Message Boards Digest

February 18, 2022

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

kmhaab created a topic in 401(k) Plans

Employer Contribution Formula Can Be $2.50 Per Hour Worked?

"Is it permissible to have a DC plan in which employer contributions are a flat amount per hour worked, e.g., $2.50 per hour? I can't find anything that specifically prohibits this approach. Employer is trying to move away from a union pension with an hourly accrual rate."

10 replies so far   |    Click Here to Add a Reply

Thornton created a topic in Qualified Domestic Relations Orders (QDROs)

Contested (Apparently Ugly) Divorce, Guardian Appointed for Minor, Restraining Order Against Alternate Payee

"I've been drafting QDROs for 6 years and haven't seen this situation before. I'm told by the attorney who retained me to draft the QDRO that the Participant/Petitioner's address cannot be in the QDRO due to a restraining order or something against the Alternate Payee/Respondent. It can be excluded from the body of QDRO but listed in the Appendix to the QDRO. The Appendix is not filed with the court but included when the QDRO is sent to the plan administrator for processing. A Guardian ad Litem has been appointed by the court to represent the minor children. [1] If the attorney doesn't want the Participant's address even in the Appendix, does anyone have an opinion on whether or not the plan administrator will qualify the DRO without the Participant's address anywhere? [2] Does the GAL need to sign the QDRO?"

2 replies so far   |    Click Here to Add a Reply

Belgarath created a topic in Retirement Plans in General

Anti-Cutback Issue When Adding a Last-Day Employment Requirement Mid-Year, Even to Terminating Retirees?

"Suppose a plan currently has a last day/1,000 hour requirement, but allocation requirements are waived for anyone who terminates after attaining NRA or Early Retirement Date. Now they want to amend the plan to eliminate this waiver. Clearly, if someone already terminated employment this year and has attained ERA/NRD, this amendment won't apply to them. But what if someone has attained ERD/NRA, but has not yet terminated employment? Is it OK to apply to them for 2022, or can it not apply to them until 2023? Is the determining factor the termination of employment -- in other words, because they haven't terminated employment yet, is there no cutback? Or would you interpret it similar to a plan where there is a 500 hour requirement with no last day, so that, as soon as you get 500 hours, you are eligible for that year? (So that in this case, as long as you have already attained ERD/NRA, you are eligible for this year?) In this plan, everyone in their own group, and it's not a safe harbor, and it's not top heavy, so it might be possible to exclude them anyway."

2 replies so far   |    Click Here to Add a Reply

metsfan026 created a topic in Defined Benefit Plans, Including Cash Balance

Compensation Used For EBAR Calculation

"I'm having a tough time finding it in our document, but are you allowed to exclude compensation received prior to becoming a plan participant in a cash balance plan (specifically in the EBAR calculation)? We have it set that way for the Profit Sharing Plan. I'm just wanting to see if we could for the cash balance plan as well. I'm leaning 'no'."

4 replies so far   |    Click Here to Add a Reply

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