Message Boards Digest

April 22, 2020

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

Ian created a topic in 401(k) Plans

SECURE Act -- Annuity Portability

"The SECURE Act allows employees with 401(k) annuities the opportunity to preserve the annuity if the plan sponsor changes providers or eliminates the option altogether. Employees can do a direct transfer to an IRA or another plan that accepts the annuity. Or, it can do an in-kind distribution. The first option would be tax-free, but what about the second?"

1 reply   |    52 views   |    Add Reply

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TPApril created a topic in 401(k) Plans

Can Safe Harbor Contributions Be Stopped for HCEs?

"Due to current economic hardships, plan sponsor would like to refrain from making safe harbor contributions for the HCEs (all are family member-owners) for the prior plan year. Is this possible? They'd also like to stop current year safe harbor contributions for themselves."

2 replies   |    55 views   |    Add Reply

JOH created a topic in Health Savings Accounts (HSAs)

Extension for 5498-SA Reporting?

"Has anyone heard that 5498-SA filing deadline has been pushed to August 31? The only thing I know if that Notice 2020-23 extending the filing and contribution date to July 15. We have an HSA sponsoring saying their filing deadline was extended to August 31."

3 replies   |    39 views   |    Add Reply

Peter Gulia created a topic in Operating a TPA or Consulting Firm

More Money for Paycheck Protection Program: Text of Legislation

Here's the text of the Senate-passed bill:

(sign-in is needed in order to view the attachment)

0 replies   |    35 views   |    Add Reply

Belgarath created a topic in Retirement Plans in General

Apply Forfeitures in 2020 to Employer Contribution for 2019?

"Profit sharing plan. Forfeitures can pay expenses or be used to reduce employer's contribution. Forfeitures are NOT reallocated. Participant terminates in 2020, receives full distribution, so forfeiture occurs during 2020, for the 2020 plan year. Can this forfeiture be used to reduce the 2019 plan year profit sharing contribution deposit that is made in 2020? Looking out at the snow blowing by the window is freezing my brain."

4 replies   |    50 views   |    Add Reply

justatester created a topic in 401(k) Plans

SHNEC and Additional Employer Contribution

"Plan makes a 3% SHNEC contribution -- all employees receive contribution. Plan makes a 4% ER PS contribution, which has a last day/hours requirement. Not all employees receive.

For 410(b), it is my understanding that all ER contributions must be tested together. Since all ees are not receiving the same allocation rate (due to last day/hours), this triggers the need for a 401(a)(4) rate group test. In reading through the EOB, it seems that if you can pass 410(b) on each source separately, then you are ok. What is the best approach to solving this? You need to run the 410b on an aggregated basis, but then run separately to satisfy the rate group? Or do you aggregate and go to rate group testing? How do these rules come into plan when you have a ER PS allocation and a Top Heavy minimum? Example: ER has 1000 hours/ last day. Employee is employed on last day, but does not met hours. This EE receives a Top Heavy min contribution of 3%, but not the ER allocation is 4%. Does the same logic apply to this situation as it does to the SHNEC/ER allocation?"

3 replies   |    47 views   |    Add Reply

CRBarnard created a topic in Retirement Plans in General

CRD from Our Plan for Participant's Layoff from Subsequent Employer

"A former participant left our client for non-COVID-19 related reasons. She then started working for another company. The other company just laid her off. Can she now seek a distribution from our client's plan because she's been laid off from the other company?"

6 replies   |    49 views   |    Add Reply

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