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Message Boards Digest

January 7, 2022

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

metsfan026 created a topic in 401(k) Plans

Controlled Group Question -- Family Attribution

"I have a potential client that sent over the ownership percentages below, so we're trying to determine if there is a controlled group. Since they are adult children, is it accurate that Company 3 is the only one that wouldn't be part of a controlled group (since the son owns 50% or less of the company). Company 4's ownership would be attributed to the parents, and therefore part of the controlled group, since the ownership gets attributed to the parents since he owns over 50% of the company.

Individual Age Company 1 Company 2 Company 3 Company 4 Company 5
Husband 60 50% 100% 50% 0% 100%
Wife 58 50% 0% 0% 0% 0%
Son 36 0% 0% 50% 100% 0%
Daughter 34 0% 0% 0% 0% 0%
Total   100% 100% 100% 100% 0%
5 replies so far   |    Click Here to Add a Reply

WDIK created a topic in Retirement Plans in General

Missing Forms 945 per IRS

"Has anyone else become acquainted with a letter like the one attached? [Editor's note: for the attachment, see the online version of this message thread, by clicking on the 'Missing Forms 945 per IRS' title, above.]

A summary of the situation: The plan terminated and filed a final, short-year return for 2018. 2018 was the only plan year with any plan distributions and 945 withholding to be deposited. The IRS indicates that they are missing Forms 945 for 2016, 2017, 2019, and 2020. (At least they have record of the 2018 form, which from my experience is not always the case, even when they are sent in properly.)

The instructions seem pretty clear that you "don't have to file Form 945 for those years in which you don't have a nonpayroll tax liability." I would probably be laughing about this if it hadn't given my client a heart attack. How ridiculous!!

(Edit: I don't yet know the results of the scheduled telephone call.)"

No replies yet   |    Click Here to Add a Reply

BG5150 created a topic in Retirement Plans in General

Restatement Effective 1/1/21, Signed in 2022-- Any Consequences?

"What are the consequences of a client signing the post-PPA document with a date of 1/4/22 where the restatement is effective 1/1/21?"

3 replies so far   |    Click Here to Add a Reply

mariemonroe created a topic in Nonqualified Deferred Compensation

Such a Thing as a NQDC Plan for All Employees (Not Limited to Top Hat Folks)?

"My understanding is that the advantage of qualifying as a top hat plan is that the plan is exempt from certain ERISA requirements. Is it possible to have a NQDC that complies with the ERISA requirements requirements but is not a qualified plan? Has anyone ever seen one?"

5 replies so far   |    Click Here to Add a Reply

#toomanyrules created a topic in 457 Plans

Make-Up Contributions Allowed Under This 457(b) Plan?

"Non-governmental 457(b) plan. Participant becomes eligible in 2021 and is age 62. NRA is age 65. Because participant is within 3 years of NRA, the participant can make a catch-up contribution. Because there is no under-utilized amounts from prior years (given that the first year of participation is 2021), is the participant able to make catch-up contributions? Since the catch-up is the lesser of 2X the annual limit or the under-utilized amounts from prior years, what do we use as the under-utilized amount from prior years to determine the available catch-up?"

2 replies so far   |    Click Here to Add a Reply

austin3515 created a topic in 401(k) Plans

Service with Temp Agency - Treatment Under Relius Corbel Document

"By any chance can someone point me to the language in the Relius Corbel Doc that includes the provision to recognize the service of a temp-to-hire performed under the agency, i.e., 414(n)(4)(B)? This is the provision that says that if someone is under the primary direction and control of the recipient, pursuant to an agreement, but does NOT meet the 'substantially full time for a year' requirement, we nonetheless need to recognize their service for eligibility and vesting. I've scoured the document and cannot find it anywhere... There are a lot of 'incorporated by reference,' but nothing about this provision."

12 replies so far   |    Click Here to Add a Reply

Vlad401k created a topic in Distributions and Loans, Other than QDROs

2021 RMD for Over-72 Participant

"We have a participant who terminated service in 2020. He is 75 years old and not a 5% owner (so he didn't have to take any RMDs in the past). I understand that he did not have to take the first RMD for 2020 due to the CARES Act Waiver. However, what is the date by which he had to take the 2021 RMD. Would it be 12/31/2021 or 4/1/2022?"

1 reply so far   |    Click Here to Add a Reply

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