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Message Boards Digest

January 6, 2022

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

austin3515 created a topic in 401(k) Plans

SMM Needed When Plan Amended to Name a New Trustee?

"Plan being amended to change trustee (a corporation). Would you do an SMM or not?"

11 replies so far   |    Click Here to Add a Reply

MaryMcConnell created a topic in 401(k) Plans

Years of Service Prior to Adoption of Plan; Counted Even for a Rehired Participant?

"Employee hired 10/3/2016. Term'd 3/1/19. Plan effective 1/1/20. Rehired 3/29/21. Service requirement is 1,000 hours in 12 months. Is she eligible to enter immediately upon rehire date (i.e., allowed to defer and receive safe harbor non-elective contributions)? Plan does not apply one-year hold-out rule or the break in service rule.

I know that if the plan had already been in effect (and if she met the age/service requirement prior to her term date) she would be eligible to enter immediately. The effective date of the plan is throwing me off. (She terminated employment before the plan was put in place. The plan document says that all service is counted, so she would be eligible immediately, right?"

3 replies so far   |    Click Here to Add a Reply

Bri created a topic in Humor, Inspiration, Miscellaneous

The Ol' Multiple Use Test

"Happened to walk by my old DC-2 study guide and saw those words flip by and wondered if I remembered what it meant. Luckily yes. Anyone got any favorite no-longer-rules they miss? 415(e) perhaps?"

5 replies so far   |    Click Here to Add a Reply

AJ North created a topic in 401(k) Plans

Money Purchase Plan Can Receive a 401(k) Plan's Safe Harbor Contribution?

"I understand that a safe harbor contribution can be made to a plan other than the plan where the 401(k) salary deferral was made. Is a money purchase plan considered an eligible plan to receive a safe harbor contribution? I guess I am getting hung up on the pension aspect and minimum funding standard of a money purchase plan."

1 reply so far   |    Click Here to Add a Reply

BG5150 created a topic in Retirement Plans in General

Permitted Disparity Language on Statements-- Needed When New Comp Formula Used?

"I know participant statements must get a blurb if the PS is allocated using a permitted disparity formula (integrated with SS). What if the formula is the grouping method and subject to testing? The contribution COULD be allocated using permitted disparity. Is that same disclosure needed on the statements in that case?"

2 replies so far   |    Click Here to Add a Reply

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