Message Boards Digest

February 21, 2022

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

SSRRS created a topic in Form 5500

Plan Having These Assets Can File a Form 5500-SF?

"A DB plan at year end receives the following statement in regard to their plan assets:

Levonte Capital Capital Statement 12/31/2021

Asset 1 - Howard Avenue $250,000

Asset 2 - Clearstream $500,000

Asset 3  -Flushing Ave $600,000

Total plan assets - $ 1,350,000

Are these considered eligible assets for a Form 5500-SF?"

1 reply so far   |    Click Here to Add a Reply

ESOP Guy created a topic in Employee Stock Ownership Plans (ESOPs)

Warrants Given to Charitable Trust Controlled by Family -- Are They Still Synthetic Equity?

"I have an ESOP where the family that sold the stock to the ESOP received warrants when the sale was closed. That is clearly synthetic equity. In 2021 the family give some of the warrants to a charitable trust they control but the assets in the trust must be used for charitable purposes. Are those warrants still synthetic equity? I'm leaning towards 'no,' because no one in the family is a beneficiary of the trust. I'm not finding any direct authority for that, however. Agree?"

No replies yet   |    Click Here to Add a Reply

Logan401 created a topic in Cross-Tested Plans

Sponsor Wants to Allocate Contributions to Terminated Participants Despite Last-Day Rule in Document

"I have a client that wants to fund a discretionary profit-sharing contribution and would like to include terminated participants. The plan has the last day rule. Can this be done by adding language to the declaration? It won't taking any benefit away from active participants such as lowering the allocations they are receiving."

12 replies so far   |    Click Here to Add a Reply

pmacduff created a topic in Relius Administration

Relius ASP Log-In by Something Other Than Internet Explorer?

"I did post an incident to FIS but in the meantime am wondering if anyone else has heard when they are going to update the log-in for ASP to use something more updated than Internet Explorer? We're getting the messages now that Internet Explorer will not be supported after June, 2022. We're surprised that FIS hasn't already migrated ASP to another browser."

No replies yet   |    Click Here to Add a Reply

Pammie57 created a topic in 401(k) Plans

Failed ADP/ACP Test, But HCE Terminated and Already Took 100% of Account

"Client company sold and all of the HCEs terminated in May 2021. They immediately took distributions. I'm now runnig the ADP/ACP test and I find that a corrective distribution was due to one of the HCEs. Does the individual need to have the platform reissue the 1099-R? If they rolled over the funds, do they have to withdraw it from their IRA?"

1 reply so far   |    Click Here to Add a Reply

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