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Message Boards Digest

December 1, 2020

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

jsample created a topic in Retirement Plans in General

Good Ole' FDP -- Adjustable to Use in the New Millenium?

"I wasn't sure where to ask this and after searching the forums I am guessing here. Does anyone still use FDP? I have a friend who is trying to run valuations using FDP for 12/31/20, and the old DOS based system thinks 12/31/20 is earlier than 12/31/19, so nothing will run. My friend is not sure if it is an FDP issue or a DOS issue. I know this is really reaching -- for the youngsters, FDP was a recordkeeping / compliance software laid to rest around 2000/2001 (?)."

7 replies   |    77 views   |    Add Reply
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KML created a topic in Correction of Plan Defects

Correction of Failure to Adopt 403(b) in 2014 -- Can I Use Schedule 2 of Form 14568-B?

"Is the relief for failure to adopt a written 403(b) plan document still available under EPCRS for a 403(b) plan that was not in existence in 2009? We have a 403(b) plan which became effective in 2014, but never adopted a plan document. Can we submit a VCP using the Model VCP Schedule 2?"

1 reply   |    25 views   |    Add Reply

digger created a topic in 401(k) Plans

Change from SH Match to 3% SHNEC After Match Notice?

"Employer handed out a 2021 safe harbor match notice early and now wants to change to a 3% SHNEC for 2021. Are they obligated to the 2021 SH Match because of the notice, or can we get a new notice out by December 1 and change that?"

1 reply   |    44 views   |    Add Reply

M Norton created a topic in SEP, SARSEP and SIMPLE Plans

Can a SEP Operate on a Non-Calendar Plan Year?

"Not-for-profit client adopted a SEP on a Merrill Lynch SEP document (not IRS form) with a fiscal year end of 9/30. Can a SEP have a fiscal year? I have seen only calendar-year SEPs."

1 reply   |    34 views   |    Add Reply

Pammie57 created a topic in 401(k) Plans

Hardship Withdrawal Request Under Final Regs

"I have a client whose home was destroyed in March by tornado. With the cost of lumber going up so much, they need to take a distribution from their 401k to pay the additional expense to rebuild that insurance did not cover. Could that be a reason for a hardship withdrawal or just an inservice with 20% withholding? Rebuilding on the same lot."

0 replies   |    17 views   |    Add Reply

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Archer, Byington, Glennon & Levine, LLP
Melville NY

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Ferenczy Benefits Law Center
Atlanta GA

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Archer, Byington, Glennon & Levine, LLP
Melville NY

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