Message Boards Digest

November 17, 2020

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

Flyboyjohn created a topic in Plan Document Amendments

Retroactive Amendment to Add Last-Day Rule on Discretionary Match

"Plan has discretionary match but no allocation conditions (no last-day employment rule). Plan sponsor now considering making a 2020 discretionary match but wants to amend to add last-day rule. OK, or a prohibited cutback for participants who deferred in 2020 but have terminated employment?"

3 replies   |    39 views   |    Add Reply

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Daniel Nugent created a topic in IRAs and Roth IRAs

Impermissible IRA Investment in Collectibles

"A self-directed IRA has invested in a collectible that does not meet any of the exceptions in Code Section 408(m), and therefore the IRA is treated as having distributed the cost of the collectible to the IRA owner. [1] In addition to the deemed distribution, does the IRA's investment in the collectible constitute a prohibited transaction, or could a prohibited transaction arise if appropriate steps are not taken? [2] Does the IRA custodian have any duty to ensure that the IRA owner correctly handles the deemed distribution, or have a reporting obligation regarding the deemed distribution?"

0 replies   |    22 views   |    Add Reply

Mermaid created a topic in Retirement Plans in General

Timing of Payment of Death Benefit to Surviving Spouse

"Husband-participant died amount a month ago while still employed. The wife already called Fidelity and has submitted a form. She does not reside in the United States. Husband was in the process of petitioning for a divorce from his wife when he died. I wonder how long would it take for the wife to claim the benefits?"

1 reply   |    30 views   |    Add Reply

AmyETPA created a topic in 401(k) Plans

Adding a Profit Sharing Contribution Component to a 401(k) Plan for 2020

"Taking over a 401k plan that doesn't have profit sharing as an option in the document. I've never encountered this; we always have profit sharing as an option in our 401k plans. Client wants to add profit sharing for 2020. Is that allowed?"

2 replies   |    25 views   |    Add Reply

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Pension Benefit Guaranty Corporation [PBGC]
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Stones River Consulting
Telecommute / TN

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Taft-Hartley Trusts
San Jose CA

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