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Message Boards Digest

November 20, 2019

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

BG5150 created a topic in 401(k) Plans

Provision for Distribution from Partially-Vested Account -- A Protected BRF?

"We have a bunch of plans that allow in-service and/or partial withdrawals fall all accounts, whether or not they are fully vested. Can we amend those plans to allow in-service or partial withdrawals only for fully vested accounts? Would that be a prohibited cutback of a 'benefit, right or feature?'"

Number of replies posted  0 replies      Number of times viewed  26 views      Add Reply

mefrancis1729 created a topic in Distributions and Loans, Other than QDROs

Annuity Purchased for Participant -- 1099-R Still Needed?

"If a plan purchases an annuity for a participant to remove them from the plan, does the plan still have to issue a 1099-R? Would it show the annuity purchase amount and that it was not taxable? I know the annuity company will issue a 1099-R for the payments the participant receives, but what about on the plan's side?"

Number of replies posted  6 replies      Number of times viewed  62 views      Add Reply

AlbanyConsultant created a topic in Distributions and Loans, Other than QDROs

Participant Dies Before Depositing Distribution Check

"Participant requests a lump sum cash distribution payable to herself. It gets overnighted to her and received, but she dies before depositing it or cashing it or whatever transaction she was going to do. The participant's son wants to deposit it into the participant's checking account to make it part of the estate. The plan beneficiary (who is the late participant's mother) wants to have the whole transaction stopped and re-processed, arguing that since the check wasn't cashed yet, those are still plan assets and therefore the payment should now go to her as beneficiary. So I guess this really comes down to when are the assets considered paid out from the plan -- when the check is cut from the recordkeeper (which is what it shows when you log into the RK's website), or when the check is cashed?"

Number of replies posted  4 replies      Number of times viewed  69 views      Add Reply

Mr401k created a topic in 401(k) Plans

Deadline for Profit Sharing If Short Plan Year Follows

"Plan year has been April 1 - March 31 for some time, but is then amended for PYE Dec. 31. One plan year ended March 31, 2019. The next plan year will be short one, ending December 31, 2019. For PYE 3/31/2019, what's the deadline for depositing a profit sharing contribution? Does it need to take place by 12/31/2019 (i.e., the last day of the following/short plan year)? Or does the sponsor have a full 12 months (until March 31, 2020)? My question is only about the allowed timing, not about deductibility, comp, or limits on amounts."

Number of replies posted  0 replies      Number of times viewed  25 views      Add Reply

bruce71 created a topic in Investment Issues (Including Self-Directed)

Disclosre of Escheatment to Named Beneficiaries

"If you have a Savings Account and there has been established a beneficiary, then I have the possibility to change the beneficiary while this is an active account at the bank. But if the money has been escheated, how do I reclaim the money without the benificiary getting to know that I'm reclaiming the money? Can I change beneficiary while the account is in an escheated state?"

Number of replies posted  0 replies      Number of times viewed  21 views      Add Reply

austin3515 created a topic in 401(k) Plans

Relius Documents -- Spanish Notices?

"Does anyone know if Relius Documents can prepare notices in Spanish?"

Number of replies posted  4 replies      Number of times viewed  27 views      Add Reply

KevinMc created a topic in 401(k) Plans

Entry Date Following Completion of 1,000 Hours of Service

"Prototype document's service requirement for elective deferrals/profit sharing is the completion of 1 year of eligibility service. Hours of service necessary for a year of eligibility service = 1,000. Does this mean they must work a year with at least 1,000 hours and then they enter the plan on the next entry date, or can they enter on the next entry date once they complete 1,000 hours even if it's not yet been a full year?"

Number of replies posted  2 replies      Number of times viewed  46 views      Add Reply

KevinMc created a topic in 401(k) Plans

Terminated Participants Become 100% Vested Upon Subsequent Plan Termination?

"If a profit sharing plan terminates do all participants become 100% vested (even terminated participants)?"

Number of replies posted  3 replies      Number of times viewed  48 views      Add Reply
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