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Message Boards Digest

April 10, 2020

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

thepensionmaven created a topic in 401(k) Plans

No Relief from 30-Day Required Notice Before Stopping Safe Harbor Nonelective Contributions?

"Client has a safe harbor non-elective 401(k) stand-alone. You'd think DOL would offer some sort of relief, like 'due to COVID-19, employers can elect to stop SHNE contributions' without a 30-day notice (because a notice was not required for 2020 anyway), and all employees would know why. Also, if the client stops the SHNE, thus required to ADP test from the beginning of the year though the date the contribution ceases, obviously the plan would fail ADP. Isn't the purpose of the SH contribution to avoid any testing issues."

10 replies   |    92 views   |    Add Reply

Lou81 created a topic in 401(k) Plans

Limit Cornonavirus Related Distributions to Fully Vested Sources?

"If the plan allows for Coronavirus related distributions, can it limit the distribution to be from only sources that are fully vested?"

1 reply   |    50 views   |    Add Reply

Arlene Schemm created a topic in IRAs and Roth IRAs

How to Report 2019 IRA RMDs on Form 5498?

"Because RMDs are suspended under the CARES Act, what does that mean for the Form 5498 reporting? We've provided IRA owners Forms 5498 in January showing RMD amounts in boxes 11, 12a & 12b. But we're not required to file 5498s with the IRS until 6/1/2020. Should those amounts be zeroed out prior to submitting to the IRS because an RMD is no longer required (even if the taxpayer already received their RMD notice)?"

0 replies   |    17 views   |    Add Reply

Cynchbeast created a topic in Retirement Plans in General

Repayments Under COVID-19 Related Loans

"I am unclear when repayments must begin for a new COVID-19 related loan. In another discussions, EBECatty said the Act provides that 'In the case of a qualified individual with an outstanding loan (on or after the date of the enactment of this ACT)' -- which SUGGESTS that this applies even to new loans (because they would be outstanding after 03/27/20).

  • Is this specifically addressed, or just one person's interpretation?
  • When writing a new loan, when do we make the first payment due? Same as normal, 1 year later, or perhaps some other date at the participant's choosing? Up to a year later?"
1 reply   |    47 views   |    Add Reply

Mikefern created a topic in 401(k) Plans

Employer Never Contributed My Wife's Deferrals -- Can She Force Plan to Make Matching Contributions?

"My wife has been enrolled in her employer's 401k for 5 years. She just realized they they have never deducted from her checks nor made contributions during that time. The 401k is active but her employer states it is not. We’ve come to learn her employer never gave her name to the payroll department of the 401k company. Is she entitled to a match even though they never took money out of her paychecks? She enrolled in a 4% deduction in order to get a 3.5% match. We are willing to deposit money to get the match."

8 replies   |    129 views   |    Add Reply
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