Message Boards Digest

June 3, 2021

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

dmwe created a topic in Health Savings Accounts (HSAs)

Pro Rata Calculations for Someone Switching from Family to Single Coverage

"When someone over age 55 switches from Family to Single coverage May 1st, does the annual limit you use to calculate the pro rata annual contribution limit include the catchup $1,000? So $8,200 for 4 months, then $4,600 for 8 months? Or do you use the annual limit of $7,200 or $3,600 for the prorata calculations, and then add the $1,000 to that?"

1 reply so far   |    Click Here to Add a Reply

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coleboy created a topic in 401(k) Plans

Schedule C Reflects a Loss But What About Nontaxable PPP Income?

"Client's Sched. C reflected a loss. Unfortunately he maxed out his 401k so it must be refunded. The accountant came back asking whether the non-taxable PPP income that the client received last year could be included. What do you think?"

1 reply so far   |    Click Here to Add a Reply

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

What Valuation Date for Short Cash Balance Plan Year Due to Plan Termination?

"Small non-PBGC cash balance plan used a 12/31 valuation date. Froze 3/31/20, terminated 5/31/20, assets all out on 8/12/20. So I'm prepping final report and SB for actuary to sign ahead of 6/15 extended deadline. Is 8/12 an okay valuation date to use? Assets and liabilities both zero at that point because everyone was paid (final assets were just a residual dividend liquidated to pay fees). Don't want to switch to 1/1/20 because we'd need to assume folks would be hitting 1,000 hours and getting a new contribution. 5/31 valuation date would obviously require more review of the numbers the software spits out."

4 replies so far   |    Click Here to Add a Reply

Ahuntingus created a topic in Form 5500

5500 Must Be Filed for New Plan That's Had No Contributions?

"Client established a safe harbor matching plan in 2020 but nobody (owners or other employees) made any contributions in 2020. Some employees are eligible but beginning and ending balances are $0. Client doesn't believe a 5500 should be filed; I think it does because people were eligible. Agree?"

2 replies so far   |    Click Here to Add a Reply

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