Message Boards Digest

February 10, 2021

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

Purplemandinga created a topic in 401(k) Plans

Ownership Interest in Plan Sponsor (an LLC) Is Held in the Plan's Trust

"An owner of an LLC has his interest of the company sponsoring a plan held in trust. Would the owner be able to use the income earned by the interest to participate in the plan? Is this even an issue?"

7 replies   |    47 views   |    Add Reply
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kmhaab created a topic in Employee Stock Ownership Plans (ESOPs)

Have ESOP Diversification Notice Requirements Changed?

"Code Section 401(a)(28)(B) requires an ESOP to allow qualified participants to make a diversification election within 90 days after the close of each plan year and distribute or invest the amount to be diversified within the following 90 days. In my experience, privately held plan sponsors who may not have a valuation or allocation completed within the first 90 days have met this requirement by issuing a preliminary diversification notice in the first 90 days and following up with a final notice when allocations are complete. The IRS sample pre-approved ESOP language issued in 2015 allows for the 90-day election period after the close of the plan year to be extended, eliminating the need for a preliminary notice followed by a final notice. Does this extend to individually drafted ESOPs? I am somewhat uncomfortable with the assumption that it does, as the statute is very clear and I would appreciate hearing others' thoughts."

1 reply   |    20 views   |    Add Reply

Purplemandinga created a topic in Multiemployer Plans

Convert a Multiemployer DC Plan into a Multiple Employer Plan (MEP)?

"Is it optional for a Multiemployer plan to change into a Multiple Employer Plan arrangement as long as all the parties agree to such a thing occurring? Or is a plan locked into a Multi for life? Alternatively, if the CBA parties agree, could all the employers transfer assets to a MEP sponsored by a PEO and terminate the Multi?"

0 replies   |    16 views   |    Add Reply

coleboy created a topic in 401(k) Plans

Ability to Contribute to Two Different Plan Sponsors' Plans

"The doctor owns 2 companies. One company will have a SIMPLE IRA (he will not contribute to the SIMPLE) and the other company (he is the only employee) will have a SEP arrangement and he will participate in the SEP arrangement. He is also 50% owner in a 3rd company which has a 401k. Can he contribute to the 401k as well? Can he max out on both the SEP and 401k?"

2 replies   |    41 views   |    Add Reply

karl created a topic in Relius Administration

Relius Interface with T. Rowe Price Platform

"Any Relius users have plans at T. Rowe Price that can give guidance on how to import T. Rowe Price's trust report for annual compliance? Being told by Relius that we need to have the file 'trimmed' and then can be used in the 'Hartford' interface which is the same used for American Funds. Are users 'trimming' files and if so is there software available for that or how is that done? Or is there another interface or solution to avoid that trimming process?"

0 replies   |    20 views   |    Add Reply

Tax Cowboy created a topic in Litigation and Claims

Dealing with EBSA's Office in Plantation FL

"Client's ESOP had a DOL investigation (Plantation, FL EBSA office) start early 2020. I represent client as their Tax/ERISA Attorney. Throughout 2020 I provide all requested documentation. Then from Sept '20 we don't hear anything. A few days ago I get an email from a new investigator saying he will be issuing new subpoenas. We've provided everything I can think of. Anyone else represent clients from this DOL EBSA office? There happens to be a related US Tax Court matter in its beginning stages related to tax deficiencies and disqualification of client's ESOP. Any other practitioners been successful in filing declaratory actions in federal court (instead of waiting years on end for the DOL to conclude its investigation)?"

1 reply   |    36 views   |    Add Reply

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

Employer Contribution Mistakenly Made for Two Terminated Employees

"403(b)(9) Non-electing Multiple-Employer Church Plan. A church mistakenly sent employer contributions to the plan for two terminated employees. The church did not intend to provide post-employment contributions and is asking that the funds be returned. Generally, when the plan receives an employer contribution that is in amount higher than intended, it applies it to another employees(s) of the employer for a future contribution, but these were the church's only two employees in the plan. The church intends to hire someone, but timing is uncertain. Can the funds be returned to the employer, or must they stay in the plan for a future contribution since the church intends to stay in the plan?"

1 reply   |    34 views   |    Add Reply

chibenefits created a topic in

Definitions of Comp in Post-PPA DC Plans

"Any tips on how to enter the definitions of statutory and plan compensation where the statutory definition is 415 compensation and the plan comp definition is gross comp on the W-2?"

0 replies   |    14 views   |    Add Reply

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