Message Boards Digest

November 12, 2021

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

Jolly G created a topic in 401(k) Plans

Shutting Down a Solo 401(k) -- 5500-EZ Question

"Does anyone know when you must file the 5500-EZ given the below circumstance? 'My account was closed and all assets were dispersed earlier this year from my Solo 401k plan.' Would the 5500-EZ need to be filed within 7 months from the month of full distribution and account closure or can this person file the 5500-EZ by July 31, 2022 if they are on a calendar year schedule? Does any of this depend on when the 1099-R is received?"

3 replies so far   |    Click Here to Add a Reply

Dawn Marlar created a topic in 401(k) Plans

How to Handle RMD for Non-Owner Who Terminated and Was Rehired Part-Time

"I have a 401(k) plan whereby a non-owner participant who is older than 70-1/2 terminated on 11/02/2020. Her First Distribution Calendar Year was 2020. She was rehired on 02/26/2021 and has been working part-time. Does she need to take a RMD for 2021 and future years?"

5 replies so far   |    Click Here to Add a Reply

Ananda created a topic in Plan Terminations

Amendment of Volume Submitter at Plan Termination Designed to Soak Up Overfunded Trust Fund

"A client is the adopting employer of a cash balance volume submitter plan and wants to terminate the plan. The plan document allows the employer sponsor to terminate the plan. The issue is that the plan is vastly over-funded and the plan sponsor wants to amend the plan to add 30 new employees by lowering the plan participation requirement from 1 year to 0 years and then make the maximum 415 distribution to each of these participants prior to termination to avoid most of the excise tax. First, I have concerns that this is not a permissible amendment by the employer for a Volume Submitter plan pursuant to Rev Proc 2017-41. If its not a permissible amendment then it seem the plan losses the protection of the Volume Submitter opinion letter but what is the consequences of this if the plan is terminating anyway. Is there a problem with adding 30 new participants to distribute plan assets prior to termination to avoid the excise tax?"

2 replies so far   |    Click Here to Add a Reply

PS created a topic in Plan Terminations

401(k) Deferrals Limit in Short Plan Year of Termination

"Generally when a plan terminates, testing is done for the short plan year. A plan is terminating in November. Will the 401k limit be the affected for the participants?"

2 replies so far   |    Click Here to Add a Reply

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

401(a)(17) Limit for HCE Who Terminates After First Quarter of Plan Year

"HCE terminates 3/31 of a calendar plan year. The plan does not terminate or have a short plan year. HCE earns $300,000 for that plan year. For purposes of benefit calculations, for 2021 for example, would the comp be limited to $290,000, or instead be limited to $290,000/4 ($72,500)?"

2 replies so far   |    Click Here to Add a Reply

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