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Message Boards Digest

September 7, 2021

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

Jakyasar created a topic in Retirement Plans in General

Transfer to Qualified Replacement Plan (QRP) - Subject to Spousal Annuity Rights?

"DB plan terminates and provides all participants their benefits. Some rolled over into IRAs and some to the existing 401k/PS plan. The residue, i.e., the overfunded portion, is transferred to the QRP under the terms of the plan. It will be allocated as profit sharing to all participants. Upon distribution, is the portion under QRP subject to QJSA? (If it is, best if all assets are subject to it, otherwise a nightmare to keep track of the assets.)"

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mkaufman created a topic in 401(k) Plans

Controlled Group Question

"I had a sole-prop some time back and had a self-employed 401k plan with Fidelity with EIN of sole-prop. Then I created a s-corp and just used the same plan - changed EIN to S-corp, Name to a generic name - MKK-Plan. All good, no issues. I was thinking of shutting down the sole-prop but never did.

Now, one of my clients (for whom I do most of my work) has changed their policy and want me to handle task based on sole-prop and NOT through my s-corp.

Since I own both entities - S-corp and sole-prop, I'm assuming this becomes a control group and I can make contributions and profit share based on sole-prop earnings to the MKK_Plan as well.

When making contributions, Fidelity asks for Employer Name and EIN and I assume, I'll still put in the S-corp name and EIN since that entity is Plan Sponsor, is that correct?

Where on 5500 do I indicate that this is a control group? 5500 instructions suggest that I'm still a Single-Employer plan, is that right?"

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