Message Boards Digest

September 30, 2020

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

BG5150 created a topic in Retirement Plans in General

Pooled Account Continues After Plan Was Amended to Be Participant-Directed

"Plan used to be husband & wife pooled account. Then daughter joined the company in 2016. Plan was amended to provide for participant-directed accounts effective 1/1/16. Daughter opened her own account. But the husband and wife contributed to utilize the pooled accounts (there were two, now there are three!). What kind of problems am I looking at with the pooled account for the parents, but an individual account for the daughter? No other employees."

2 replies   |    41 views   |    Add Reply

Dennis G. created a topic in 401(k) Plans

Paid Family Leave Counts as Compensation in Determining Safe Harbor Contributions?

"Does pay for Sick and Family Leave constitute compensation for purposes of a 401(k) safe harbor contribution?"

0 replies   |    21 views   |    Add Reply

Belgarath created a topic in 401(k) Plans

Hazard Pay as 'Compensation' for 401(k) Plan Purposes

"Some states are paying certain front-line employees a 'grant' or 'extra payment' or whatever you might want to call it. This comes from the state/federal funds, and it is run through the employer as TAXABLE wages. The employer doesn't pay this out of their own pocket. Is this considered eligible compensation for deferrals/profit sharing/whatever? The 'simple' answer is that the plan in question defines compensation as W-2, so it would seem that as long as this is being reported/taxed on the W-2, it should be eligible compensation for plan purposes. But since nothing is normal this year, I thought I'd see if anyone has different opinions."

2 replies   |    36 views   |    Add Reply

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

No Form 5500-EZ Being Filed; Any Effect on Schedule SB Actuary Signature Deadline?

"If a plan isn't going to file a 5500-EZ because the assets are less than $250,000, does the Schedule SB still have any 7/31 or 10/15 signature deadline for the actuary? The 5500-EZ and 5500 (Schedule SB) instructions don't actually seem to indicate that affirmatively. Only that it be retained by the plan administrator."

2 replies   |    34 views   |    Add Reply

austin3515 created a topic in Operating a TPA or Consulting Firm

Alternative to Using Adobe for PDF Documents?

"We have sort of a hodge podge of different versions of Adobe in the office. Its working but some are getting outdated, etc. What are others using? I kind of like the Office 365 approach where you pay a subscription and everyone always has the same and most recent version of Office. Is there such a subscription based model so you don't always have the Office on old versions? Definitely relying on these PDF tools more in a paperless age. But not as much as we rely on money of course, which is why Adobe is not in the running! I'm sure Adobe must do something amazing to justify the price. It's just not anything I need."

0 replies   |    22 views   |    Add Reply

Belgarath created a topic in Retirement Plans in General

Need a Trust Document When Restating a Terminated Plan?

"401(k) plan has terminated (August 15 termination date, small plan!) and all assets have been distributed. But the plan is still going to be restated. Here's my question: New pre-approved plans do not include the trust document; it's now separate from the plan document. Because all assets have been distributed, is it really necessary to execute a trust document? I can't think of any reason, other than at some later date a dividend or mutual fund settlement or something is suddenly distributed to the plan."

0 replies   |    17 views   |    Add Reply

rocknrolls2 created a topic in Health Plans (Including ACA, COBRA, HIPAA)

Medicare Advantage Retiree Medical Plan - Avoidance of Doughnut Hole

"I participate as a retiree in my former employer's retiree medical plan, which is a Medicare Advantage PPO. As such, it includes Part D for prescription drugs, including the doughnut hole. I know that the ACA had provisions designed to ameliorate the doughnut hole. I was informed that I could not enroll in any other medicare supplement plan (including for prescription drugs) or I would lose my coverage. [1] Were the ACA provisions which were intended to lessen the impact of the doughnut hole ever implemented or put into effect? [2] If so, are they still in effect? [3] If the answer to either of those two questions is No, can my former employer design the prescription drug portion so as to lessen the severity of the doughnut hole provision? Thank you!"

0 replies   |    11 views   |    Add Reply

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