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Message Boards Digest

July 20, 2021

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

Tom created a topic in 401(k) Plans

Eligibility part-time exclusion and past service

"A client opened a new 401(k) plan 1/1/2021. The plan has immediate eligibility for those employed as of 1/1/2021 but excludes part-time/seasonal/temporary (those scheduled to work <1000 hours). I am going to ask them to confirm who they determined met eligibility and provided enrollment material. As TPA we can't make that determination not knowing expected hours. Probably an easy question - what about someone who is not scheduled to work 1000 hours in 2021 but has worked 1000 hours in a prior year? I think they should have been enrolled as all service would have to be considered. Normally any new plan without the part-time exclusion would include prior year 1000 hour employees as eligible so I believe I have my answer. Thanks Tom"
7 replies so far   |    Click Here to Add a Reply

Sen created a topic in Form 5500

Final 5500-EZ and numbers for section 5

"Two person Solo 401(K) for a Husband-Spouse Partnership LLC. Filed 5500-EZ first time for 2019 as the plan assets crossed $250K first time. Closed the LLC 12/31/2020 since could not sustain due to Covid-19. As of 12/31/2020 there were assets. In June-July 2021 Rolled over to IRA for one partner and Transferred to workplace 401(K) for the other partner with a W2 job. There are trailing dividends coming through. When do I file the final Form 5500-EZ? File 5500-EZ for year 2020 as Final OR File 5500-EZ for year 2021 as Final, with 2 participants [5a(1)&a(2)]at the beginning of the year 2021 and zero [5b(1)&b(2)]at the end of year 2021? If Final has to be for 2021, what is the deadline? Thank you!"
3 replies so far   |    Click Here to Add a Reply

figure 8 created a topic in Defined Benefit Plans, Including Cash Balance

QDRO using % of assets?

"I work on a plan that is an owner/spouse CB plan. The couple got divorced, and the QDRO says the AP gets X% of the owner's account balance as of a certain date. The parties involved apparently all agreed to a dollar amount based on X% of plan assets. However, when I look at the actual benefits as of that date, the AP should have received tens of thousands of dollars extra, if I take X% of the Participant's CB benefit as of that given date. When I initially received the QDRO and reconciled the plan assets and determined more money was due, the attorney who drafted the QDRO came back and said there is nothing more due, because both parties received what they had agreed on. I'm curious if anyone has opinions on this. I'm thinking it's a case of a poorly worded QDRO and/or a misunderstood attorney, but I suppose I let it go if everyone's happy? Are there legal ramifications to be wary of here? Or maybe the QDRO is perfectly fine, and the way they have handled everything is okay? Thanks in advance."
8 replies so far   |    Click Here to Add a Reply

TPApril created a topic in Cafeteria Plans

How Common Is Manual Printing of Updated SPDs?

"I'm curious as to what large plan sponsors do when it comes time to provide an updated SPD, or the SPD for a new FSA provider. Since electronic distribution remains opt-in for welfare benefits, do most plans print them out?"

1 reply so far   |    Click Here to Add a Reply

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