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Message Boards Digest

July 12, 2021

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

ESOP Guy created a topic in Retirement Plans in General

Short Plan Year BIS

"I have an plan that switch from a 9/30 PYE in 2016 to a 12/31 PYE. This created a short plan year of 10/1/2016 to 12/31/2016. My system is counting Breaks In Service (BIS) wrong in my opinion. It is counting the short plan year as one year. So I have people who worked <500 in the 4th quarter who terminated in 2017 as showing as having 5 BIS. It is counting the short plan year as 1 than 2017, 2018, 2019 and 2020 as the next 4. I think the 2017 terms are forfeiting a year early. I am pretty sure that is wrong. What I don't know is what is the right answer. Do I have to figure out if the person worked 500 hours in the calendar year? Do I ignore the short year? Any help or guidance is appreciated. Thanks"
2 replies so far   |    Click Here to Add a Reply

Jakyasar created a topic in Retirement Plans in General

Is this a reasonable class to put in document as a category exclusion?

"Hi Having a discussion with an agent about a category exclusion. I never use it this way but may need to for an illustration. Concerned about BRF issues. Please consider the following 3 possible scenarios: Any eligible employee who is a salesperson and hired on or after 1/1/2015 shall be excluded or Any eligible employee who is a salesperson and making $75,000 or more annually shall be excluded or Any eligible employee who is a salesperson making $75,000 or more annually and also employed on or after 1/1/2015 shall be excluded Are any of the above an issue for BRF purposes? Thank you"
2 replies so far   |    Click Here to Add a Reply

cheersmate created a topic in 401(k) Plans

5500 EZ or SF?

"Solo 401k sole Participant has died and has 2 beneficiaries - his wife and his sister. Can the plan continue to file EZ? Or must it file SF?"
1 reply so far   |    Click Here to Add a Reply

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