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Message Boards Digest

June 5, 2020

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

justanotheradmin created a topic in 401(k) Plans

Berman v. Estee Lauder -- Settlement Upcoming?

"I saw some new articles saying the case was being settled. https://www.planadviser.com/parties-lawsuit-401k-account-fraud-agree-settle/ Does anyone know any of the details? I'm curious to hear how it worked out. Considering it seems the plan administrator couldn't even provide a summary plan description when asked I didn't have a lot of confidence it would settle without a lot of conflict."

1 reply   |    58 views   |    Add Reply

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

Cash Balance Plan Follows RMD Rules for DB Plans: Adjust the Hypothetical Account Balance to Reflect the Distribution?

"I understand that cash balance plan should follow 401(a)(9) rules (DB rules) to calculate RMD amount. Do I need to adjust the hypothetical account balance to reflect RMD withdrawal? If we adjust the balance and the plan is frozen, it would result in accrued benefit decreasing, which in turn reduces the next RMD amount. Shouldn't the DB RMD with Life Annuity payment be level?"

9 replies   |    87 views   |    Add Reply

Becky Schwing created a topic in 401(k) Plans

Annual Participant Notices Required Other than an SAR?

"Plan is a annually-valued trustee-directed 401k safe harbor match/cross tested profit sharing plan. The participant gets an annual statement each year after the plan has been valued following the plan year-end. Other than the Summary Annual Report, what other mandatory annual participant notices must the plan sponsor provide to the employees? Any notices that are only provided upon request of a participant?"

2 replies   |    41 views   |    Add Reply

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

Are Paycheck Protection Program Uncertainties Resolved?

"Several BenefitsLink discussions describe uncertainties about how to interpret the Paycheck Protection Program. Now that the Paycheck Protection Program Flexibility Act of 2020 seems soon to be enacted, which issues does it solve, and which does it leave behind? https://www.congress.gov/116/bills/hr7010/BILLS-116hr7010eh.pdf"

2 replies   |    42 views   |    Add Reply

mattmc82 created a topic in 401(k) Plans

Plan Deferral Limit When a Flat Dollar Election Exceeds Pay

"So typically when a flat dollar election exceeds pay, the whole paycheck less taxes would be deferred. if the plan deferral limit is say 80%, would the deferral on pay be the whole paycheck or just up to that limit? Obviously it's a plan year limit, so I would think the whole check would be deferred as long as it didn't make that individual's deferral percentage greater than 80% on the year. Thoughts?"

2 replies   |    40 views   |    Add Reply

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