Message Boards Digest

September 28, 2021

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

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

New DB Plan for 2020-- Missed the Funding Deadline Already?

"If an employer sets up a DB plan now (September 28, 2021), before the due date for the 2020 tax return, has the employer already missed the minimum funding deadline? I know that the 2020 SB doesn't get filed until the 2021 Form 5500. But what about minimum funding and excise tax?"

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Draper55 created a topic in 457 Plans

Rollover of 457(b) Plan's Death Benefit?

"Tax-exempt organization's CEO died while still in service. Two children as beneficiaries. I believe no required federal withholding on the beneficiary distributions and no rollovers allowed, but could be transferred to another tax-exempt 457(b) plan of beneficiary (if it exists) without any tax. Don't do a lot in this area so just double checking. Attorney provided client with general qualified plan distribution paperwork which I think is no good. Any confirmation appreciated. Plan was funded at a mutual fund company."

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WCC created a topic in Plan Document Amendments

Definition of Compensation-- Nonstatutory Stock Options as a 'Fringe Benefit'

"A volume submitter document defines compensation as W-2 wages. The only exclusion listed is for 'fringe benefits.' The document does not elaborate or provide any additional details of what a fringe benefit is. IRS Publication 15-B and IRC 132 provide some assistance. A plan sponsor pays non-statutory stock options during 2020. This is clearly taxable income reportable on Form W-2. The taxable compensation was not taken into account for deferrals and/or employer contributions.

Question: IRS Publication 15-B mentions stock options as a fringe benefit. Usually we specifically exclude stock to avoid any confusion, but with this plan, other circumstances caused the exclusion not to be written in. Can we rely on the 15-B to define non-statutory stock as excluded pay as a fringe benefit? If we can't consider it a fringe benefit, we are looking at VCP and asking the IRS to approve a retroactive amendment."

3 replies so far   |    Click Here to Add a Reply

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