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Message Boards Digest

August 26, 2019

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

Pammie57 created a topic in Retirement Plans in General

Forms and Notices for Participants -- When Can They Be Provided Electronically?

A client has sent me this message.

"Has there been any changes to 401K regulations that would allow us to upload our 401K documents (attached) to our eSELFSERVE site for access instead of providing hard copies?

  • Summary Plan Descriptions
  • QDIA Notice
  • Enrollment Form

eSELFSERVE is accessible on mobile phones. We use for all our benefits (medical, etc). In the past we were told that unless the associate had a work email, we should print (27 pages +). Please advise."

Any help or cites would be great! Thanks!

Number of replies posted  2 replies      Number of times viewed  70 views      Add Reply
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JustnERPA created a topic in Mergers and Acquisitions

File Form 5310 When Merging Into Another Plan?

Suppose Plan A merges into Plan Z. Plan A files a Final 5500 and shows the transfer amounts to Plan Z. Also suppose Plan A uses a pre-approved document. Can Plan A file a Form 5310 to get a determination for its final year?

Number of replies posted  0 replies      Number of times viewed  24 views      Add Reply

TPABob created a topic in 401(k) Plans

Summary Annual Report and the 'Right to Receive Benefits'

We use ftwilliam.com to produce our 5500's and Summary Annual Reports. In the General Information section of the SAR checklist, question 5 asks "Have all participants earned the right to receive benefits?" If you answer yes, it removes the "although not all of these persons had yet earned the right to receive benefits" language. We're not sure how to answer this from a defined contribution plan perspective. Is this tied to whether or not everyone is fully vested, whether or not everyone is entitled to take a distribution from the plan, whether or not all of the participants listed in the count earlier in the sentence have a balance, or some combination thereof? If it's tied to whether or not everyone is entitled to actually take a distribution, it seems like there would be very limited circumstances when you would not include the language. It's interesting that ftwilliam.com gives the option to include or exclude this language when the model notice in the DOL reg (section 2520.104b-10) hard codes the language (i.e., doesn't provide for alternative language or qualify when you would or wouldn't use it like it does for other parts of the notice). I'm inclined to just follow the model notice and include the language in all cases, but I'm curious as to what criteria others are using to determine how to answer this question?

Number of replies posted  4 replies      Number of times viewed  71 views      Add Reply

Terry Frick created a topic in Qualified Domestic Relations Orders (QDROs)

QDRO Approved by Plan Administrator Three Years Ago But Still Not in Pay Status

I have a QDRO that has been submitted to Plan Administrator and was approved as a good QDRO and mailed back to my Attorney as well as the defense in April of 2016. It needed the signature of the Judge and while it was held by the Defense attorney stating he thought it had a lot of errors in it and needed some questions answered. I have over the 3 years with proof of it, asked for this QDRO to be signed. Court ordered in August 2018, for it to be signed and we had 60 days. Now that I sent a letter last week to my Union asking AGAIN about the 18 month rule and that I wanted this rule to be explained and then acted on as I am financially not able to hire any more attorneys to fight the defense but found that maybe the DOL could help and if that would help to get this QDRO released and pay us. NOW, a new QDRO was submitted August 20, 2019 and approved but I asked for only a date change not a new QDRO which states exactly word for word the same thing as the QDRO that has already been approved by the plan administrator. This is a 401(a) Money Purchase Plan. Is this right or should I get some help?

Number of replies posted  0 replies      Number of times viewed  40 views      Add Reply

ratherbereading created a topic in 401(k) Plans

Employee Wants to Become an Independent Contractor

The office manager in a plan I administer (profit sharing/3% safe harbor) wants to become an independent contractor paid via a 1099 instead of a W-2 employee. Nothing in her job would change, just the way she is paid. I know this would make her no longer an employee, and she would no longer be able to participate in the plan, but I'm not sure how to advise her on the myriad of other things it could affect. She's also the HR person, so I can't refer her to the HR dept.

Number of replies posted  9 replies      Number of times viewed  55 views      Add Reply
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