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Message Boards Digest

February 1, 2022

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

PS created a topic in Plan Terminations

Vesting at Plan Termination for Former Employees Who Have a 5 Year Break in Service

"A terminating plan has a few participants who were terminated 6 to 10 years ago. They still hold a balance. I believe they should be 100% vested, correct?"

2 replies so far   |    Click Here to Add a Reply

austin3515 created a topic in 401(k) Plans

Covered Comp Tables -- Curious About 2021 Update

"I've been using this website to obtain covered comp data for calculating EBAR's: actuarialtools.com -- It doesn't seem like it's been updated yet for 2022. IT says 'updated for 2021' so I know it's not just me missing something! Does anyone else use this tool, and/or know when it will be updated? Or does somebody have a link to another table that they could share with me that has been updated for 2022?"

5 replies so far   |    Click Here to Add a Reply

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

Lump Sum Windows That Limit Annuity Options

"When offering a lump sum window, I understand that a sponsor is required to also offer eligible participants an immediate annuity that satisfies the QJSA rules. However, I generally see lump sum window designs that limit the annuity options for participants who have not yet attained early retirement age to the QJSA (or QOSA), while providing the full suite of optional forms of benefits to those over early retirement age. Is that legally required (perhaps based upon the anti-cutback rules), or simply a design choice? Could all lump sum participants (who are not otherwise eligible for a distribution) be limited to the QJSA/QOSA?"

1 reply so far   |    Click Here to Add a Reply

Basically created a topic in Retirement Plans in General

Counting HCEs' Rollover Accounts in Top Heavy Determination

"A plan has 2 owners. Only employees who are HCEs have rollover money in the plan, do I count their rollover balances when determining how top-heavy the plan is? I would think not."

6 replies so far   |    Click Here to Add a Reply

K-t-F created a topic in Retirement Plans in General

1099-NEC for Services Rendered?

"I was asked by a financial advisor of a single member client just now: 'Should the plan issue a 1099-NEC to a person who did some work on the property the plan owns?' Thinking it through I would say yes. I would also guess that whatever account pays the RE tax bills would be the account that issues the 1099-NEC. Anyone have a quick answer? Of course the 1099 was due yesterday."

No replies yet   |    Click Here to Add a Reply

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