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Message Boards Digest

September 1, 2021

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

bzorc created a topic in 401(k) Plans

Hardship Withdrawal Allowed for Payment of Rent?

"I have a participant in a plan that, as a result of her employer moving her from one location to another (and then having to also move her parents, because she is their caretaker), is requesting a hardship withdrawal to lease (i.e., rent) a house in her new location. She has no other source of funds and the employer would like to grant this request. As the lease is for, technically, her principal residence, would you be inclined to grant the withdrawal?"

8 replies so far   |    Click Here to Add a Reply
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BG5150 created a topic in Retirement Plans in General

Employer Over-Deposited Profit Sharing Contribution to the Plan's 'Holding Account'

"In 2020, ER deposited $100,000 to a holding account in the plan (I know!). Maxing out the owner and giving 5% to the employees results in a $70,000 allocation for 2020 and the passing of tests. Does he need to allocate the remainder to the participants? Or can he take back the funds as a Mistake of Fact?"

9 replies so far   |    Click Here to Add a Reply

B21 created a topic in SEP, SARSEP and SIMPLE Plans

Partners Can Have Separate SEPs Based on Their Self-Employed Earnings?

"If a real estate partnership pays commissions to the two partners which are reported on Form 1099, is the 1099 earnings considered self-employed earnings for sponsoring a SEP on behalf of each individual partner? A partner is not considered an employer for SEP purposes but a 1099 individual is considered an employer for SEP."

2 replies so far   |    Click Here to Add a Reply

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