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Message Boards Digest

November 20, 2020

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

AlbanyConsultant created a topic in Retirement Plans in General

415 Reduction for Overlapping Plan Years

"We started a new calendar year PS plan effective 1/1/20 for a corp that previously had a 4/30 PYE (there are reasons). The CPA who ran the prior plan (who is one of the reasons) is planning out his contributions for 4/30/20. The owners of course want to max their profit sharing allocation for the 4/30/20 plan year. If he uses compensation 5/1/19 through 4/30/20 -- and I can't see any reason why he wouldn't -- then doesn't that cause an issue for the 12/31/20 PYE? It feels like the 415 limit (and maybe even the comp limit) should be reduced somehow so they're not double-dipping. If we had done this via a short plan year, we would have had a year with less comp and pro rated limits, so it feels odd to benefit by doing it this way (though I know there are other times when doing things in a more convoluted way does give an advantage...). Am I looking for a problem where there is none, or is my gut on the right track?"

0 replies   |    28 views   |    Add Reply

Tina T created a topic in Qualified Domestic Relations Orders (QDROs)

Pension Wants Me to Give Back Most of the Amount It Paid to Me (the Alternate Payee)

"In my QDRO it was stated a specific amount on the value date we chose. The QDRO was signed off by everyone and my $35,000 had to sit for the next 10 years until he reached 55 until I could take it out. Over the years I would ask the value of the money what it was worth and the pension company would write me a letter stating the gains/losses. Well, this past April I took a lump sum and had 20% taken off of $57,000. Now, 6 months later, the pension says they over paid me $27,000, that I'm only entitled to $35,000, and that I need to pay the $27,000 back because it is the property of my ex. I've already paid $11,000 in taxes on it. What can I do here? I don't have the money and I didn't wait 10 years for him to earn interest on my money."

2 replies   |    36 views   |    Add Reply

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