Message Boards Digest

October 14, 2021

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

Dazednconfused created a topic in 401(k) Plans

Group Term Life Isn't Counted as Comp Under Sec. 3401(a), Right?

"Plan's definition for compensation is IRC section 3401(a); no other adjustments. This would exclude group term life amounts from deferrals and employer allocations, correct?"

1 reply so far   |    Click Here to Add a Reply

ratherbereading created a topic in 401(k) Plans

Amend Plan Retroactively to Change to Elapsed Time Method for Determining Vesting Service?

"Plan wants to go from hours of service vesting to elapsed time, effective now. They don't like that someone who has worked for 9 months (through September) has a year of vesting under the hours of service measure, just because they worked at least 1,000 hours during those 9 months.

Could the plan switch to the elapsed time method for vesting, effective as of the first day of the current plan year (i.e., retroactively)?

They have a now-terminated participant who is 50% vested under the hours of service method, but they believe he would be 25% vested based on the elapsed time method. They want to hold the amount that's otherwise due to him, which is pending at an investment house, until the plan is amended, and then change his vested percentage to 25%."

2 replies so far   |    Click Here to Add a Reply

PS created a topic in Plan Terminations

True-Up Needed Even for Final Short Plan Year?

"The plan year ends every 12/31 but the plan was terminated in June 2021, creating a short plan year. Will the plan still need to do the true-up?"

No replies yet   |    Click Here to Add a Reply

TPApril created a topic in Form 5500

Owner-Only Plan-- Form 8955-SSA Needed When Spouse Terminates Employment?

"I've never had a spouse of an owner-only (and spouse) plan terminate before. Is a Form 8955-SSA required?"

1 reply so far   |    Click Here to Add a Reply

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