Message Boards Digest

August 10, 2020

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

GoBro created a topic in Health Plans (Including ACA, COBRA, HIPAA)

6055/6056 Reporting -- An Employer Cost or a Plan Cost?

"IRC section 6055/6056, as a result of ACA, requires reporting of health coverage. When the health coverage is provided under a single employer plan, is the cost to do this reporting an employer cost or is it a plan cost?"

0 replies   |    24 views   |    Add Reply

austin3515 created a topic in 401(k) Plans

Small Corrections under EPCRS -- Use the DOL Lost Interest Calculator?

"I'm trying to find something in EPCRS that says that in certain situations, when it's impractical, one is allowed to use the DOL Lost Interest Calculator to adjust a corrective allocation for gains. I routinely see attorney-drafted VCP applications take this approach and I've never seen it questioned. If we're depositing a $100 into someone's account, we don't want to charge the client $250 in fees."

2 replies   |    35 views   |    Add Reply

David Peckham created a topic in Defined Benefit Plans, Including Cash Balance

CRD Allowed in Addition to RMD?

"Small DB plan -- just husband and wife. Husband is age 73, so has been taking RMDs. The annual annuity date is April 1, so husband already has withdrawn his 2020 RMD. Now both husband and wife each want to withdraw $100,000 as CRDs. Permitted?"

3 replies   |    37 views   |    Add Reply

Stash026 created a topic in 401(k) Plans

Contingent Trustee for Profit Sharing Plan

"One-person Profit Sharing Plan. The owner wants to name his daughter as a 'contingent trustee', just in case something were to happen to him. How would we go about that? Or is it really more of a beneficiary situation? Or just add her as a second trustee?"

0 replies   |    15 views   |    Add Reply

NW529 created a topic in 401(k) Plans

Top Heavy Allocation to Key Employees

"A client who would like to allocate a Top Heavy contribution to both Key and Non-Key employees. The language in the document regarding Top Heavy allocations is as follows: 'Each Non-Key Employee who is a Participant, or was eligible to be a participant in the plan year, and is employed by the Employer on the last day of the Plan Year will receive a top-heavy minimum allocation for that Plan Year, irrespective of whether he or she satisfies the Hours of Service condition under the Employer's Adoption Agreement.' Based on that language, is it permissible to allocate to Key employees?"

1 reply   |    24 views   |    Add Reply

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