Message Boards Digest

April 9, 2020

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

DDB BN created a topic in 401(k) Plans

S Corp filed return and wants to file an amended return

"Received this question from a CPA: "An S Corporation filed their tax return by the 3/16/2020 deadline, and now has decided that they want to amend their tax return. The amendment would make an accrual and contribution to their retirement plan. I know they were supposed to put their tax return on extension for making this contribution, but I'm wondering just how bad it would be if they did this anyway? I think if the IRS did an audit and the payment wasn't paid by the deadline including extensions, then they can disallow the deduction, so in that sense they will be rolling the dice with the IRS, but are there other issues, perhaps fiduciary liability issues, that I should make the client aware of?""
2 replies   |    71 views   |    Add Reply

Cynchbeast created a topic in Retirement Plans in General

COVID-19 Related Withdrawals from DB Plans?

"Are penalty-free COVID-19 related withdrawals allowed for DB plans?"

1 reply   |    55 views   |    Add Reply

K-t-F created a topic in Retirement Plans in General

Gold as Investment -- Must It Be Held by a Custodian?

"A single member plan participant would like to invest in gold. In an IRA the rule is that the gold must be held by a custodian. Is that the same for qualified retirement plans? This single member 'solo' plan participant wants to invest, for example, in Canadian Maple Leafs, and wants to keep them in his safe deposit box."

7 replies   |    84 views   |    Add Reply

Stoest219 created a topic in Health Savings Accounts (HSAs)

My HSA Money Was Sent Back to Previous Employer

"I tried to use my HSA credit card and it was declined. I logged into my HSA manager website only to see that >$5K had been transferred out of my account, reducing the balance to zero. When I called them they said that it was a use it or lose it situation and they sent it back to my previous employer, company A. I had worked for company A for a long time until April 2019 when my job was sold to company B and a new HSA was started. I remember getting the option to transfer the old HSA to the new one but didn't see any point in that since I had a card for the original HSA and everything had always been fine.

I don't believe I received any notice about this and I thought that this was my money and they had no right to do anything with it not directed by me. I've put in a call to company A HR but who knows how long that will take these days and I wanted to try and understand as much as I can about what has happened before I talk to them. My HSA management company that did the transfer just says I have no balance so they can't help me. I said they can't just give my money to whoever they want but apparently they can.

I just retired and was counting on that money for medical expenses and still can't understand how they can just give it back to my employer. If anyone has any ideas how to determine if they did something wrong or were withing their rights I'd appreciate hearing about that."

0 replies   |    33 views   |    Add Reply

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

COVID-19 Tax Relief When Plan Does Not Choose COVID-19 Options

"Now that most of the recordkeepers we work with have put together their strategy for handling CARES Act provisions, I'm wondering how other TPAs are handling situations in which the plan does not want to adopt the CARES Act provisions, but a participant would otherwise qualify for the tax relief on a distribution that is permitted under the plan?

Hopefully I'm just not thinking this through properly and it is not even a problem. But I just heard from one of our recordkeeper partners that if the plan does not complete their "opt-in" form, we are not able to use their CRD distribution form.

So let's say the plan allows for in-service distributions at age 59-1/2. A participant, age 60, has work hours reduced and would be a qualified individual. The participant requests an in-service distribution under the current plan terms. If we can't use the recordkeeper's new CRD form, I'm assuming the distribution would be processed as a distribution eligible for rollover with 20% withholding. Also, for some of our clients we prepare the distribution package that includes the recordkeeper's election form.

If other TPAs are doing the same, are you now putting both a regular election form and a CRD form in the package with instructions for completing the proper form based on qualified status? Or are you trying to determine the status before sending the forms?"

15 replies   |    62 views   |    Add Reply

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