Message Boards Digest

July 22, 2020

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

t.haley created a topic in Form 5500

Client Mailed 2018 5500s Instead of Filing Through EFAST -- Now What?

"Just discovered that client mailed their 5500s for 2018 instead of using EFAST. Does anyone know what happens to 5500s that get mailed? I assume they are treated as not having been filed and we need to do a delinquent filing and pay the penalty?"

3 replies   |    63 views   |    Add Reply

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

Partial Lump Sum to Avoid Reversion on Overfunded Portion?

"Owner-only DB Plan (owner and wife) is overfunded. He was taking RMD during the past few years based on Accrued Benefit times 12 (meaning he did not elect a particular benefit, e.g., J&S or Years Certain -- this has been discussed on this forum in the past as a method for an RMD for an active participant). He just retired and wants to terminate and roll over into two IRAs. The issue of course is that the plan is overfunded. Is the following a feasible option? To avoid any reversion and excise tax he would keep the plan open and elect a partial lump sum distribution and roll 80% of his benefit into an IRA. The remaining 20% of his Accrued Benefit would remain in the plan. By opting for a partial lump sum he is not changing his original election because he never made an election until now; instead, he was taking RMDs. In addition, even if this is considered a change of benefit election, because he now retired and has a change in status, the change in status should allow for a new benefit election to be made."

3 replies   |    54 views   |    Add Reply

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