Message Boards Digest

May 22, 2020

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

VeryOldMan created a topic in Defined Benefit Plans, Including Cash Balance

Need Pension Attorney in Southern California

"Can anyone recommend an attorney in southern California area? Need to correct a document flaw."

2 replies   |    43 views   |    Add Reply

Tax Cowboy created a topic in Employee Stock Ownership Plans (ESOPs)

Year-End Valuation of ESOP Stock; Earmarked Cash Reserves

"12/31 fincls/tax return reflects $400k in bank account of entity owned by ESOP.

These are funds that were just paid into account and going to be used as loans for business purpose.

I recall a discussion some time ago on a similar issue but not sure if there was a complete answer other than 'it depends' -- for valuation purposes, can the appraiser make the statement and assessment that those funds are earmarked and not part of the overall valuation (which will reduce the overall value)?

Also, I've recently had a contractor leave the profession and am looking for a project-based individual with experience in ERISA/ESOP related valuations and research. I am posting an ad on the BenefitsLink job board also, but thought I'd also add my request here."

3 replies   |    45 views   |    Add Reply

Purplemandinga created a topic in 401(k) Plans

CARES Act Distribution; Interaction with 1-Year Wait

"If a plan document requires that a terminated participant wait at least 1 year before becoming entitled to a distribution, would implementing the CARES Act in the plan require the document to be amended to shorten the time that terminated participants must wait (sooner than 1 year)? In this scenario, the participant would have been terminated due to COVID, and hence would be a qualified individual."

1 reply   |    52 views   |    Add Reply

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

Want to Delay My ESOP Distribution (66 Years Old)

"I retired on 2/29/2020 after 41 years at 66 years old. The company became an ESOP 4 years before my retirement.

The comptroller says I should receive a distribution this year (2020), after the audit is completed in September +/-. I would prefer to defer the first distribution until January 2021 because

* I have already received a large deferred comp payment of $120,000,

* I have 2 months of income

* We are getting about $18,000 this year from Social Security due to my wife getting her full SS and myself getting a spousal benefit while my primary grows

* I am trying to stay below the IRMMA threshold for Medicare ($174,000).

Is there a way to have my distribution deferred? Should I ask for them to make an amendment saying that the first payout may be taken as late as April 15 of the year following retirement, similar to RMD rules?"

4 replies   |    47 views   |    Add Reply

justanotheradmin created a topic in 401(k) Plans

Pay Plan Administrative Expenses (Not Contributions) Using PPP Loan Forgiveness?

"Plan sponsor would like to use PPP loan proceeds to pay a portion of the administration expense. Expenses are billed quarterly, so there would be an amount due during the 8 week period. They would like to know if it would qualify for forgiveness if they use the money that way. I'm thinking it probably wouldn't qualify because the provision seems to be limited to retirement plan contributions, not expenses."

1 reply   |    46 views   |    Add Reply

Christopher Wilson created a topic in 401(k) Plans

Looking for Recordkeeper for a Balance Forward 401(k) Plan

"I have a balance forward 401(k) plan and I'm looking for a recordkeeper that has a platform that would permit participants to select a risk-reward portfolio instead of individual mutual funds. The plan sponsor would construct the portfolios using the recordkeeper's mutual funds. The participants wouldn't direct the investment of their separate accounts, but rather they would select a portfolio. Participants' accounts would be updated daily."

5 replies   |    77 views   |    Add Reply

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