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Message Boards Digest

September 1, 2020

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

Jakyasar created a topic in Retirement Plans in General

Revisiting Life Insurance in Combo Plans

"Revisiting the life insurance issues in combo plans. This time not a floor-offset. DB or CB plan combined with a DC plan. All HCEs are at maximum benefit under DB/CB and rank-and-file minimum to pass 401(a)(26). DC plan, in addition to the deferrals +3% non-elective SH, has PS allocations, say minimum 4.5% to pass gateway (SH + PS = 7.5% of compensation). Agent wants insurance in the DB/CB only. Is this not a BRF issue? If additional insurance is provided under the DC plan, the rank-and-file are forced to pay from their portion of contributions because their benefit primarily is provided under the DC plan. What am I not seeing clearly here? If there is a way to pass BRF, how is it accomplished?"

0 replies   |    27 views   |    Add Reply
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Gilmore created a topic in Retirement Plans in General

Effect of Plan Merger on Required Summary Annual Report

"Company A is purchased by Company B. Company A's 401(k) plan is merged into Company B's existing 401(k) plan mid-year (both are calendar year plans). After the merger a final 5500 is filed for Company A's plan showing the transfer of assets to Company B's plan. Is a final SAR also required for Company A's plan, or does the fact that Company A's plan is continuing on as part of Company B's plan mean that no SAR is required?"

2 replies   |    47 views   |    Add Reply

Lisa2005 created a topic in 401(k) Plans

Effect of SECURE Act in 2024: Part-Time Employees and Vesting

"If a 401(k) plan has no service requirement and does not exclude part-time employees, will the vesting service criteria change to 500 hours for those employees who work more than 500 but less than 1,000 hours for the plan year, when the SECURE Act provision goes into effect in 2024?"

3 replies   |    40 views   |    Add Reply

Pensions2020 created a topic in Form 5500

Ability to Switch from Form 5500-SF to Form 5500-EZ

"We have a potential client coming to us for help closing a solo 401(k) plan. He filed a Form 5500-SF in 2010 and then an EZ in 2011. Assets never rose above $20k. No further Form 5500s have been filed. It's been my understanding that once a Form 5500-SF was filed, they would need to file one every year afterwards even with assets under $250k. Therefore we would need to go back and file the missed returns and corrections. I contacted a colleague who differs in opinion that they could switch between Form 5500-SF and EZ and would not be required to file if under $250k, which would change things in how this plan is closed down."

4 replies   |    42 views   |    Add Reply

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