BenefitsLink.com logo   

BenefitsLink
Message Boards Digest

August 27, 2021

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

Gilmore created a topic in Operating a TPA or Consulting Firm

Looking for Firm to Do a Cybersecurity Audit of Our Small TPA Firm

"Looking for a referral for companies that perform cybersecurity audits. We are a small TPA (5 employees)."

2 replies so far   |    Click Here to Add a Reply

WCC created a topic in 401(k) Plans

Force Out Limit Not Followed Properly -- Retroactive Amendment to Correct?

"A 401k plan document is written with a $1,000 force out provision for non-responsive terminated participants. The plan recordkeeper (bundled provider) processed force out distributions as if the document allowed for the $5,000 limit rule. 200 participants were forced to IRAs when they should not have been. This error happened within the last two months and was an isolated incident to these 200 participants.

Rev. Proc. 2021-30 now provides more options for retroactive amendments pending certain conditions, one of which is '(i) The plan amendment would result in an increase of a benefit, right, or feature.' Benefit, right or feature is not defined (as far as I know). My thought is that this error does not provide an additional benefit, right or feature. However, do others believe this can be corrected under SCP using a retroactive amendment to change the limit to $5,000?"

5 replies so far   |    Click Here to Add a Reply

chibenefits created a topic in 401(k) Plans

11(g) Amendment for 414(s) failure?

"Can a plan adopt an 11(g) amendment to fix a discriminatory definition of compensation? The plan excluded bonuses, and it does not contain a fail safe provision to automatically include bonuses when necessary to pass testing."
2 replies so far   |    Click Here to Add a Reply

Here are the most recently posted jobs on EmployeeBenefitsJobs.com, a service of BenefitsLink:

View job as ESOP Analyst

ESOP Analyst  View details

Newport
Remote

►View More Jobs

►Post a Job

►Get Instant Job Alerts

BenefitsLink.com, Inc.
56 Creeksong Road
Whittier NC 28789
(407) 644-4146

Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager

Copyright 2021 BenefitsLink.com, Inc. All materials contained in this mailing are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.

Unsubscribe | Privacy Policy