Message Boards Digest

March 1, 2022

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

RestAssured created a topic in Distributions and Loans, Other than QDROs

8955-SSA Filings - records of filings?

"As you are aware, many moons ago, we / I would file an 8955-SSA to show participants with balances in a retirement plan. These were typically un-locatable or non-responsive participants, and filing this form was "THE" alternative to a 100% withholding to the IRS. (They frowned upon 100% w/h, didn't they?!?) A) does anyone file an 8955-SSA anymore? I only have small clients (<20 participants each), so this need does not arise often if ever. B) is there a way to see what has been reported for a specific EIN? I just found the 2017 8955-SSA of a takeover client in the previous TPA's records. I don't know what, if anything, was filed prior to 2017. Thanks! BTW - I did a search for "SSA" prior to posting this, but "0" topics were found. Sorry if this topic is redundant."
7 replies so far   |    Click Here to Add a Reply created a topic in 403(b) Plans, Accounts or Annuities

Universal eligibility? Full-time temporary employee expected to work (less than 1,000 hours).

"For Universal Eligibility, is regularly scheduled for 20 hours per week determined week by week, or is it an annualized test? In other words, if a 40 hour per week temp is hired for a one month engagement (less than 1,000 hours expectation) can they be excluded as being regularly scheduled for less than 20 hours per week, even though they will be 40 hours per week for one month? The 1,000 hour test in the 2007 regulations, the LRM definition, and Notice 2018-95 all state that the 20 hour test is really based on expectations for a full year, rather than a week by week schedule. This makes sense in a way. What if you hired a 40 hour per week employee for just a one week assignment ? Still, I see many different "interpretations" of UniVersal Availability on websites, and they all dance around (or are unaware) of this issue. I get around it for most clients by making 403(b) available for all, but this interesting issue came up."
1 reply so far   |    Click Here to Add a Reply

Pammie57 created a topic in Form 5500

Is Schedule A required with 5500-SF

"if a plan has assets with VOYA or a vendor like this, is there a requirement to attach/create a Schedule or do you just report fees/commissions on 5500-SF"
4 replies so far   |    Click Here to Add a Reply

Jakyasar created a topic in Retirement Plans in General

Employee terminated as W-2 and rehired as 1099

"Hi Combo plan, CB+DC. An HCE was employed in 2020 as a w-2. Excluded from CB but included in the DC. Now I am informed that he terminated as an employee on 1/2/2021 and became 1099 employee for 2021. He had $0 W-2 for 2021 however they make 26k deferral plus non elective SH on his behalf for 2021. How is he treated for all coverage and non-discrimination testing? How is his deferral/SH to be corrected? Thank you for your comments."
7 replies so far   |    Click Here to Add a Reply

DMcGovern created a topic in 401(k) Plans

safe harbor match plan, retro amendment to make employee eligible and top heavy exemption

"Plan only does deferrals and safe harbor match. One employee met the one year wait, but not enough hours; sponsor let her in anyway. Found out the following year, so did a corrective retro-amendment to let in the NHCE for deferral & SH match early. Does this take away the top heavy exemption?"
No replies yet   |    Click Here to Add a Reply

Basically created a topic in Retirement Plans in General

Employee included by mistake

"A plan sponsor provided a hire date that was actually months before the employee was actually hired. As a result the employee was included in the profit sharing contribution calculation. A contribution was made on the employee's behalf. This is a straight PS plan, not a 401(k). Do we have to honor the contribution, or actually, do we have to take it away ? Thanks"
7 replies so far   |    Click Here to Add a Reply

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