Message Boards Digest

September 16, 2020

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

RubiksCube created a topic in Cafeteria Plans

Health FSA and OTC under CARES Act

"Prop. Reg. 1.125-5(k)(2) provides that a plan can be designed to cover less than 213(d). But it dates back to 2009 (pre-ACA). Now that the CARES Act eliminated the prescription requirement for OTC, can a Health FSA not be amended and remain covering only OTC with prescription under 1.125-5(k)(2)?"

0 replies   |    15 views   |    Add Reply

Christine Roberts created a topic in Cafeteria Plans

Notice 2020-29 and Active Participant Status in a Cafeteria Plan

"Cafeteria plan permits all changes in election addressed in Notice 2020-29 including dropping deferrals towards premiums under employer sponsored group health plan (pursuant to affidavit of other coverage), and dialing health FSA deferrals down to zero. Is an individual who is no longer deferring under the plan still a participant in the plan in any way, or does participation terminate? The regulations regarding FMLA leave are as close as existing guidance gets, but don't provide a clear answer."

3 replies   |    33 views   |    Add Reply

BG5150 created a topic in Defined Benefit Plans, Including Cash Balance

Whichaways to the Actuarial Outpost?

"Does anyone use the Actuarial Outpost website? It had a pretty robust community. Seems to have vanished..."

3 replies   |    62 views   |    Add Reply

khn created a topic in 401(k) Plans

In the Beginning There Was Error, Says an Auditor at Last

"A firm has audited a 401(k) plan for many years. A new auditor recently was assigned this year and has brought up a potential issue that has existed since the plan was established. Is it fair to ask why they never caught the issue earlier? Does the firm have any culpability in this case?"

3 replies   |    59 views   |    Add Reply

AmyETPA created a topic in Form 5500

5500 Schedule C Should List RIA's Compensation?

"John Hancock Sch C Report showing RIA information. Compensation paid to the RIA has been reported on Sch H as a plan expense. Do you list the RIA on the Sch C? Do you contact the advisor to be sure you are correctly referencing this is Direct, Indirect, EID etc? I doubt the advisor will have any ideas but I want to be sure I am properly including this and feel like I'm not 100% positive I'm doing this part correctly. Thanks for any input."

0 replies   |    14 views   |    Add Reply

BG5150 created a topic in Correction of Plan Defects

Plan Increased Discretionary Match Cap in Operation, But Plan Document Was Not Amended

"Plan had a hard cap on a discretionary match. It is $250 in the document.  For the past couple years, however, they have been contributing up to $350 to those who qualify. Can we do a retroactive amendment to change it starting in 2018 when they made the change? ACP test passes no problemo. Mostly union people. I guess I should ask if the union docs got updated..."

0 replies   |    6 views   |    Add Reply

Jakyasar created a topic in Retirement Plans in General

Affiliated Service Group When Client Has 'Access' to Other Company's Employees?

"Looking into designing pension plan for a financial planner who owns 100% of X, Inc. and has employees. Checked the website and see that other names were listed other than the employees. After questioning the additional names, the following response was provided: I own 100% of X, Inc. but am affiliated with Y, Inc. (also a financial firm) and have access to Y, Inc.'s people. No common ownership or shared employees. What am I not asking here to determine any issues? Also, PBGC coverage is another issue."

5 replies   |    35 views   |    Add Reply

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