Message Boards Digest

June 24, 2020

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

Belgarath created a topic in 401(k) Plans

Midyear Safe Harbor Amendment Changing from Plan Year to Per-Payroll

"SH match plan calculates SH match per plan year. Can it be amended mid-year to change to per payroll calculation/deposit?"

4 replies   |    47 views   |    Add Reply

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nancy created a topic in 401(k) Plans

Proof of Safe Harbor Notice

"I was referred a plan sponsor whose 401(k) plan is under audit. The IRS agent is requiring proof that the Safe Harbor Notices were issued. Other than email, what type of proof are other TPAs recommending to clients? The agent actually called all the employees for the last 4 years to ask if they received the notice!"

4 replies   |    80 views   |    Add Reply

NVS created a topic in Investment Issues (Including Self-Directed)

Missing Asset Value (Not Available)

"My client owns 'Altaba, Inc. Escrow' stock as an asset in a pooled fund in its profit sharing plan. It allocates total plan investment earnings annually among plan participants. The stock is no longer actively traded on the stock exchanges and Fidelity lists its asset value at 12/31/19 as 'not available'. How can I determine the value of this stock at 12/31/19 to use in calculating its investment earnings for 2019 to use in my total plan investment earnings to be allocated among plan participants for 2019?"

6 replies   |    59 views   |    Add Reply

ratherbereading created a topic in 401(k) Plans

Safe Harbor 3% Missed

"Plan has a 6 month service requirement, entry date the next month after eligibility met. Safe Harbor non-elective deposited each payroll. Compensation used to calculate is W-2 wages/PY. The safe harbor contributions for a couple of participants who entered the plan during 2019 were not made. One of them is still not being made in 2020-- the sponsor forgot about it since these participants all declined to defer. What are the ramifications? Do earnings need to be calculated now? Since it's being deposited via payroll do they still have until the plan year after the plan year ends to deposit these?"

0 replies   |    28 views   |    Add Reply

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

Aggregation of Different Plan Years Due to Plan Termination

"I have a DC plan with a 12/31 PYE and a terminating DB combo plan associated with the same employer. I know plans of the same employer with different plan years may be aggregated for ABT testing purposes under 1.410(b)-7(e), but do you just follow the rules of 1.410(b)-5(d)(5)(ii) and add the DC contributions divided by calendar year compensation to DB benefits divided by partial year compensation? Is it that easy or am I missing something? Any different rules when the plan is a short plan year versus just a different plan year?"

3 replies   |    42 views   |    Add Reply

BG5150 created a topic in Form 5500

Plan Filed 5500-SF, Should Have Been 5500 with Schedule I

"Plan has had an investment in gold coins for several years. These are not qualifying investments. So, all along they should have been filing a 'regular' 5500 with a Schedule I attached. The bond was for more than the value of the gold. Any harm or foul here? Maybe next year file the I? Did we really commit perjury by saying all the assets were qualifying in the past 5500s?"

6 replies   |    40 views   |    Add Reply

Tax Cowboy created a topic in Litigation and Claims

401(k) TEGE Determination / Sanctions Range

"Client's 401k has been audited. The TEGE Dept found 3 errors in the 401k plan. The IRS is still in process of issuing its sanctions amount. [1] Because the 401k audit addressed only 2017 to the present, isn't there a statute of limitations for any sanctions outside of the 3 year SOL? Assume no consents to extend were signed. [2] If the errors are solely with the 401k plan administrator and outside of the control of the owners themselves, is there a way to determine how the IRS will determine sanctions? One determination is that a participant was never issued RMD's over a period of 3 years. [3] In your experience what amount of sanctions does the IRS usually assess?"

3 replies   |    36 views   |    Add Reply

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