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Message Boards Digest

January 24, 2020

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

Lorraine Steinberg created a topic in Cross-Tested Plans

Using Integrated Formula on Cross-Tested Plan

"I have a 3% SH cross-tested profit sharing plan that seems to work best at this time using an integrated allocation method. Is it mandatory to use the full taxable wage base as the integration level?"

Number of replies posted  6 replies      Number of times viewed  76 views      Add Reply

nancy created a topic in 401(k) Plans

Correction of Excess Annual Additions Due to Combination of Employer Contributions, Roth Contributions, and Salary Deferrals

"I have a participant who exceeded the $56,000 limit in 2019 due to employer contributions. He made both Roth and pre-tax deferrals for a total of $19,000. Does the refund of the deferrals need to be prorata or can he elect to have the Roth distributed? This is his first Roth year so the earnings would be taxable."

Number of replies posted  3 replies      Number of times viewed  55 views      Add Reply

Dobber created a topic in IRAs and Roth IRAs

Inherited IRAs After the SECURE Act

"An IRA inherited by a non EDB is subject to a 10-year payout, after the SECURE Act. Before the Act, an IRA inherited by a DB can stretch based of life-expectancy. All successor beneficiaries that inherit an IRA on or after 1/1/2020 are now subject to the 10-year payout. What about a successor beneficiary -- dDoes the 10-year payout start fresh when the successor beneficiary becomes the payee? Or is that person only eligible to stretch the remaining distributions over what's left of the original beneficiary's 10-year payout?"

Number of replies posted  1 reply      Number of times viewed  13 views      Add Reply

Dobber created a topic in Governmental Plans

Effective Date of SECURE Act to Post-Death RMDs from Governmental Plans

"What is the effective date for the new post-death payout rules for 403(b) and 457 plans? The SECURE Act says that government plans have a delayed effective date of January 1, 2022  but I've also ready that the delayed date applies to Section 414(d) plans and 403b/457 plans. Which is correct? Assuming the delay applies to 403(b) plans, would it essentially apply only to government-sponsored 403(b) plans (i.e., school districts)?"

Number of replies posted  0 replies      Number of times viewed  16 views      Add Reply

BKadmin created a topic in Operating a TPA or Consulting Firm

Applying Salaried-Only Eligibility Requirements to Hourly Employee Who Is Promoted to Salaried Position

"We have a takeover plan for a fast food chain. The Plan only covers salaried employees. Eligibility requirements: Salaried, age 21, 1,000 hours. John Doe, age 36, has worked with the restaurant for 2 years, and is promoted from hourly to salary. Does he need to complete the service requirement as if he were a 'new' employee? If so, is his hire date the promotion date?"

Number of replies posted  1 reply      Number of times viewed  12 views      Add Reply

KevinMc created a topic in 401(k) Plans

UBTI on Qualified Plan Asset

"Does the unrelated business income tax affect shares owned by an accredited investor/participant in a limited partnership inside his qualified plan? Does the result automatically make the gains in the investment taxable even though held in a qualified plan?"

Number of replies posted  2 replies      Number of times viewed  24 views      Add Reply

mariemonroe created a topic in Correction of Plan Defects

Consequences of Prohibited Transaction in IRA

"Is there ANY correction for this or does the IRA simply cease to be tax-exempt?"

Number of replies posted  1 reply      Number of times viewed  25 views      Add Reply
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