Message Boards Digest

August 16, 2021

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

Nate S created a topic in Continuing Professional Education

Excessive Designations in Professional Signatures

"Sorry to be a traditionalist, but I don't think my kids deserve 'participation' trophies (you need to actually win for a trophy!), and I wasn't aware that it has become acceptable to list every single designation you've ever earned, especially where they are requisites of another higher-level designation you've earned, i.e., Chadsworth T. Snobbyfellow, CPC, QPA, QKC, QKA, RPF. After all, physicians don't list their undergraduate degrees (do you really want to know that your trauma surgeon was a journalism major?) and neither do attorneys or other higher-education professionals. Because these are industry-specific, and really only within the industry because plan sponsors don't know or care what they mean, who do these people believe they're impressing? And why would an EA bother with listing any of them?"

7 replies so far   |    Click Here to Add a Reply

TPApril created a topic in Form 5500

Fidelity Bonds For More Than $500K -- How to Report on Form 5500?

"For sponsors who have bond coverage greater than statutory limit of $500,000, I'm curious if 5500s are generally prepared with the actual coverage amount or the higher amount? Does it matter? Not necessarily for audit purposes, but it does matter when the 5500 signer cares?"

6 replies so far   |    Click Here to Add a Reply

David Olive created a topic in Form 5500

Failure to Timely File 5500-SF -- Relief Under DFVCP

"A plan failed to timely file Form 5500-SF for calendar plan years 2018 and 2019 until July 2021. Upon filing the returns, the Plan Sponsor receives notice from the IRS of penalties for failing to file for those years. My question is related to relief from penalties under DOL. I know that the plan is not yet disqualified from relief under DFVCP, but what if the delinquent returns have already been filed before applying for relief under DFVCP? Should amended returns be refiled showing the box labeled 'DFVC program' located in Part I, Line D of the Form 5500-SF checked?"

No replies yet   |    Click Here to Add a Reply

metsfan026 created a topic in 401(k) Plans

Safe Harbor Plan: OK to Contribute Less for HCEs?

"I know that the Safe Harbor isn't mandatory for the Highly Compensated Employees, but could the client make a lesser match for those people (say 1% to all HCE and the typical 100% of the first 3% + 50% of the next 2% to the Non-Highly)? Basically the client doesn't have the cashflow to accomodate the contribution for all of the highly, but they want to make something to them."

3 replies so far   |    Click Here to Add a Reply

Moss created a topic in 401(k) Plans

Otherwise Excludable Employee Is the Only NHCE in an ADP Tested Plan

"I have a current year tested plan with 3 HCEs, no ownership, and a new hire that will become an HCE next year but entered this year with no deferrals. The NHCE can be classified as otherwise excludable since it's immediate entry. Plan does not allow for top paid group. All 3 HCEs basically maxed deferrals. Can the plan automatically pass ADP testing under the non-excludable participants since there were not any NHCEs or would the non-excludable participants calculation be 0% HCE max as well?"

1 reply so far   |    Click Here to Add a Reply

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