Message Boards Digest

November 5, 2021

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

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

RMD Must Be Paid as Separate Distribution?

"Participant wants to take his RMD in an amount more the minimum amount. It's my understanding that a participant can request any amount as long as it's at least the minimum amount. The recordkeeper wants 2 different distributions: one for the RMD amount and one for the amount over the minimum. They say the RMD is taxed one way and the rest is taxed another way. Thoughts?"

4 replies so far   |    Click Here to Add a Reply

CLE401kGuy created a topic in 401(k) Plans

TPA Signing the 5500 as Plan Administrator

"If the Plan Sponsor specifically names the TPA in the plan document as the Plan Administrator for purposes of signing Form 5500, can we entirely avoid having the Plan Sponsor sign the 5500 or any authorizations to file at all? My hope is 'yes' so that we can modify our 5500 process to provide only a copy of the filing with the Plan Sponsor for its records (and the SAR for it to distribute to the participants).

Could this signing authority also extend to the SSA filing? As it stands now, we file 'on behalf' of the Plan Sponsor who signs the 5500 and signs authorization for our firm to file. I'd like to eliminate all of this back and forth, eliminate plan sponsors' signatures being out on EFAST2 and just streamline the entire process. I'm completely comfortable with our firm signing because we very closely monitor deposits, review in detail for late deposits, review participant census ongoing and the like. Anyone's POV on this?"

6 replies so far   |    Click Here to Add a Reply

metsfan026 created a topic in 401(k) Plans

Setting Up a Plan for Employees of Main Office But Not Employees of Subsidiaries

"Trying to design a plan for a potential new client just for their main office. The issue is that it's a production company, and for each film they open a subsidiary LLC that's 100%-owned by the main office. I believe there's no way to exclude all of those additional LLCs (hundreds of employees) from the plan and just have it designed for the 10-15 person employees of the parent company. Correct?"

8 replies so far   |    Click Here to Add a Reply

Chaz created a topic in Health Plans (Including ACA, COBRA, HIPAA)

MHPAEA Comparative Analyses

"Are any of you working with any self-insured clients who are looking to their TPAs to provide MHAPEA comparative analyses as required by the CAA only to be rebuffed in their attempts?

I am working with one client whose TPA is one of the large BCBS providers in the area and the TPA is not providing an analysis unless and until the DOL comes calling, in which case it will provide a 'cost estimate' and will only 'work closely' with the client to make sure it timely responds.

I have other clients using other TPAs (including other BCBSs) who have been much more accommodating.

You may know that plans were required to have a comparative analysis by February 10, 2021. This post is just an exercise in venting but has anyone had a similar experience?"

No replies yet   |    Click Here to Add a Reply

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