Message Boards Digest

July 27, 2020

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

Dave Baker created a topic in Operating a TPA or Consulting Firm

What's a Better Name Than 'TPA'?

"'What your company needs is a third-party administrator.'-- 'A what?' -- 'A TPA.' -- 'I'm still clueless. I have an investments guy and a mutual funds company that says they'll keep track of where my company's retirement contributions go. What's a TPA?' ... Wouldn't it be great for business development, and more appreciation by plan sponsors, if there were a better name for TPAs than 'TPA'? On your marks, get set ... GO."

10 replies   |    103 views   |    Add Reply

Sue B created a topic in Defined Benefit Plans, Including Cash Balance

Contribution and Deduction by Plan Sponsor Merged Into Another Company Mid-Year

"I have one small organization, Company A, that merged with 4 other organizations for a new controlled group company, NewCo, effective 2/1/2020. Company A has a cash balance plan. As of 12/31/2020, Company A's cash balance plan will be terminated, and NewCo will have a cash balance plan for the whole controlled group as of 1/1/2021. Company A would like a full accrual for 2020, resulting in a $120k contribution. They're doing their Jan. 31 - Feb. 1 short tax year filing now, and I need to know how to put the contribution on there when it hasn't been made yet. My thought is, on the final 2020 filing, change the plan sponsor to NewCo on Line 4, put all of the 2020 PY contributions on the SB, Company A pays all of the contributions, and NewCo allocates the deductions to them within their financials. Does that sound accurate? If they've made any contributions to date, could those be deducted on the short tax year filing?"

2 replies   |    45 views   |    Add Reply

Ian created a topic in 401(k) Plans

Repayment of My CRD -- Effect of Notice 2020-50

"Assume I receive a $75,000 CRD in 2020 and spread income over 3 years. Then I decide to recontribute $25,000 of the CRD. Notice 2020-5, in Section 4E, says that if I make the repayment before the due date (plus extensions) for the 2020 tax return  I can wipe out the $25,000 for 2020. The same would be true for the 2021 and 2022 returns. But if I make the repayment after the 2020 tax return deadline (but within 3 years), can't I still have the 2020 income wiped out by filing an amended 2020 return? Or is it too late? The Notice doesn't address this. And the fact that the IRS does specifically address amended returns in Section 4D (when the CRD is all included in 2020) gives me pause."

2 replies   |    42 views   |    Add Reply

Run4life created a topic in IRAs and Roth IRAs

I'm 18 and Wanting to Learn a Lot About Saving for Retirement

"After a lot of research, I've chosen to invest in Charles Schwab and begin a Roth IRA. I've chosen my four investments and put money into them. My question is, should I put the full contribution amount into the account at the beginning of the year every year? Also if you have important advice about Roth IRAs then please share."

1 reply   |    35 views   |    Add Reply

Run4life created a topic in IRAs and Roth IRAs

Withdrawing from My Roth IRA Before 59-1/2

"Is it only the contributions that get taxed when withdrawing? If I put $20,000 of my money in that earned $5,000, can I withdraw $20,000 without a penalty? Also, is it best to put the full contribution limit at the beginning of every year?"

3 replies   |    41 views   |    Add Reply

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View job as Retirement Plan Administration Consultant

Retirement Plan Administration Consultant  View details

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View job as DB Analyst/Administrator

DB Analyst/Administrator  View details

Summit Benefit & Actuarial Services, Inc.

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