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Message Boards Digest

December 16, 2020

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

thepensionmaven created a topic in Defined Benefit Plans, Including Cash Balance

DB/401K Combo: One Has Short Plan Year Due to Mid-Year Change

"We recently took over the administration of a combination CB/401(k). The 401K is a calendar year plan but the CB is Sept. 1 through Aug. 31. Client wants to move the CB to have a calendar plan year. We'd have a short plan year in the SC 9/1/2020-12/31/2020. Client is in cash flow (who isn't these days?) and wants to keep the CB as low as possible. The limitation year is calendar for both plans. Thinking of doing CB with actual salaries 9/120-12/31/20 and full calendar year for 401K, but that doesn't sit right. Full calendar salaries for both and then pro-rata for the CB contribution?"

0 replies   |    26 views   |    Add Reply
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NW529 created a topic in 401(k) Plans

First Year Top Heavy; Effect of Recharacterized Catch-Up Contribution

"A plan is effective as of 1/1/2020. Not a Safe Harbor plan. The owner is over 50 and contributes $4,000. No other employees contributing. Her ADP refund will be recharacterized as catch-up. For the 12/31/2020 Top Heavy test, is her balance excluded from the ratio because it is characterized as catch-up? Is the plan considered Not Top Heavy at 0% for 12/31/2020 (2020 and 2021 plan years)?"

0 replies   |    36 views   |    Add Reply

J Simmons created a topic in Retirement Plans in General

Plan Missed the EGTRAA and the PPA '06 Restatements: One VCP or Two?

"New client spaced off both EGTRRA and PPA '06 restatements. Does it take two or just one VCP application/fee to correct?"

1 reply   |    31 views   |    Add Reply

Jakyasar created a topic in Retirement Plans in General

Applying the Percent-of-Compensation Deduction Limit: Count PPP Salary Plus Regular Salary?

"Owner of corporation got $20k salary in PPP monies and $50k salary from corporation, thus $70k on Form W-2 for 2020. Wants a profit sharing deduction for 2020. Which amount can the corporation contribute and deduct for? $50k or $70k?"

0 replies   |    22 views   |    Add Reply

dmb created a topic in 401(k) Plans

First-Timer Doing QMAC Calculations

"I've been asked to help with a QMAC calculation, though I've never done one. Does the unrestricted up to 5% of comp apply to QMAC as I think it does for QNEC? Can it be targeted or bottom up as long as it's no more than 5% of comp?"

0 replies   |    7 views   |    Add Reply

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