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Message Boards Digest

May 20, 2020

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

chibenefits created a topic in Employee Stock Ownership Plans (ESOPs)

Looking for ESOP Training for Attorneys; Comments on NCEO?

"I am an experienced benefits attorney but I haven't had much ESOP experience, and I need to develop this skill. I would welcome any opinions about the resources and webinars available through NCEO or any other organizations."

2 replies   |    34 views   |    Add Reply

AlbanyConsultant created a topic in 401(k) Plans

401(k) Funded by Employer and Not Fixed

"401(k) plan changed payroll providers at the beginning of 2019. For the first three payrolls of 2019, they accidentally keyed the employee deferral amounts into the company match line (not sure why that was even set up, since there isn't a match in the plan!). The plan sponsor 'fixed' this by taking the deferrals from the first two paychecks out of the third paycheck... but never took the next step of fixing the 'match' from the third paycheck. So the net effect is that there is a February 2019 payroll where the normal deferrals were paid by the employer. Since this was never fixed, the W-2s have the wrong amount, in the sense that they don't match the deposits, and also if you multiply the deferral election times the compensation, it's not right... but the W-2 does match what was deducted from compensation, so is it really wrong?

Most of the amounts in question are <$50 per person, though there are a couple that are about $100. What kind of correction should be made?

It seems like something needs to be done. In the plan, the participant is not short any money; in fact, it's the employer who is short about $2K overall. There is a profit sharing contribution to be done, but it's a set percentage (one of those few plans remaining) -- I could recommend that the excess for each participant offset their profit sharing, but I'm not sure that's OK since it was an employer error. It would feel that the employee would be losing out on the amount they should have in their account."

1 reply   |    42 views   |    Add Reply

Griswold created a topic in 401(k) Plans

Resources Finding an Old Basic Plan Document?

"Anyone have (or know where I can get) a copy of the basic plan document for the CitiStreet Associates LLC Prototype Non-Standardized 401(k) and Profit Sharing Plan #01? The form adoption agreement (all I have) is dated 2002."

0 replies   |    30 views   |    Add Reply

austin3515 created a topic in 403(b) Plans, Accounts or Annuities

403(b) for HCEs / 401(k) for NHCEs

"Can we have a policy that says if you are ever an HCE then you will always be part of the 403(b) and you will never go back to the 401(k)? The purpose would be to avoid people flipping back and forth between the two plans. I can't think of anything that would prevent it. I guess the only issue would be coverage. So if I have NHCEs not covered by the 401(k) plan, I need to pass a coverage test. But if we're talking about a larger organization where the NHCEs dramatically outnumber the HCEs (as happens to be the case on the inquiring client) that should be a non-issue."

1 reply   |    36 views   |    Add Reply

Cynchbeast created a topic in Retirement Plans in General

Husband/Wife Companies -- Controlled Group?

"We have a client (CA corporation) whose employees are only his wife and himself. They are real estate dealers. Wife owns 100% of a second company whose employees provide services for the husband's company. They were told by their accountant that in this way the employees wouldn't have to be covered by the plan. Is this a controlled group? I believe CA is a community property state and therefore each would be attributed direct ownership of the other's company. Would this also be an affiliated service group?

Second related question: We have another set of clients where the husband is 100% owner of a construction company and the wife is 100% owner of a property management company. The two companies are totally separate and unrelated to each other. Do they have a controlled group?"

2 replies   |    51 views   |    Add Reply

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