Message Boards Digest

July 22, 2021

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

DPL created a topic in Form 5500

Letters from Social Security Administration to Millennials

"Some plan sponsors are getting calls from former participants who receive SSA letters about benefits they may be due to them from the plans -- but these participants were born in the 1970s! Anyone else hearing the same thing?"

2 replies so far   |    Click Here to Add a Reply

MGOAdmin created a topic in 401(k) Plans

Sale of Some But Not All of the Members of a Controlled Group

"I have a client that has 5 entities, all owned 100% by Person 1. A-E.

The 401k plan is set up under company A. Companies B-E are adopting employers.

Companies A-D are being sold on August 1. They will be 100% owned by an unrelated company from Person 1.

Person 1 will still own 100% of company E and the sole purpose of Company E will be to perform management functions for companies A-D.

Since there is no common ownership as of August 1 between companies A-D and company E, is E still part of the controlled group? Can employees of company E still participate in the plan either for the remainder of the year, until August of next year or must their participation end on August 1?"

1 reply so far   |    Click Here to Add a Reply

rblum50 created a topic in 401(k) Plans

Maximum Amount of Hardship Distribution from a Combination of Deferrals and Matching Contributions?

"A 401(k) plan only allows for salary deferrals and a 401(k) ADP Safe Harbor Match. If eligible, there are no outstanding loans, and the total amount in his account meets the amount of his financial need, can a participant take a hardship distribution of 100% of each account?"

1 reply so far   |    Click Here to Add a Reply

PS created a topic in 401(k) Plans

Controlled Group Spinoff Situation

"One of my clients is part of a controlled group and is terminating its plan. Company A is the parent company, Company B is the controlled entity. There will be a spinoff of Company B. Once the plan is set up and funds moved from Company A to the spinoff plan, the plan will terminate. How do they determine what the termination will be for the spinoff plan? Also I believe the parent company will need to amend the adoption agreement, by removing Company B from the document. Correct?"

1 reply so far   |    Click Here to Add a Reply

Ken_BenefitScape created a topic in Health Plans (Including ACA, COBRA, HIPAA)

Who Pays the PCORI in an ICHRA Situation?

"There seems to be confusion as to whether the insurance carrier pays the PCORI or the employer (plan sponsor) pays it. I believe it's the sponsor's responsibility. Correct?"

1 reply so far   |    Click Here to Add a Reply

AmyETPA created a topic in Form 5500

5500-SF or 5500-EZ?

"Been filing 5500-SF for this client, a 2-owner LLC that's taxed as an S-Corp. Should I now be filing a 5500-EZ? The 2 owners are the only employees. No unqualified assets."

1 reply so far   |    Click Here to Add a Reply

SSRRS created a topic in Form 5500

Form 5500-EZ Needs a Schedule A?

"Is a Schedule A required to be filed with a Form 5500-EZ?"

4 replies so far   |    Click Here to Add a Reply

Belgarath created a topic in Other Kinds of Welfare Benefit Plans

Mid-Year Amendment of HRA?

"Can a 'regular' HRA be amended mid-year to either increase or decrease what the employer will cover? I believe it's possible (although I'd also think that if benefits are being reduced, it would only be for amounts not already incurred prior to the amendment date), but I'm not sure."

No replies yet   |    Click Here to Add a Reply

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