Message Boards Digest

December 7, 2020

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

austin3515 created a topic in 403(b) Plans, Accounts or Annuities

415 Plan Year as Limitation Year

"Please see the regulation quoted below. Does anyone have a template election form that I can 'borrow'? Also, I assume this reg applies to all 403b accounts. I noticed that the it references only 403b annuity contracts but I presume the reg just pre-dates 403(b)(7) (allowing custodial accounts).

Section 1.415(j)-1 Limitation year.

(e) Limitation year for individuals on whose behalf section 403(b) annuity contracts have been purchased. The limitation year of an individual on whose behalf a section 403(b) annuity contract has been purchased by an employer is determined in the following manner.

[1] If the individual is not in control of any employer (within the meaning of Section 1.415(f)-1(f)(2)(ii)), the limitation year is the calendar year. However, the individual may elect to change the limitation year to another twelve-month period. To do this, the individual must attach a statement to his or her income tax return filed for the taxable year in which the change is made. Any change in the limitation year must comply with the rules set forth in paragraph (d) of this section."

2 replies   |    34 views   |    Add Reply

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

Need a Copy of SSAP 92 and SSAP No. 102

"Anyone have a shareable copy of SSAP No. 92? Also, SSAP No. 102?"

0 replies   |    21 views   |    Add Reply

Gilmore created a topic in Retirement Plans in General

Prior Service Performed by New Member of an Affiliated Service Group

"Two doctors are partners in a medical practice with a 401(k) plan. The partners are the doctors' personal corporations. A third doctor with two employees joins the practice as a partner. The third doctor's personal corp is now the third partner in the ASG. The two employees have several years of service with the third doctor. The two employees are now employees of the medical practice owned by the 3 doctors.

Is the service earned under the new doctor's personal corp automatically considered service under the medical practice 401(k) plan due to now being a related employer in the ASG? Or does the plan need to amend to permit the prior service? I'm hoping I explained that correctly."

4 replies   |    61 views   |    Add Reply

WCC created a topic in 401(k) Plans

Replaced a Safe Harbor Match with a Discretionary Match

"A calendar year 401k plan began on January 1 with an enhanced safe harbor match (100% on 4%) with a plan year calculation. Due to COVID-19, the match was eliminated. Notices were properly sent and the match was funded through the date it was eliminated, which was May 31. The plan sponsor is in a better position now and wants to fund a match for the entire year as was originally promised.

Obviously the safe harbor match cannot come back, but they want to fund a plan year match of 100% on the first 4% for the entire year. The document allows for a discretionary match on the plan year. [1] If a discretionary match is funded, do we have two match formulas -- #1 - a safe harbor from January 1 through May 31, and #2 - a discretionary match from January 1 through December 31? [2] Is there a doubling effect of the match or can the safe harbor deposit be counted toward the discretionary match formula? We don't want to inadvertently create a doubling of the match from January 1 through May 31. Nor do we want to amend to a fixed match from June through December because participants who maxed out early will be 'shorted' their match. The document does not seem to address this, and the document provider has referred us to outside counsel."

0 replies   |    31 views   |    Add Reply

AbsolutelyOkayPossibly created a topic in 401(k) Plans

Spinoff Plan Needs New Enrollment Forms from All Employees?

"Enrollment forms are often plan-specific. If a spinoff plan is created, should new enrollment forms be obtained from all employees because the regulations say so, or is this more a policy decision that can be established by the plan fiduciary?"

0 replies   |    22 views   |    Add Reply

ronincerritos created a topic in 403(b) Plans, Accounts or Annuities

Want a Transfer Between 403(b) Providers But Former Employer Won't Let Me

"I'm a retired employee and have a 403b issue ... I have/had monies in differing employer-sponsored 403b plans (same employer) and I would like to transfer from one 403b plan (Empower--the current administrator) to another existing 403b plan (Lincoln Financial--a former administrator) to take advantage of improved fixed interest account rates (3.5%). My former employer is prohibiting the transfer. Do I have a legal right to challenge my former employer?"

8 replies   |    98 views   |    Add Reply

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

COBRA Coverage After Converting from H1B Visa to B2 Visa

"Hi I am in United States on H1B (work visa) and I am having my health insurance with UnitedHealth Care through my employer. My wife is pregnant; the baby is due in May 2021. I am worried about what happens to my health insurance if I lose my job and need to change my visa from H1B (work visa) to B2 (visitor visa). Can I, and should I, opt for COBRA insurance (on a visitor visa)? Note: My employer has more than 50+ employees and so COBRA is available."

1 reply   |    31 views   |    Add Reply

Jakyasar created a topic in Distributions and Loans, Other than QDROs

Interest Rate on Participant Loan

"Have not dealt with loans for a few years, and now a participant wants one. Loan procedure states prime rate plus 1%. Is that a reasonable rate of interest? I believe 2% is the unofficial safe harbor."

7 replies   |    63 views   |    Add Reply

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