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Message Boards Digest

July 2, 2021

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

ACK created a topic in 401(k) Plans

Multiple 5330s Needed or Just 1?

"Client had late deferrals in October 2020 that were quickly corrected in November 2020. The lost earnings were not posted to the plan until June 2021. I'm preparing the 5330 for 2020. Do I also have to prepare a 5330 for 2021? I'm unclear on what triggers multiple filings. In my case only the earnings were deposited in the following year so I'm not sure if that requires an other 5330 for 2021."

No replies yet   |    Click Here to Add a Reply

ldr created a topic in 401(k) Plans

Differing Match and PS in Plan Without HCEs and Keys

"We're setting up a new plan for a controlled group of 5 companies that will probably have 2,000 participants when it's all done. By design, HCEs and Keys are excluded from participating. There will never be a test failure such as ADP, ACP, 410(b), or Top Heavy. That's not the issue.

The issue is that the owner (one person owns all of it) wants to pick and choose select groups or individuals to whom he will give a discretionary match and/or a discretionary profit sharing contribution according to his pleasure. His idea is that, because there are no applicable tests to fail, why not?

We feel uneasy about this but can't find anything to hang our hat on. Is this really permissible?"

4 replies so far   |    Click Here to Add a Reply

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