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BenefitsLink
Message Boards Digest
April 21, 2020
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Here are the most recently added topics on the BenefitsLink Message Boards:
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Jodi created a topic in 401(k) Plans
"Has anyone seen anything about plan audit relief? I have a client that cannot afford their plan audit right now. Restaurant group. I haven't seen anything yet. May tell them to work with their auditors for some relief."
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Minutiae or not? created a topic in Defined Benefit Plans, Including Cash Balance
"I'm reviewing a GAAP valuation report whose signature block for years states that the actuary is an EA. There's nothing wrong with that -- after all, some of my best friends are an EA. On checking the credentials I found that the person is also an ASA (with other related and very impressive credentials) .What I am struggling with is why the signor doesn't include the ASA designation in the signature block. (The person is still active and in good standing). Any ideas or suggestions as to be on the lookout for hidden land mines?"
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52626 created a topic in 401(k) Plans
"Charged tips will be paid via W-2 wages. Participants are able to defer on these tips. The employer makes a Safe Harbor Match Contribution. They want to exclude tips from the definition of compensation for the safe harbor match. [1] Can tips be excluded from compensation for the Safe Harbor Match? [2] If yes, since the plan is safe harbor, this midyear amendment to change formula and definition of compensation is not allowed for 2020? [3] Because this would not meet the safe harbor definition of compensation, the plan would need to pass compensation test at year-end? Not a Top Heavy Plan."
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JMP created a topic in Retirement Plans in General
"I have a client who owns a Foreign Entity in Australia. The employer is Australian, but owns a residence and lives in Manhattan. The employer does not have a US Resident Alien SSN. How can they not have one of these, but have a US payroll bank account? The Employer has 2 US citizens and would like to establish a 401k plan for their US citizens to participate in. Over the next 12 months, they will be hiring 30-40 more US employees. So we are having a difficult time finding a platform for this type of client from a trustee perspective. Does anyone know what investment platform would allow for a Foreign Entity, with a US Residence, to be able to obtain approval as Plan trustee?"
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t.haley created a topic in Health Plans (Including ACA, COBRA, HIPAA)
"The FAQs issued on April 11 by the DOL state that health plans will be required to cover COVID-19 testing with no cost-sharing, etc. during the current declared public health emergency relating to COVID-19. A footnote states that this declared public health emergency is scheduled to end on April 25, 2020 unless extended. I have been unable to locate any information about an extension. Am I correct that, absent an extension, health plans may stop covering COVID-19 testing with no cost-sharing on April 26?"
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Here are the most recently posted jobs on EmployeeBenefitsJobs.com, a service of BenefitsLink:
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BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146
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Lois Baker, J.D., President loisbaker@benefitslink.com
David Rhett Baker, J.D., Editor and Publisher davebaker@benefitslink.com
Holly Horton, Business Manager hollyhorton@benefitslink.com
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