Message Boards Digest

June 4, 2021

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

Peter Gulia created a topic in Plan Document Amendments

Is This Choice-of-Law Provision Now Common?

"In reviewing an IRS-preapproved document, I saw this: 'To the extent such laws are not preempted by federal law, the terms and conditions of this Plan will be governed by the laws of the state in which the Pre-approved Document Provider is located[.]'

This choice sometimes might matter because the document can be used by a non-ERISA plan.

The definition of 'Pre-approved Document Provider' is not the document publisher but instead is a retirement services provider (a licensee of the document publisher).

Is this choice-of-law provision now common?"

6 replies so far   |    Click Here to Add a Reply

ldr created a topic in 403(b) Plans, Accounts or Annuities

Going from ERISA 403(b) Status to Non-ERISA 403(b) Status

"If a private non-profit entity sponsors an ERISA 403(b) plan with an employer match, and then discontinues the match, can the plan be reclassified as a Non-ERISA 403(b) plan and stop filing Form 5500-SF? Would the plan need to be amended and restated into a Non-ERISA document? Would the mere presence of old account balances derived from employer matching in previous years make the plan continue to be covered by ERISA?"

2 replies so far   |    Click Here to Add a Reply

Jakyasar created a topic in Form 5500

Reporting Participant Count on Form 5500 for a New Plan

"I'm looking at a 5500 prepared by another TPA. It is the first filing. It's for 2020 (calendar plan). 401k/safe harbor/profit sharing plan. 401k feature started late in 2020 -- adoption date of the new plan. Not a short plan/sponsor year. Plan effective 1/1/2020. Safe harbor and/or profit sharing deposited after plan year end. All participants have been employed more than few years so eligible under 21/1 rule as of 1/1/2020, i.e., entered the plan on 1/1/2020. On the 5500, participant count on 1/1/2020 is 0 and 12/31/2020 10. All 10 were eligible as of 1/1/2020 -- no one entered the plan after that date. The way I've always calculated the participant count on 1/1/2020 would be 10 rather than 0. Am I wrong?"

No replies yet   |    Click Here to Add a Reply

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