Message Boards Digest

July 17, 2020

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

coleboy created a topic in 401(k) Plans

Jointly Owned Companies -- 401(k) Plan for One Plan but Not the Other?

"Employer has 2 companies. One company grows cannabis and makes cannabis products. The other company sells the products. I was told that a 401k plan could be set up for the store but not for the company that produces the product. I can't seem to find anything on this topic. Has anyone else had this scenario?"

2 replies   |    46 views   |    Add Reply

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

Participant Excluded from Valuable ESOP Distribution Due to Disability

"I employed by a company which introduced an ESOP a few years ago. I was a part of it since day 1. By the end of 2019, the company approached all shareholders saying that there's a good buyer for the company and that the price is right, and that we all could vote in favor of the sale or against it. Sale was accepted and all calculations and testing started. There was a huge amount of unallocated shares that should be fairly redistributed between all ESOP participants. Due to the sale, all participants were 100% vested. Here's where my case starts. In December 2019 I was injured in a car accident and forced to go for surgery, which put me out of work for 7 months. During that time I was on short-term disability provided through the company, which did not want to adjust my work to lighter duty, which would have enabled me to earn my income and recover at the same time. Recently I was released to work by my doctors, only to find out that I am getting only 100% of the share value which I owned until the end of 2019 -- The big pool of unallocated shares was distributed at the beginning of 2020. I was told that since theoretically I did not get any pay stub in 2020, I'm not eligible for distribution of the most valuable shares. In that case I have lost 2/3 of the predicted payout. Is there any law, rule or regulation that protects me here? I never quit the company nor was fired. I was told to go on disability which I did. It was not my choice, just an unfortunate accident that can happen to anyone and any time. It feels like a double loss to me because I worked hard many years just to be left like this. Thank you all for any comments, opinions etc."

4 replies   |    38 views   |    Add Reply

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

Current Status of the Extension for DB Funding for Plan Year 2019?

"What's the current status of the extension of time to make a defined benefit plan contribution for Plan Year 2019?"

1 reply   |    22 views   |    Add Reply

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

Participant's Ex-Spouse Won't Return Distribution Forms, Holding Up Plan Termination

"Participant P died. He was the brother of the plan sponsor. The plan is terminating, and all of P's beneficiaries have been paid out except for his minor child because the ex-spouse is not completing any paperwork. The product platform says that the child's parent is the only person who can execute any paperwork for the child.

Sure, I've got one or two other non-responsive participants who can be rolled to IRAs, but the platform says that since this has to go to an Inherited IRA, it can't be forced like the others, which requires a signature.

The plan sponsor has tried to contact the ex-spouse/mother via mail and through a grandmother, but has gotten no response.

I don't know the situation well enough to try and speculate as to why there is no movement. And we're talking about $50K. Besides 'hire a lawyer,' is there anything else the plan sponsor can do?"

3 replies   |    37 views   |    Add Reply

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