Message Boards Digest

January 12, 2022

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

BG5150 created a topic in Form 5500

Fidelity Bond for Non-Qualfying Assets-- Capped at $500k?

"Plan has $2MM in assets, of which $1.5MM are in non-qualifying assets (real estate and partnerships). Does the bond have to be the full $1.5MM? Or it is capped at the traditional $500,000?"

7 replies so far   |    Click Here to Add a Reply

DDB BN created a topic in 401(k) Plans

Calculating Net Income for LLC/S Corp That's Made a New York Pass-through Entity Tax Election for 2021

"How should the net LLC income be calculated after back outs for an LLC that made the PTET election for 2021? Example: $100,000 LLC income, PTET payment = $6,850, net LLC income flows through to K-1 = $93,150. Is the SS/Medicare tax ($6,580.84) deducted from $93,150 along with the employer profit sharing contribution ($17,313.83) for the member with adjusted net income of $69,255.33? If not, then what is the way to approach this calculation when a PTET election is made?"

3 replies so far   |    Click Here to Add a Reply

steve45 created a topic in Cross-Tested Plans

Sources for Purposes of Average Benefit Test; Running ASC Software

"I'm confused as to the new comparability test. I'm running ASC software. Do I need to select 'Employer Match/Safe Harbor Match/QACA Safe Harbor Match' in 'average benefit test' "?

1 reply so far   |    Click Here to Add a Reply

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

At-Home COVID-19 Testing -- Antibody Test Covered as Well as Antigen Test?

"We read the new FAQs 51 as requiring that plans cover at home antigen AND antibody tests, provided they meet the statutory criteria of FFCRA 6001(a)(1) (e.g. approved by FDA or have an EUA). This is based on FAQ 42, Q4 which includes serological tests, i.e. antibody tests, in the definition of in vitro diagnostic tests. Commentary thus far focuses on the antigen test (i.e. to detect the virus) and not antibody, so just looking to see if others interpreting these FAQs to also cover at home antibody tests."

2 replies so far   |    Click Here to Add a Reply

Jakyasar created a topic in Retirement Plans in General

DC Plan Uses Standardized Prototype Document But DB Plan Uses Volume Submitter Document

"It's been a long time since I came across this because my plans are done using a volume submitter document. Somewhere in the corners of my old memory I remember that a DC plan using a standardized prototype can't be sponsored at the same time as a DB plan that uses a volume submitter document-- i.e., that only standardized plans can be set as 'paired'? Correct?"

2 replies so far   |    Click Here to Add a Reply

K-t-F created a topic in Form 5500

Paying DFVC Fee -- Better to Use Payment Method Provided After Completing Online Calculator?

"Back when there was an amnesty program for the Form 5500-EZ. a bunch of single member plans came out of the woodwork asking me to prepare the paperwork to take advantage of the free compliance option. A simple process... no big deal.

Before Christmas, a client who left me came back telling me the new TPA had disappeared and didnt file a 2019 or 2020 Form 5500. Simple question re paying the $1,500 fee ($750 for each year): when you complete the online calculator, if you follow it all the way through it takes you to a payment option. Is that the best way to go?

There is an option to mail in a check... not advisable? I've done the work and am ready for them to remit the fee. Just looking for opinions."

4 replies so far   |    Click Here to Add a Reply

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