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Message Boards Digest

February 17, 2022

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

Jakyasar created a topic in Retirement Plans in General

HCE Status of Daughter After Dad Sells His 50% Share

"Company is owned by dad and son 50/50. Company employs mom and daughter (son's sister). All above are HCEs for 2021. On March 1, 2022, dad sell his portion to son, so son becomes 100% owner. When does sister become a non-HCE?"

2 replies so far   |    Click Here to Add a Reply

SSRRS created a topic in Retirement Plans in General

Two Days Late on 5500 Filing Means $500 Penalty? Ouch!

"he late filing penalty for the 5500s used to be $25 per day. It seems that was increased to $250 per day. This seems quite high in relation to tax returns that, even if filed up to a month late, the penalty is a SMALL percent True, there is the DFVCP that caps the penalty at $750 but, if someone files a day or two late, the penalty is $500 -- is that correct?"

8 replies so far   |    Click Here to Add a Reply

Kudos26 created a topic in Cafeteria Plans

Voluntary Benefits Mistakenly Coded as Pre-Tax

"Due to a coding error there were several benefit plans (e.g., voluntary life) that were coded as pre-tax but they should have been coded as after-tax. This happened for about 2-1/2 years. No life insurance proceeds have been paid there yet. Error was discovered and fixed going forward. Does anyone have experience with this and how to go about fixing the past errors?"

1 reply so far   |    Click Here to Add a Reply

Lou81 created a topic in Plan Terminations

Plan Is Terminating Mid-Year Before Participants Are Terminating Employment

"I have a plan that will be terminating, perhaps on 7/1/2022. All participants would become fully vested. What about any participants who are paid out during the first 6 months of 2022? Would they need to be fully vested, and therefore get a supplemental distribution? Or should I fully vest them now, knowing the plan will be terminating? Trying to avoid any issues."

2 replies so far   |    Click Here to Add a Reply

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