Message Boards Digest

August 30, 2021

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

jmartinrps created a topic in 401(k) Plans

MEP Plan Has Unrelated Employers -- Can They Have Different Matching Contribution Rates?

"Let's say I have a MEP plan with 4 companies. Companies 1 & 2 are a controlled group. Companies 3 & 4 are a separate controlled group. Can 1 & 2 have one matching rate while 3 & 4 have a different rate? I know that I need to pass ACP test for companies 1 & 2 and then separately for 3 & 4."

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JOH created a topic in Health Savings Accounts (HSAs)

Escheatment of HSA Funds

"How do you handle HSA accounts and escheatments? Do you treat the HSA like an IRA because it can make investments in mutual funds, or do you treat it like a checking account?"

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

COBRA Coverage While Enrolled in Medicare

"Let's say an executive is currently employed and on his employer's group health plan. The executive is being terminated in connection with an M&A transaction but will become a consultant to the company for six months as an independent contractor. As part of the termination, the employer has offered to pay for COBRA coverage for him and his dependents for six months. The executive is already eligible for Medicare. Assuming he is not enrolled in Medicare, he's still eligible for the COBRA coverage, correct? He would lose COBRA coverage if, after the COBRA coverage becomes effective, he then enrolls in Medicare. Correct?"

3 replies so far   |    Click Here to Add a Reply

Biz Develop Consultant BJF created a topic in 401(k) Plans

Single Participant 401(k) Plan -- But No Document

"I have been talking with a consultant who is working with an advisor who set up a 'Solo(k)' for a business early last year and funded the deferrals (at that time) for the year. Later that year, the owner of the business hired new employees and has been operating on the idea that the next year (i.e., this year) they would adopt a 401(k). The advisor now thinks no document for the 'Solo(k)' was prepared, and hence no deferral eligibility criteria were established. So is the solution to treat it as though no document has been created and remedy that matter, and then remedy the missed deferral opportunity based on step 1 (design/eligibility criteria)?"

1 reply so far   |    Click Here to Add a Reply

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