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Message Boards Digest

May 11, 2021

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

Scott25 created a topic in 401(k) Plans

Can I Run ADP Disaggregated While Running ACP Aggregated?

"Can a plan run the ADP test on a disaggregated basis and the ACP test on an aggregated basis or do these have to be run the same way? In this example, I know we would have to disaggregate the 410(b) test for the deferrals and would aggregate the 410(b) test for the match contributions. This is a single employer plan and there are no controlled group members."

2 replies   |    44 views   |    Add Reply

Sue B created a topic in 401(k) Plans

Successor Rule if Profit Sharing Doesn't Have a 401(k)?

"Our client had a cash balance and profit sharing plan effective 2015. There was no 401(k) component; it was all employer money. In 2020, they had an offer and thought they had sold their business, so they terminated their plans effective 12/31/2020 and assets were distributed. The deal fell through, and they'd like to put in a new CB and PS plan as of 1/1/2021. Their payroll company is saying they can't do the PS plan, because they need to wait a year due to the successor rule. Is this true, if there was no 401(k) in the original plan?"

2 replies   |    45 views   |    Add Reply

TPApril created a topic in 401(k) Plans

Unnamed Contingent Beneficiaries: Children or Estate

"Owner does not want to complete beneficiary form because his spouse is his primary beneficiary and he has completed an estate plan in which his children are contingent for all accounts. Am I correct that a plan-specific form needs to be completed so that the children would be considered contingent, and that otherwise, should spouse predecease or the owner & spouse die simultaneously, the plan's benefits will go to the estate rather than to the children?"

1 reply   |    27 views   |    Add Reply

lcollins300 created a topic in Plan Terminations

Terminated Plan Assets Rolled into New Plan Under Same Control Group -- Unrelated or Related?

"Two employers (A and B) under same control group each have separate plans (Plan A and Plan B). Plan A terminates because employer A shuts down and many participants start working for employer B. Most participants roll assets from terminated Plan A into Plan B. Plan B has predecessor language for eligibility and vesting for participants from Plan A. They were given opportunity to take their balance or rollover to IRA or another qualified plan. Are the rollovers from Plan A into Plan B considered 'related' rollovers for top-heavy testing?"

1 reply   |    28 views   |    Add Reply

JOH created a topic in Distributions and Loans, Other than QDROs

Not Sure I Understand Qualified Loan Offsets

"Reading a previous question, I just want to make sure I understand this. I thought that if a participant had an outstanding loan and they obtained a qualified event like the plan allows for early distribution, that the participant would be able to offset the remaining outstanding balance of the loan due to qualifying event. So if John was 58 when he took a loan for $10,000, after a year and half, he decides that he wants the remaining loan balance (say it's $7400 now) to be offset because he's now 59-1/2, I thought that was permissible. Am I wrong?"

1 reply   |    24 views   |    Add Reply

Scott A. Davis created a topic in Health Plans (Including ACA, COBRA, HIPAA)

Offering Traditional Group Health Coverage Rule to an ICHRA Class of Employees

"Is a Plan Sponsor offering only Group MEC coverage to an eligible ICHRA class of employees also allowed to offer an ICHRA to that same class of employees, because a Group MEC is not Traditional Group Health Coverage (MVP) nor an Excepted Benefit under ICHRA rules? Same result as to offering the same ICHRA class of employees both ICHRA and Group GAP coverage which covers a stated dollar benefit amount of Deductible and Coinsurance?"

2 replies   |    14 views   |    Add Reply

Belgarath created a topic in Distributions and Loans, Other than QDROs

VCP Correction of a Defaulted Loan to a Participant-Owner

"Participant loan apparently defaulted in 2018. Started making payments again in 2019, but should have been a deemed distribution. Too late to correct under SCP, but can be corrected under VCP, per Rev. Proc. 2019-19, Section 6.07(3)(d). Here's my question -- the person involved is the company owner. Has anyone submitted under VCP in such a situation, and was there any problem with the IRS not approving it because it was the owner/fiduciary who defaulted?"

0 replies   |    7 views   |    Add Reply

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