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Message Boards Digest

June 12, 2020

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

austin3515 created a topic in 401(k) Plans

New PPP 24-Week Period

"Curious to know if others agree that retirement contributions are almost certainly moot now with the 24 week period as opposed to 8 weeks? Obviously a company that has been shut down since March is a different story; I'm talking about a company for whom payroll over 24 weeks will exceed the amount needed for forgiveness."

6 replies   |    57 views   |    Add Reply

5500Nerd created a topic in Form 5500

Tribal Government and Casino Plan

"I have a client that is deemed a tribal government. It runs a casino. Their benefits plan covers both governmental employees and those who work in the casino. With the casino attribute, I assume they need to follow ERISA law. For the Form 5500, do I only count those in the casino or all of the employees?"

1 reply   |    24 views   |    Add Reply

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

Client Left, Still Owes Considerable Fees

"A DB client left with owing four years or so in annual administration fees to my TPA firm. A long time client, who kept saying each year, "come on, after all these years you don't trust that I will pay you?" -- The new actuary is requesting a copy of the last valution report. While I'm aware that, per the code of professional conduct, files cannot be held back due to outstanding fees, does that apply even to a valuation report that was previously provided to the client? Meaning, is it permitted to say that because this was previously provided to the client, then, if the client requests an additional copy, he must first pay the outstanding fees?"

4 replies   |    67 views   |    Add Reply

Tinman created a topic in Retirement Plans in General

Tiered Profit Sharing -- Testing?

"Below is the allocation formula for a profit sharing only plan provided to us by a plan sponsor. The tiers are based on job classification.

The Tiers range from Tier 1 = trainees to Tier 9 = those who report directly to the board of directors.

What testing is required here -- general testing?"

[Editor's note: please click on the title of this message topic in order to see the allocation formula, which is not reproduced here.]

3 replies   |    49 views   |    Add Reply

Santo Gold created a topic in Form 5500

Generating Form 8955

"Is software needed to file a small plan Form 8955-SSA, even if it is a paper form? The IRS website has a PDF file but when I click on it, a message comes up stating that my PDF viewer might not be able to display this type of document. It then gives a link for the latest Adobe Acrobat Reader, which I then downloaded, but it still will not display."

1 reply   |    22 views   |    Add Reply

Vlad401k created a topic in Distributions and Loans, Other than QDROs

Correct Distribution Code for Loan Offset Due to Disability?

"If the participant has terminated service with the company and has a disability, what would be the correct code for the loan offset? The participant is under 59-1/2."

2 replies   |    19 views   |    Add Reply

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

Is This Plan Covered by PBGC?

"Looking into a DB plan. Owner, spouse and an employee. Owner is a financial advisor and has CLU, ChFC credentials. I just cannot locate where it says covered/not covered. I remember reading something about this being an issue a few years back."

2 replies   |    25 views   |    Add Reply
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