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

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