Message Boards Digest

March 19, 2021

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

TheBoxMan created a topic in Defined Benefit Plans, Including Cash Balance

Plan Pays Travel Expenses of Actuarial Firm

"As part of some due diligence work, I am reviewing the invoices for a qualified pension plan that is severely underfunded for the past several years. I am seeing billing for PBGC filings and actuarial valuation work that are normal parts of plan administration and can be paid from pension assets. However, I also see some payments for annual pension meetings to discuss valuation work. Hiring an actuarial firm is one thing, but would anyone consider paying travel expenses for the actuarial firm to attend a meeting a part of plan administration? My thought is that a travel expense should be paid from the company account and not plan assets."

1 reply   |    50 views   |    Add Reply

EmpbAF created a topic in 401(k) Plans

Pre-Approved Plan Retroactive Effective Date

"A client with a profit-sharing plan adopted a restatement of its pre-approved plan document by the April 30, 2016 deadline but implemented a retroactive effective date (2015). I submitted a VCP application seeking approval of a retroactive effective date. In addition to the limits on retroactive amendments under Internal Revenue Code Section 401(b) and applicable regulations, the pre-approved document itself states that the effective day must not be earlier than the first day of the Plan Year (here, a calendar year) that the restatement is adopted. I know that the remedial amendment cycle allows retroactive amendments for 'disqualifying provisions' but my understanding is that those provisions have their own effective dates, but the plan as whole should still have an effective date as of the year of adoption.

The VCP agent said that there was no issue because the restatement was adopted by the April 30, 2016 deadline and within the two-year window provided in Announcement 2014-16, but he also could not provide an authority as to the overall retroactive effective date. So I'm not sure I agree, but I don't want to belabor the issue either. I mostly just want some assurance that if there is a subsequent audit of the plan, that agent won't disagree with this agent.

Does anyone fall on one side or the other as to this analysis?"

1 reply   |    38 views   |    Add Reply

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