Message Boards Digest

October 20, 2020

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

cathgrace created a topic in 401(k) Plans

Definition of Compensation -- Different Definitions for Deferrals and for Safe Harbor Matching Contributions?

"In a safe harbor 401(k) plan (non-QACA), is it permissible to have different definitions of compensation for deferrals and safe harbor matching contributions? For example--for purposes of deferrals, compensation is defined as all compensation within the meaning of Code §415(c)(3), including bonuses. For purposes of calculating the safe harbor matching contributions, bonuses are excluded. Is that allowed?"

2 replies   |    46 views   |    Add Reply

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Stash026 created a topic in 401(k) Plans

Change to 3% Safe Harbor -- Still Oct. 1 Deadline for New Plans?

"Is there a rule that the change to 3% Safe Harbor has to be by October 1 for 'new' plans but December 1 for existing plans? If that's the case, what's the definition of a 'new' plan? If we have a document for a Plan Year starting 1/1/20, when do they have to make the 3% decision by?"

1 reply   |    35 views   |    Add Reply

Jakyasar created a topic in 401(k) Plans

Adding a Profit Sharing Component to a 401(k) Plan; Ignore Prior Service for That Component Only?

"Current plan has only 401k and SH provisions. Effective date of the plan is 2017. Planning to add PS provisions for 2020 (never had before). As with the addition of the PS provisions and the vesting for PS, can the plan exclude service for PS portion?"

2 replies   |    63 views   |    Add Reply

Belgarath created a topic in 457 Plans

Source for Comprehensive Information on Required 457(b) Amendments?

"Has anyone seen a good source or webcast that addresses specifically what changes from Bipartisan Budget Act, SECURE, and CARES apply to 457(b) plans, and what amendments are required, and when? For both governmental and tax-exempt plans?"

1 reply   |    10 views   |    Add Reply

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

Healthcare FSA Continues for Terminated Employee

"We have several employees who terminated this year (7/31/2020) and as part of a severance agreement their H&W benefits were continued including health FSA. One of the employees' severance benefits continue into 2021. We offer changes at open enrollment. Should we offer him the opportunity to do health FSA for 2021? Does anyone see an issue for post-July 2020 healthcare FSA deductions being allowed?"

1 reply   |    13 views   |    Add Reply

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

I'm the Alternate Payee and Don't Understand Why My Payments Can't Begin

"I am the AP on a Separate Interest QDRO. The (ex-spouse) participant is 54 years young, employed at Chrysler. According to the plan, I can start receiving my portion of the funds at the participant’s earliest retirement age. I was told by the representatives at Benefits Express that I would receive a kit in the mail, with instructions, so that I can commence payment. The next day I received a call saying I cannot start receiving the funds until 01/15/2027, when the participant is 62 years young, which is Chrysler’s normal retirement age. The QDRO has the following:

"a. Distribution to the Alternate Payee of the portion of the benefit awarded to him or to her pursuant to this Order may commence at the request of the Alternate Payee on or after the Participant's attainment of the earliest retirement age as that term is defined in Section 414(p)(4)(B) of the Code and shall commence no later than the Participant's benefit commencement date or the Participant's Normal Retirement Date, if earlier. If the Alternate Payee elects to receive his or her benefit prior to the Participant's Normal Retirement Date, the benefit shall be reduced for early commencement, as applicable."

I'm confused as to why I can’t start receiving my portion. Please help me understand what is going on."

3 replies   |    34 views   |    Add Reply

tsrl01 created a topic in Health Plans (Including ACA, COBRA, HIPAA)

Subscriber to Member Ratio -- How Significant When Negotiating Vendor Contracts?

"This probably sounds elementary, but what is the significance of subscriber to member ratio when negotiating contracts with vendors. Is a higher ratio (3.5) better than a lower (2.0) or is it the other way around? I would think lower is better, if my understanding is correct."

0 replies   |    9 views   |    Add Reply

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