSA

Should the check mark column after the participant's last name on Form 8955-SSA be checked if one does not verify that the name being reported matches the name on the participant's Social Security card, or is the check mark column to only be used for the two stated reasons? Is an "unverified" name considered to be part of an incomplete record? Line 9, column (c):
Enter each participant's name exactly as it appears on the participant's social security card. Do not enter periods; however, initials, if on the social security card, are permitted." After the last name column, there is a check mark column. "Check the box for each participant whose information is based on incomplete records. Information for a participant may be based on incomplete records where more than one employer contributes to the plan and the records at the end of the plan year are incomplete regarding the participant's service. Check the box next to a participant's name if: [1] The amount of the participant's vested benefit is based on records which are incomplete as to the participant's covered service (or other relevant service), or [2] The plan administrator is unable to determine from the records of the participant's service if the participant is vested in any deferred retirement benefit but there is a significant likelihood that the participant is vested in such a benefit. See Regulations section 1.6057-1(b)(3).
Number of replies posted  2 replies      Number of times viewed  36 views      Add Reply

RP created a topic in 401(k) Plans

401(k) Eligibility Questions from a Small Employer

I have/had two employees, one (employee A) has been with me for four years and quit in June; another (employee B) will have been with me for 3 years in August. [1] I have only just been made aware of the 401k rules, and it seems as if I should have made a plan available to employee A. What do I do now that he has quit? Am I liable for any past payments? [2] I have spoken to employee B, and he says he would rather have the money in his pocket than in a 401k (in other words, opting out). I've told him that I will give him the amount of what his contribution would be as a pay raise but not my matchable amount, unless he agrees to the 401k rules and signs up. Is that allowed? Does he have to sign up?
Number of replies posted  2 replies      Number of times viewed  47 views      Add Reply

MEF created a topic in Governmental Plans

Medical Evaluation Process for Disability: How Do Other Employers Do It?

We're a governmental employer and we're now reviewing our medical evaluation process for assessing disability benefit applicants, and we would appreciate feedback from other jurisdictions regarding their practices. Does a third party manage the evaluation process or a panel of doctors? If a panel of doctors oversees the process, how many serve on your panel? What is your method of compensation (flat monthly amount, paid per case)?
Number of replies posted  0 replies      Number of times viewed  27 views      Add Reply, Inc.
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