BenefitsLink.com logo   

BenefitsLink
Message Boards Digest

March 12, 2021

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

tcmc created a topic in 401(k) Plans

401(k) Sponsored by Only One of Two Members of Controlled Group

"Company A, Owner A has 100% ownership. Company B, same Owner A has 85% ownership. Both companies have around 10 employees. Company A has offered a 401k since 2017, converted to SH 401k in 2019. Company B does not have any 401k. Am I correct that Company A and B are in a controlled group and the 401k should have been offered to Company B since inception? If so, what's the mechanism to correct this? Would company B employees be due the SH contributions over the last 2 years?"

3 replies   |    46 views   |    Add Reply

Lucky32 created a topic in Retirement Plans in General

Owner's Kid Shortchanged

"A small employer sponsors a PSP that allocates contributions on a comp-to-comp basis -- everyone gets the same percentage of pay. There are 2 HCEs (owner and daughter) and 1 NHCE. The owner would like to allocate 25% to both herself and her long-time NHCE. However, since she only has a specific amount to contribute, her daughter would be left getting only 15% of pay -- which is OK with the owner, as the daughter just entered the plan and will not be staying long.

Having the daughter waive participation is not an option -- the owner wants her to get the remaining allocation. How much of an issue do you think this would be if the plan were audited since it's the owner's kid who was shortchanged? Would they likely assess penalties for not following the terms of the document even though no NHCEs were affected?"

8 replies   |    54 views   |    Add Reply

NeedhelpREsep created a topic in SEP, SARSEP and SIMPLE Plans

Transition in 2021 from SEP to SIMPLE Despite 2020 SEP Contribution?

"I have a client with an existing SEP Plan (prototype w/TD). I know we can still make a 2020 contribution of course, but can a 2020 contribution be made to the SEP, and then we terminate the SEP, and then we establish a SIMPLE for 2021? If so, does the SEP termination need to be retro back to 12/31/2020 (if that's even possible)?"

1 reply   |    13 views   |    Add Reply

Here are the most recently posted jobs on EmployeeBenefitsJobs.com, a service of BenefitsLink:

View job as Retirement Planner

Retirement Planner  View details

Beltz Ianni & Associates
Rochester NY

View job as ASPPA Credentialed TPA or SOA Exam Actuarial Wannabe

ASPPA Credentialed TPA or SOA Exam Actuarial Wannabe  View details

ERISA Pension Systems
Fort Lauderdale FL

View job as Employee Benefits Investigator (Recent Graduate)

Employee Benefits Investigator (Recent Graduate)  View details

Employee Benefits Security Administration [EBSA]
Telecommute / Pasadena CA / Atlanta GA / Kansas City MO / Philadelphia PA / Dallas TX / Silver Spring MD / Covington KY / San Francisco CA / Boston MA / Seattle WA / IL / NY

View job as Employee Benefits Law Specialist

Employee Benefits Law Specialist  View details

Office of Health Plan Standards and Compliance Assistance, Employee Benefits Security Administration [EBSA]
Telecommute / Washington DC

View job as Account Services Representative (Entry-Level)

Account Services Representative (Entry-Level)  View details

Newport Retirement Services
La Crosse WI

View job as 401k Documents Consultant

401k Documents Consultant  View details

Newport Retirement Services
Dallas TX

View job as Inside Sales Specialist- Retirement- 401k

Inside Sales Specialist- Retirement- 401k  View details

Newport Retirement Services
Charlotte NC

View job as 401k Documents Consultant

401k Documents Consultant  View details

Newport Retirement Services
Minneapolis MN

View job as Account Services Representative (Entry-Level)

Account Services Representative (Entry-Level)  View details

Newport Retirement Services
Folsom CA

View job as Retirement Plan Consultant

Retirement Plan Consultant  View details

DWC - The 401(k) Experts
Telecommute / Portland OR

►View More Jobs

►Post a Job

►Get Instant Job Alerts

BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146

Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager

Copyright 2021 BenefitsLink.com, Inc. All materials contained in this mailing are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.

Unsubscribe | Privacy Policy