Message Boards Digest

February 23, 2021

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

Ken McDonnell created a topic in Other Kinds of Welfare Benefit Plans

Free CFPB FinEx Webinar: Unpacking the Black Wealth Gap: Historical Lessons of Credit Discrimination

"Tuesday, February 23, 2021 at 2:00-3:30 pm ET.

In this workshop, you will hear about economic challenges, including credit discrimination, that Black Americans encounter. Over time, these have led to today’s Black wealth gap. Through this historical research, you can gain insight into the people you currently serve.

Apply the principles of effective financial education. One of the five principles of effective financial education is to know the individuals and families you serve. Understanding credit discrimination and the Black wealth gap can help financial practitioners grasp the unique challenges to economic growth that many Black Americans encounter on their journey to financial well-being.

This WebEx platform does not support computer audio; participants must dial in. To access the full audio and Webex visual, you must complete the steps below.

To access audio:

Dial-in: US Toll: +1-415-527-5035 -- Access code/Event #: 199 883 7084 -- Event Password: MBqJTPNp$582 (62758767 from phones)

To view the presentation slides please join the event directly (event address for attendees):

We (the Consumer Financial Protection Bureau) look forward to having you join us!"

0 replies   |    54 views   |    Add Reply
[Sponsored] EXCLUSIVE - Who's the Employer (WTE)

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Vlad401k created a topic in 401(k) Plans

Entry Date Compensation of $0

"A participant was hired sometime in 2020, but met the entry date requirements on 12/31/2020. The compensation is $0 from entry date. The participant is due a Top Heavy minimum based on 415 compensation. How should this participant be treated for testing purposes (in terms of whether they are a participant or not - due to testing compensation of $0 - and what's their allocation rate for the General Test)?"
0 replies   |    27 views   |    Add Reply

Jakyasar created a topic in Retirement Plans in General

Loan Transferred to Qualified Replacement Plan

"Terminating an overfunded DB plan. Not relevant, but 2 participants, owner/spouse. Each took a loan out from the DB plan and first payment is due late March. Each loan is for $50k. Each will roll over their lump sum into their respective IRAs and the loan will be rolled over into the qualified replacement plan (QRP) before first payment is due. Do they need to redo the loan agreement in the name of the new QRP without changing the original provisions?"

0 replies   |    21 views   |    Add Reply

Purplemandinga created a topic in Retirement Plans in General

Forced Asset Transfers to Acquiring Company's Retirement Plan

"Has anyone heard of forced rollovers for all participants from one employer to another if the employers were unrelated but there was an asset purchase involved? Again, not a transfer, but a mass rollover."

9 replies   |    79 views   |    Add Reply

JanetJ created a topic in Form 5500

Keep Getting Form CP214 Even Though S Corp Was Terminated -- Worried About $150k Penalty and/or $1,500/Day

"I keep getting the CP214 form sent to me to remind me to determine if I need to file Form 5500-EZ. I ignored it because it said we send this form just to remind you if you previously filed a form which I did in 2014.

So today I was curious and I called the IRS. I said, why do I keep getting this form even though I terminated the solo 401k plan? She immediately asked me if I had the 5500-EZ in front of me. I did and everything was filled in correctly EXCEPT the part that said 'total number of participants at the end of the plan year.' I had entered '1'. She said I should have written '0' and that's why I keep getting the form. The assets were already $0 and I wrote Final on the form.. I was told to mail a amendment for 2014. I asked if I have to pay a penalty, said I already had converted the plan to a traditional IRA in 2014, already had issued 1099, and my assets at year-end were $0. He said I should not have to pay a penalty because I filed it on-time but I just incorrectly. I was told to mail the letter with an explanation and a 5500-EZ.

Is the IRS agent correct? Anyone ever encounter this? I read online somewhere I need to pay $1,500 per day penalty or $150,000. I was the only person on this solo 401k plan and I only filed this return (due to it being the final year) once, because my plan never exceeded $250k (not even close to it)."

1 reply   |    46 views   |    Add Reply

Chaz created a topic in Multiemployer Plans

Can Multiemployer Health & Welfare Fund Pay Penalties (Failure to File 1095-C) from Plan Assets?

"The IRS assesses a multiemployer health and welfare fund a penalty for not timely distributing and/or filing Forms 1095-C due to an error by the fund administrator. The penalty is not covered by the fund's E&O/fiduciary insurance policy. Can the fund pay the penalty from plan assets? Thanks."

0 replies   |    8 views   |    Add Reply

TPA Bob created a topic in Plan Terminations

Employer Who Sponsors a Qualified Retirement Plan Will Move to a PEO -- What Options for Participants?

"We have a client who has signed up for and is now under a PEO arrangement. The PEO sponsors its own retirement plan (Plan A). Have been asked options for the participants if any resulting from the termination of their Plan A.

If the PEO is now the 'common law employer,' the Plan A participants would be allowed to elect what they want with their monies. If the PEO is not the 'common law employer,' the Plan A participants funds would transfer to the PEO plan. No options allowed otherwise. Assume that's correct. Is it the client who would need to decide the common law employer question for itself (with guidance provided by the PEO)?"

0 replies   |    4 views   |    Add Reply

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