Message Boards Digest

May 21, 2020

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

Bill Presson created a topic in Form 5500

DOL Wants Redaction of Personal Identifiable Information on Already-Filed 5500s

"Received an email today from Scott Albert with the DOL. It reads in part:

The [DOL] noted that Form 5500/5500-SF Annual Return/Reports for the Plans listed below was filed with pdf files that contain Personal Identifiable Information (PII): You must amend these filings to ensure the PII is protected and not be available to the public. The Department makes the information in Forms 5500/5500-SF available to the public through the EFAST website. Though the Department has attempted to remove PII from these filings, only by amending them can we (and you and your clients) be certain that the PII is protected. We are therefore informally communicating with you to request your assistance with correcting these filings. Please work with your client to amend these Forms 5500/5500-SF by Monday, 5/25. Be certain to:

  1. Remove the entire Form 8955-SSA, including the signature page;
  2. Check the 'amended filing' box in line B;
  3. Respond to this email to inform us the filings were corrected; and
  4. Do not include any part of the 8955-SSA in future Form 5500/5500-SF filings.

I contacted Brian Graff at ASPPA and he contacted Scott. It's a real email. I never would have guessed. The DOL is sending out about 1,500 of these today, so be on the lookout!"

2 replies   |    53 views   |    Add Reply

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cathyw created a topic in 401(k) Plans

Just Learned About Existence of Controlled Group; Effect on Two Plans

"Just found out that client is part of a controlled group since 2018 (even though we ask this question every year). The transition period for coverage expired 12/31/2019. Plan #1 is a very small 401(k) plan with a generous match. Because of the controlled group status, one participant who was NHCE is now HCE due to top paid group, and we had to redo the 2019 ADP/ACP testing which now fails. QNECs will be contributed for 2019. Plan #2 is an 80-person 401(k) plan that converted to safe harbor match as of 1/1/2020. 2019 ADP results remain the same and refunds were already made. Plan #1 will not pass 410(b) for 2020, although plan #2 would pass, on a controlled group basis. Is the only solution to combine both plans for ADP/ACP current year testing for 2020? Plan #2 won't be happy with the prospect of a failed test and refunds for another year."

0 replies   |    28 views   |    Add Reply

rocknrolls2 created a topic in Health Plans (Including ACA, COBRA, HIPAA)

Despite Prohibition on Cost-Sharing, Could Health Plan Deny Coverage for Cost of COVID-19 Re-Testing?

"Because there is a higher incidence of COVID-19 positive test results for residents of a long-term care facility (a nursing home), State X mandates that all residents and staff at the facility be tested for COVID-19 by a specified date. Those individuals who test negative are required to be retested within one week to rule out a false negative on the first test. There will only be a second retest if and to the extent that the Centers for Disease Control and Prevention mandate it. My question is, in light of the no cost-sharing of COVID-19 testing imposed by the Families First Coronavirus Response Act, as applied to a self-funded plan, does this mean that the plan (or employer) is saddled with the cost of conducting the testing? Can the plan deny coverage for the retest as not medically necessary?"

0 replies   |    26 views   |    Add Reply

Santo Gold created a topic in Form 5500

403(b) Plan Never Filed 5500s; Time for DFVCP?

"Referred into a 403(b) plan created in 1989 -- it's never filed a Form 5500. Well under 100 participants. I'm not sure how far back any records go and what can be obtained. How far back can/should we go to correct via DFVCP? Also, is the DFVCP amount capped at $750 for non-profits no matter how many late filings? Because this is a 403(b), I know that through the 2009 plan year, the information required on the 5500 was pretty limited. I don't believe financial data was required. Would this make 2010 plan year an acceptable starting point?"

3 replies   |    31 views   |    Add Reply

Santo Gold created a topic in Correction of Plan Defects

403(b) Program Never Had a Plan Document

"A 403(b) plan was created in 1989 but apparently has never had a plan document. I'd like to get them through VCP eventually. Would that work?"

3 replies   |    42 views   |    Add Reply

Stash026 created a topic in 401(k) Plans

One Employer, Two Plans

"I have a client who has about 60 employees, with a small portion being classified more or less as a leased employee that they send to other corporations (roughly 10% as of today fall in this class). I don't foresee any issues with 403(b) or any other testing, given the size of the group, but currently they are offering a 401(k) Plan with a 4% Safe Harbor Match. What they want to do is not be required to do the match for these leased employees, but want to be able to allow them to contribute.

My first thought is to have two separate plans set up: [1] The current plan, just amending the document to excluded these leased employees, and continue with the 401(k) + Safe Harbor Match; [2] A new plan (#002), which only covers the leased employees and have a 401(k) with a discretionary contribution.

I can't think of any issues that may be caused by this, but I wanted to bounce it off everyone to make sure my thinking is correct and I'm not overlooking anything. I don't believe I can just excluded the leased employees from the Safe Harbor Match, but allow them to participate in the 401(k)."

1 reply   |    37 views   |    Add Reply

Whop created a topic in Correction of Plan Defects

Company's Hidden 401(k) Program

"Came across situation where business owners have been excluding multiple employees from 401(k) program. Most employees (5 current employees and unknown number former)were not informed of plan.(Some for over 10 yrs) they are all eligible. I'm not even sure how to start unwrapping this barrel of worms. Most asked about 401(k) on hire but we're told wasn't available. Doesn't mention in employee benefit package. So owners believe they don't need to offer access. Comments?"

2 replies   |    46 views   |    Add Reply

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

Does Anyone Get an Opinion Letter to Resolve Paycheck Protection Program Uncertainties?

"In recent weeks, we've seen many BenefitsLink discussions about ambiguities and uncertainties in what the Paycheck Protection Program pays for. In other contexts, a businessperson might get a written opinion to show that what one did, if later found to be incorrect, relied on a reasonable interpretation. Applied in this context, one might seek a law firm's or accounting firm's written opinion that a borrower's use of PPP assistance is a reasonable interpretation of the borrower's documents and the guidance the government had published. Is anyone doing this?"

2 replies   |    26 views   |    Add Reply

RatherBeGolfing created a topic in Retirement Plans in General

Default Electronic Disclosure by ERISA-Covered Retirement Plans -- Final Rule Released

"Final Rule was released this morning. Happy reading!"

1 reply   |    28 views   |    Add Reply

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