Message Boards Digest

October 1, 2021

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

TPApril created a topic in Operating a TPA or Consulting Firm

Minor Conflict of Interest Question for a TPA

"I don't think there's a conflict of interest issue here, but just curious for anyone's thoughts. Turns out that my spouse knows professionally a business owner who has been referred to me. Is that something that would typically be disclosed up front?"

3 replies so far   |    Click Here to Add a Reply

RatherBeGolfing created a topic in 401(k) Plans

SH 401(k) OK If Only Coverered Employees Are Under a Collective Bargaining Agrement?

"A client that does not currently offer a retirement plan just (like last night) acquired a new division with employees who are under a CBA. The CBA states that the employees must have access to a 401(k) plan with a safe harbor match and an additional fixed match.

He currently has about 40 employees, and the new division will add 7-8 employees covered under the CBA. Since it is last minute, he wants to put the plan in place today, but exclude all employees not covered by the CBA. The 7-8 CBA employees are all NHCEs, all owners and HCEs are part of the excluded group.

I know I can do it from a document perspective, and since no HCEs will benefit I'm thinking that covering a small number of employees will still work, but something is telling me I'm forgetting something.

Anyone see a an issue with only the CBA employees having access to the plan even though they are all NHCEs?"

8 replies so far   |    Click Here to Add a Reply

TPApril created a topic in 401(k) Plans

New Plan for 2022 But Want to Make Retroactive to 1/1/2021 -- OK If No Contribution for 2021?

"Plan wants to start 1/1/2022 for both 401k and PS. With the plan being adopted prior to 1/1, is there a reason the plan cannot make the PS effective the prior year (1/1/21) even though there is currently no intent to make such a contribution? What if they have an existing SEP in current year and made the plan effective 1/1/21, would there still be an issue with no contributions for the plan year to the PS?"

4 replies so far   |    Click Here to Add a Reply

metsfan026 created a topic in 401(k) Plans

Amending Form 5500 -- How Far to Go Back?

"How far back do people normally go to amend forms? Taking over a case that had a mistake in the amount of loan repayments were made back in 2014, so the loan balance was off (and subsequently was off every year since). The client has supplied copies of the checks, etc., so I know the mistake is accurate. Is this the type of situation where you would amend every form since 2014? I have all of the information to do it, just wanted to make sure it was necessary."

4 replies so far   |    Click Here to Add a Reply

AlbanyConsultant created a topic in Distributions and Loans, Other than QDROs

Pooled Plan Added Immediate Payouts... with Expected Results

"We have a pooled plan that had the standard 'after the end of year valuation is completed', but the plan sponsor wanted to be nicer to the participants, so over our objections amended the plan to allow for immediate distributions.

Here we are, just getting the data for 2020, and there's a 2021 terminee who is demanding a payout Right Now because that is what the plan allows. And she doesn't want to wait the couple of weeks until we get 2020 done.

Our first instinct was to go with the 12/31/19 balance and pay that out and deal with any residual later, but then maybe a percentage of that is better in case there's a loss in 2020 (OK, there probably isn't, but we're setting precedence and administrative policy here). The timing makes this extreme, but I suppose this really goes for any distribution request we're going to encounter once the next plan year is completed.

Any thoughts or guidance or best practices out there that we can be following on this? Besides being better at saying 'no' to our clients?"

5 replies so far   |    Click Here to Add a Reply

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Ubiquity Retirement + Savings
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July Business Services
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Health Communications Specialist  View details

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Manager Retirement Services  View details

Alaska Airlines - Horizon Air
Seattle WA

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