Message Boards Digest

September 23, 2020

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

pixmax created a topic in 403(b) Plans, Accounts or Annuities

Non-Profit Sponsors a 401(k); Replace with Non-ERISA 403(b)?

"Paychex set up a non profit 401k plan. No employer money, no loans etc. Can they terminate the 401k and start a Non ERISA 403b?"

0 replies   |    15 views   |    Add Reply

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John P created a topic in Mergers and Acquisitions

How to Value a TPA for Prospective Acquisition?

"We're considering the acquisition of a TPA, but need to know more about how these are priced by looking at comparable transactions. There aren't many comps with data around profitability, so it's hard to determine a good price to offer. Would anyone have direct experience with M&A in TPAs that we could speak with?"

1 reply   |    44 views   |    Add Reply

ldr created a topic in 401(k) Plans

Written Directions for a New Comparability Allocation

"This is a 'what is your shop doing?' question. Some years back, before each participant could be in his or her own group for new comparability contribution allocations, groups were specified in the plan document. For example 'partners, family members of partners, supervisors, clerical staff, the office manager, and Top Heavy minimum participants'. Each year, we (where I worked at that time) did a document something like a resolution of the board of directors approving a specific dollar amount of contributions per group for the year in question. We got it signed by the employer and provided them with a copy for their records.

With the advent of each person being in his or her own group, those resolutions of the board of directors went by the wayside. The employers I worked for stopped doing them.

My current employer was wondering if that's really okay and wants to know what the rest of you are doing.

I did look it up in Sal Tripodi's bible, and found 'Written direction could take the form of a separate letter, the acceptance of a proposed allocation report that shows how the nondiscrimination test would be satisfied, or an entry in the memo section of the contribution check.' I believe my predecessor in my current position was using the part in italics above to justify not doing the resolution anymore. We run the numbers, we test, we send the employer a proposed contribution allocation, he accepts it and makes the deposit, say, at John Hancock in accordance with the contribution report. Later the employer gets that contribution report and the accompanying testing in the annual report for his archives. With that, my predecessor said that was enough, and there was no longer any need for further documentation.

What are the rest of you doing?"

9 replies   |    93 views   |    Add Reply

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

Setting Up a DB Plan -- Recommendations for My S Corp?

"I am an S Corp owner planning to set up a defined benefit plan. I do my own taxes. Any recommendations for a plan setup and an administrator? I found Charles Schwab to be expensive. Does TD Ameritrade offer full service like Schwab? Any recommendations on Emparion?"

1 reply   |    33 views   |    Add Reply

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