Message Boards Digest

June 3, 2020

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

Spencer created a topic in Cafeteria Plans

FSA with 06/30 PYE - COVID-Related

"Client has FSA that includes dependent care reimbursement, health insurance premium conversion, and the medical expense reimbursements. [1] One employee has $1,210 left in Daycare balance, but day care was closed and now summer camps have been canceled. Is there any way to convert back to taxable income? [2] Other employee's insurance premium has increased. She wants to use the amount designated for medical expense reimbursement to pay the premium difference. She doesn't have enough expenses and she doesn't want her pay decreased to cover the premium when this money is sitting there. I'm not very familiar with cafeteria plans, but both asks seem untenable. Any other suggestions on how to remedy?"

0 replies   |    22 views   |    Add Reply

Jakyasar created a topic in 401(k) Plans

Deferrals and PPP

"My apologies if this was discussed before. Clint obtained PPP for payroll. Can they make deferrals? Thank you"
2 replies   |    45 views   |    Add Reply

AlbanyConsultant created a topic in Distributions and Loans, Other than QDROs

removal of automatic force-out: cutback?

"For those plans that just don't participate in the automatic force-out process and therefore aren't following the helpful provision that's in their document: is it a cutback to remove it?"
2 replies   |    39 views   |    Add Reply

ombskid created a topic in Plan Terminations

Cares Act Optional?

"Having trouble understanding Coronaviris Related Distributions in a currently terminating plan. Is it the sponsor's option to allow distributions as part of a termination to be CRD'S? If a notice of termination has been sent can the sponsor still opt to allow CRD's? Thanks in advance."
4 replies   |    37 views   |    Add Reply

JoJo created a topic in Governmental Plans

DROP(Deferred Retirement Option Plan) missed window

"I missed my window of eligibility to participate in the DROP (Deferred Retirement Option Plan) plan with the FRS (Florida Retirement System). I contacted FRS in March 2020 when I was ready to apply for DROP and received an email back telling me that I WAS currently in my window and had until August 2020 to apply. I applied in May 2020 and received a denial letter saying that my window had actually passed. I sent a letter of appeal asking them to reconsider as they had misinformed me of my window. They apologized for the misinformation but told me that they did not have the statutory authority to change their decision. I have worked under the FRS for over 30 years and had planned for my entire career to participate in DROP for the last 3 years. This will have a rather serious negative effect on my retirement. I cannot believe that there is no one who can override this decision. I also cannot believe that my retirement system (FRS) does not alert us when we are in our window so that something like this doesn't happen. Does anyone know anything about this, or how I might be able to get this decision reversed."
1 reply   |    32 views   |    Add Reply

ChrisP created a topic in SEP, SARSEP and SIMPLE Plans

SIMPLE IRA excluded eligible employees

"I'll just lay out what I know to this point. Employer adopted SIMPLE IRA in 2007. Excluded employees problems start in 2009. No documents available employees notice, deferral election nothing.(office fire) Original TPA efforts to find copies for start of plan to current info under way. This includes 5 current EE and 3 former EE. Problem for One over 10 years others are 5 years or less I have recommended ERISA Attorney should be included as employees have contacted EBSA plan sponsors are hoping for some or all of following will apply: a statue of limitations apply some how, or only correction for current employees not former. But Really they don't want to pay anything."
1 reply   |    18 views   |    Add Reply

Just Tri created a topic in 401(k) Plans

Match doesn't start until 3%

"This is probably been discussed before and I am just not finding what I want. Plan has a 25% match on deferrals, but the first 3% aren't matched. I should know this, but I've never seen that formula. My understanding is that participants not deferring 3% would still count as benefitting for 410(b) and also count in ACP test. I think to test for BRF also. Is that correct and if so do I include those who do not contribute anything as non-benefitting? Thanks for any guidance."
2 replies   |    37 views   |    Add Reply

mjf06241972 created a topic in Retirement Plans in General

Black out notice and other disclosures

"We have a client that moved from one recordkeeper to another. They were provided with several notices by the new rk and the funds have already been transferred. Yesterday, we found out the client did not distribute any of the notices. What are the penalities for something like this and does it require reporting to DOL/IRS? Thank you.,"
1 reply   |    21 views   |    Add Reply

thepensionmaven created a topic in Multiemployer Plans

Relatively new to MEPs

"We're looking to takeover a 401(k), currently the employer is in a MEP with Tri-Net; and set up a cash balance defined benefit for the same employer. Does the employer "terminate" participation in the MEP? Would Tri-Net consider this a plan termination (should probably ask them) and the prospect install a 401(k) SHNE as well as the cash balance plan for 2020 minus any deferrals made in 2020 and using full year's W-2 with the Employer as the Sponsor. Apparently this is an employee-only plan. Any help is appreciated."

2 replies   |    16 views   |    Add Reply

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