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BenefitsLink
Message Boards Digest
March 12, 2021
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Here are the most recently added topics on the BenefitsLink Message Boards:
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tcmc created a topic in 401(k) Plans
"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?"
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Lucky32 created a topic in Retirement Plans in General
"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?"
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NeedhelpREsep created a topic in SEP, SARSEP and SIMPLE Plans
"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)?"
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Here are the most recently posted jobs on EmployeeBenefitsJobs.com, a service of BenefitsLink:
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Beltz Ianni & Associates
Rochester NY
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ERISA Pension Systems
Fort Lauderdale FL
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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
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Office of Health Plan Standards and Compliance Assistance, Employee Benefits Security Administration [EBSA]
Telecommute / Washington DC
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Newport Retirement Services
La Crosse WI
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Newport Retirement Services
Dallas TX
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Newport Retirement Services
Charlotte NC
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Newport Retirement Services
Minneapolis MN
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Newport Retirement Services
Folsom CA
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DWC - The 401(k) Experts
Telecommute / Portland OR
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BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146
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Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager
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