Message Boards Digest

September 30, 2021

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

TPApril created a topic in Cross-Tested Plans

Money Purchase Plan Uses Defined Groups; Must List in the SPD?

"MP Plan, so 'individual rate groups' are not currently an option, nor do they seem to be an option in the current restatements. So plan uses 'Defined Groups' wherein all regular staff receive the same percent contribution. Owners, HCE's and other senior positions receive different defined percents which are defined by group.

Aside from what the regular staff receives, does the SPD need to disclose what percent the owners and other groups receive? I think no, but curious for another opinion.

Furthermore, can a Defined Group be an individual person, in the way 'individual rate groups' are? Reason for the question: there is one defined group that the employer is hiring a new employee in, but the employer would like to grant that person a higher percentage than the other person currently in that defined group, even though they have the same public title."

3 replies so far   |    Click Here to Add a Reply

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Kansas401k created a topic in 401(k) Plans

Deceased Participant's Beneficiary 'May' Be Under a Conservatorship

"Plan participant passed away a few weeks ago. Wife, listed as sole beneficiary, has reached out to find out what do to. We let her know we need a death certificate along with her identification and then we can discuss her options.

Today, we received a 'concerned phone call' stating that the wife was a conservatee with her husband as conservator. The caller also indicated that they are trying to get the conservatorship changed to a living family member.

Absent any court documents to the contrary, I am inclined to treat this like any other death distribution and pay out as the wife wishes. It seems to me that if he had a conservatorship for her, he would also have made arrangements as how to protect her after his death. Does anyone see any liability or issue in proceeding with the distribution assuming that the wife has all documents in order? Thanks in advance!"

3 replies so far   |    Click Here to Add a Reply

LiteTouch created a topic in Retirement Plans in General

My Missing 401(k) Funds

"I left employment to return to school. I used my portion of the 401(k) for tuition. I was required to leave the matching contributions until my normal retirement age. The employer reported the matching funds to the Social Security Administration two years later, but no account was set up on my behalf. Are the administrators or other fiduciaries responsible for making me whole?"

2 replies so far   |    Click Here to Add a Reply

metsfan026 created a topic in Defined Benefit Plans, Including Cash Balance

Calculating Normal Cost -- Which Segment Rate to Use?

"I'm wanting to make sure we are using the correct segment rate for the calculation of the Normal Cost. The calculation should be:

Contribution Credit <multiplied by> the Assumed Interest Rate (to the power of the number of years until retirement)

<divided by>

Segment Rate (to the power of the number of years until retirement)

For the segment rate being used, it should be:

  • First segment rate: 0-5 years from retirement
  • Second segment rate: 6-20 years from retirement
  • Third segment rate: More than 20 years from retirement

Thanks in advance for confirming!"

3 replies so far   |    Click Here to Add a Reply

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