Message Boards Digest

September 20, 2021

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

Thornton created a topic in Qualified Domestic Relations Orders (QDROs)

Qualifying Court Order to Divide Army National Guard Future Pension Benefit

"I have been retained to review a Qualifying Court Order drafted by another attorney involving an active member of the Army National Guard. The issue involves the formula used to divide the future pension. What's a good source for this information?"

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Dougsbpc created a topic in Retirement Plans in General

Employee of Medical Practice Partnership Becomes Employed by 25% Owner's Professional Corporation

"Suppose you have the typical medical practice partnership with about 20 employees. The partnership sponsors a 401(k) plan. This medical practice partnership is owned 25% by each of the physician's corporations. The physicians are each 100% shareholders of their corporations. So the 401(k) plan is sponsored by the partnership and each physician corporation adopts the plan as a participating employer. In this case the Participating Employer Adoption page makes it clear that each participating employer will abide by the same plan rules and provisions as the sponsoring employer.

There was an employee of the partnership who terminated employment about two years ago and was an eligible participant in the 401(k) plan. She was paid her full distribution last year.

Last week, one of the physician corporations hired her on a very part-time basis. Generally, when a former eligible employee like this terminates employment and returns within a few years, they immediately participate in the plan. Because the partnership and corporations are all related employers, I think she participates in the plan immediately, even though she has been rehired by a different (albeit related) employer. Correct?"

2 replies so far   |    Click Here to Add a Reply

Jayman created a topic in 401(k) Plans

Plan Mistakenly Forfeited Part of My Account; Employer Later Fixed It by Paying Me Extra

"My former employer's payroll department gave me an incorrect vesting date prior to my departure. The company had a 3 year vesting schedule for 401k match. They told me I was fully vested as of June 2021. I left the company on 8/11/2021, 7 days short from my 3rd year anniversary date, in reliance on this communication with the payroll department.

Well, Fidelity forfeited almost $7,000 when I rolled over my 401k to a rollover IRA account. It was really surprising to me.

After discussions, the employer acknowledged their mistake and decided to just give me a check for the amount + extra amount to pay the tax. The confusion was that ADP had a rule saying only 1,000 hrs had to be worked in a year. When the plan was moved to Fidelity, it was strictly about the anniversary date.

Now, I don't want to pay any penalty on this amount. I would like to deposit it back into an IRA account. Is this even possible? Wouldn't IRS consider this as a 'withdrawal' from a retirement account such that the amount would be subject to a penalty?

I am 50 years old. I would like to know what my options are in this weird situation. The employer said it's best to do it this way because their plan can be considered non-compliant and cause a lot of headaches. I would appreciate what you professionals think about this situation."

5 replies so far   |    Click Here to Add a Reply

TPApril created a topic in 401(k) Plans

Plan Sponsor and Plan Have Changed Names After Plan Year-End; What to Put on Form 5500?

"As of 1/1, a company changes its name and as well as the plan's name. Now filing the 5500 for the prior plan year (12/31 year-end), which is just before the change took effect. I'm thinking the 5500 is filed using the original plan name, but with the new plan sponsor name. Then, the following year, the plan name is updated on the 5500. Agree?"

1 reply so far   |    Click Here to Add a Reply

Jakyasar created a topic in Defined Benefit Plans, Including Cash Balance

Can I Set Up a DB Plan for 2020 for a Sole Proprietor by Using Jan. 31, 2021 Year-End?

"A sole proprietor wants to set up a defined benefit plan for 2020. I can technically set up a DB plan now starting 2/1/2020 with a plan year ending 1/31/2021, such that minimum funding would be due 10/15/2021. Plan document would read income used for the calendar year ending within the plan year. What is your thought on this?"

No replies yet   |    Click Here to Add a Reply

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

View job as Pension Plan Administrator

Pension Plan Administrator  View details

DeMars Pension Consulting Services, Inc.
Overland Park KS

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Actuary  View details

The Retirement Advantage, Inc. (TRA)

View job as Retirement Client Services Manager

Retirement Client Services Manager  View details

Remote / Folsom CA / Chicago IL / Saint Petersburg FL / Lake Mary FL / La Crosse WI / Charlotte NC / Mobile AL / Overland Park KS / Dallas TX / West Des Moines IA / Los Angeles CA / Pittsburgh PA

View job as Senior Pension Administrator

Senior Pension Administrator  View details

Associated Pension Consultants, Inc.
Remote / Plainview NY

View job as Defined Contribution Account Manager

Defined Contribution Account Manager  View details

Nova 401(k) Associates
Remote / Houston TX / Dallas TX / Scottsdale AZ

View job as MEP / PEP Relationship Manager

MEP / PEP Relationship Manager  View details

Nova 401(k) Associates
Remote / Houston TX / Dallas TX / Scottsdale AZ

View job as Defined Contribution Pension Plan Administrator

Defined Contribution Pension Plan Administrator  View details

The Angell Pension Group, Inc.

View job as Senior Retirement Account Representative

Senior Retirement Account Representative  View details

Ohio Pension Services
Akron OH

View job as Insurance Carrier Analyst (Entry level)

Insurance Carrier Analyst (Entry level)  View details

Greensboro NC

View job as Compliance Analyst

Compliance Analyst  View details

Remote / Lake Mary FL / Saint Petersburg FL / Chicago IL / Moline IL / Urbandale IA / West Des Moines IA / Pittsburgh PA / Folsom CA / Greensboro NC / Charlotte NC / Scottsdale AZ / MI / SC

View job as Investment Consultant Analyst / Associate Consultant - Fiduciary Consulting Services

Investment Consultant Analyst / Associate Consultant - Fiduciary Consulting Services  View details

Lake Mary FL / Saint Petersburg FL

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