Message Boards Digest

September 18, 2020

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

Belgarath created a topic in 401(k) Plans

New Comp Plan; Making Contributions for Participants Who Make Student Loan Payments

"With regard to the whole issue due to PLR 201833012, and a 401(k) plan with a new comparability formula with everyone in their own group --

During discussion, an idea was floated about -- the plan would not be formally amended, but an employer would simply make a contribution to the accounts of any non-highly compensated employee who make a student loan repayment.

This doesn't pass the 'smell' test, but based upon the PLR's analysis of the contingent benefit rule, what rule(s) might this violate? Certainly won't hurt coverage/nondiscrimination testing, if limited to NHCE's. No requirement for a participant to defer to receive this benefit.

It's hard to imagine that the IRS would allow this willy-nilly for all situations. Car loans, mortgages, whatever. And, because it's just a PLR, they could simply say 'no dice.'

I'm just curious about general thoughts. I wouldn't even have raised this question in the old days of definitely determinable benefits, but with documents that allow for employer discretion to each participant, subject to coverage/nondiscrimination testing, it raises some interesting discussion."

6 replies   |    63 views   |    Add Reply

ldr created a topic in Retirement Plans in General

Wrong EIN on 5500 Filing -- How to Correct?

"The Form 5500 filing for a client has been made under an erroneous EIN for years and was discovered in 2018. The administrator in our office, after trying for days to get through to someone at the IRS, finally got an employee on the phone. He was told to amend the 2018 return showing zero participants, zero assets and mark it final, andt hen file an amended 2018 return showing the correct EIN and all the original data that was filed on the first return. Has anyone else done this? It seems convoluted. We don't want to create even more problems with the 'fix' than we already have with the original problem. Do you agree with the agent?"

2 replies   |    49 views   |    Add Reply

Bird created a topic in Distributions and Loans, Other than QDROs

Missing Participant Search Service


2 replies   |    33 views   |    Add Reply

austin3515 created a topic in 401(k) Plans

Can Beneficiary Waive the Death Benefit, So It Goes Instead to the Contingent Beneficiary?

"Two beneficiaries are 50/50. Participant died recently (i.e., within a month or so). Beneficiary A is well off and does not want the money. Wants it all to go to Beneficiary B who is not as well off. Can Beneficiary A disclaim the benefit? I heard the IRS said yes but one federal court said no, and yet another court said yes, etc. I've also have heard that state law is an issue. Our volume submitter document (Corbel/Relius) appears to be silent on the issue."

4 replies   |    48 views   |    Add Reply

Sammiemor created a topic in 401(k) Plans

Controlled Group Status (100% of Company A; 50% of Company B)

"Please advise if this is a controlled group. Company A has 1 owner (plus employees other than the owner): John Doe. Company B has 2 owners (plus employees other than the owners): John Doe is a 50% owner; Bob Jones owns the other 50% (they're friends only, no relation)."

2 replies   |    36 views   |    Add Reply

Mary created a topic in Qualified Domestic Relations Orders (QDROs)

Can't Get the Payments I'm Entitled to Under a QDRO

"I found out two years ago that the pension administrator of my ex-spouse did not approve the QDRO submitted by court... it was unacceptable. My attorney withdrew at the end of settlement and appointed another attorney to have me sign the papers! My ex has been receiving the full pension. I have a stipulated Resolution in which I'm entitled to half. His lawyer has since passed away! I'm on a limited income. The state is Delaware, which I no longer live in, so legal aid won't help me! My ex is aware of this. He called the plan admnistrato and they sent him forms to resolve this, but it's been two years already, and he has not! They actually told him he would be better to just remarry me. We were married 25 years. He worked for General Motors."

1 reply   |    28 views   |    Add Reply

jmartinrps created a topic in 401(k) Plans

Successor Plan Situation: When Can a New Plan Start?

"A plan terminated in 2019 with last distribution say 10/31/19. One year wait is 10/31/20. I know a new plan could start 1/1/21 for sure. What about anything in 2020? Could they do a short plan year, say 11/1/20 through 12/31/20, and have everything prorated? Safe harbor would be a no-go."

0 replies   |    13 views   |    Add Reply

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