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Message Boards Digest

February 2, 2021

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

Vlad401k created a topic in 401(k) Plans

Contribution Limit Between Two 401(k) Plans

"A participant owns 100% business of Company A and 25% of Company B. Company A and B are not part of a controlled group/affiliated service group. Can the participant max out contributions under each plan (of course, assuming that he or she doesn't go over the single 402(g) limit)?"

3 replies   |    53 views   |    Add Reply
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Lou81 created a topic in Retirement Plans in General

QDRO Entered But Participant Died Before Designating a New Beneficiary

"Participant recently went through a divorce. QDRO was processed, paying the former spouse. The participant passed away last week. He was provided, but never returned, a new beneficiary form. The form on file is the old one listing the now former 'spouse.' Does the divorce and QDRO deem the designation form null and void?"

5 replies   |    60 views   |    Add Reply

Catch22PGM created a topic in 401(k) Plans

All Non-Highly Compensated Employees Signed Irrevocable Waivers of Participation

"A new 401(k) plan was adopted 1/1/2020 -- not safe harbor, with discretionary match and profit sharing. Volume submitter plan document allows for irrevocable waivers and the plan sponsor wanted it because many employees wanted no part of the plan due to religious beliefs. We received the irrevocable waivers in December of 2019. We have now received the 2020 census data. Every NHCE signed an irrevocable waiver, so the only eligible plan participants are the owners. There were 7 NHCEs who met the statutory eligibility requirements so they are showing up as eligible, not benefiting, for 410(b). These employees want no contributions from the employer due to religious beliefs, which is why they signed irrevocable waivers in the first place. How this should be handled?"

6 replies   |    81 views   |    Add Reply

Riley Britton created a topic in 401(k) Plans

Plan Termination Includes Cashed-Out Life Insurance

"I have a one-person plan (401k/PS) terminating December 31, 2020 with life insurance. He has assets at two other investment houses. He cashed in his life insurance policy ($42,000) and now wants to roll it into an IRA along with the assets from the other investment houses. I don't that's allowed. Correct? What are his options now as far as the life insurance cash? He doesn't want a tax liability. Fidelity (one of his investment houses) told him to send them a check and mark it 60 day rollover along with a 1099-R."

7 replies   |    49 views   |    Add Reply

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