Message Boards Digest

November 11, 2020

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

kmhaab created a topic in 409A Issues

Need to Fix a Defective 409A Plan Document Even After Commencement of Benefit?

"An old agreement was never updated and has some definitions that do not comply with 409A (CIC, separation from service). Executive has separated from service and is receiving installment payments (in year 4 of 5). I assume the arrangement still needs to be corrected under the plan document correction procedures? Is that correct? What about a scenario where the benefits are entirely paid out when the failure is discovered?"

5 replies   |    34 views   |    Add Reply

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AbsolutelyOkayPossibly created a topic in 401(k) Plans

Foreign Company-Sponsored 401(k)

"A foreign company sponsors a 401(k) plan for some of its employees who are US citizens living in a separate foreign country. 415 limit deadlines are based on when a company's US tax return is due, correct? So how does one determine the deadline for non-safe harbor contributions if the company sponsoring the 401(k) doesn't have a US business tax return to file? I'm hoping to avoid looking through treaties. But it is 2020..."

2 replies   |    50 views   |    Add Reply

mjf06241972 created a topic in SEP, SARSEP and SIMPLE Plans

Compensation Limit for SIMPLE Plan Participants

"Is there a compensation limit on a SIMPLE Plan for calculation purposes? Is it the same as a 401k plan?"

2 replies   |    25 views   |    Add Reply

EPCRSGuru created a topic in Form 5500

Typo in Participant Count on Form 5500

"On line 6(f) of the 2019 5500 (total participant count) we reported 26,988 participants, which is correct. BUT on line 6(g) (participants with account balances) we reported 988. Obviously a brain freeze on the part of the filer. It is not a small plan and it has over $1 billion in assets. We have a difference of opinion -- it is worth amending? I think it's a red flag to have such a discrepancy between participants and the number of account balances."

2 replies   |    40 views   |    Add Reply

alexa created a topic in 401(k) Plans

Severance Pay for Terminated Executive -- OK to Continue Roth Deferrals?

"We have an ex-executive who started severance payments in February 2020 for net 3 years (before my time). She's having Roth 401k deductions taken out of her ongoing severance pay. Is that OK? It's my understanding our system is set up to stop 401k deferrals on severance pay and it seems to be for other employees. But perhaps OK because Roth is after-tax?"

4 replies   |    37 views   |    Add Reply

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