Message Boards Digest

March 8, 2022

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

thepensionmaven created a topic in Retirement Plans in General

Owner of LLC Is Non-Resident of U.S. But Wants a Qualified Plan

"Accountant has a client who is not a resident of the U.S. but has income paid to her LLC. She's in this country more than 90 days each year. Can she set up a qualified plan for the LLC income?"

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Summer Counsellors Excluded as a Job Class

"A school with 300 FTEs hires 90 summer counsellors each year. The plan for the 300 FTEs does not require a waiting period, or minimum hours, or last day of the year employment. Fully vested contributions are made with each payroll period. Counsellors are excluded as a job class. They work no more than 400 hours a year and are terminated at the end of each season.

Am I correct the counsellors are excludible employees simply because they are terminated in the year with less than 500 hours? I don't believe it matters that the plan for the FTEs does not require hours or last day of the year employment. Thoughts?"

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Y401k created a topic in 401(k) Plans

Exclusion of Leased Employees for Coverage But Inclusion for Testing -- 410(b) Problems

"We recently took over CB/DC plans and discovered that they have a large number of leased employees. They work substantially full-time and have been there over a year. The plans currently exclude leased employees-- but as we all know, they need to be counted in our coverage testing.

The DC document has fail safe language. [1] Are we then precluded from performing the Average Benefits Test to satisfy 410(b)? My initial thought is yes (however I'm not sure how it works with the CB plan also failing). [2] Does the corrective measure then mean we need to begin to bring in the leased employees based on the fail safe criteria until such time we pass the ratio percentage test? IF we are able to go to the ABT to pass coverage--it looks like we need to really ramp up the level of contributions people are getting--to the point where some NHCE (non-leased) are getting almost 40% of their compensation in an allocation.

The other thought is that we could do a corrective amendment to bring in the people (leased) needed to pass the ABT. Sadly, it appears that the prior TPA did not do anything with respect to the leased employees.

Population is roughly 18 employees-- of which 4 are highly-- 5 haven't met the eligibility requirements and they have 13 leased employees that must be counted in the testing as not benefiting. Any thoughts?

I feel terrible for the client as they have had this relationship with the leased employees for years-- and it's now just being addressed."

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

Rescinding a J&S Election After Payments Have Commenced

"I have a stubborn married person who wants to retroactively rescind his election of a J&S annuity, so that he can get a lump sum instaed. Obviously the answer is 'no, no, a thousand times no,' but I'm having trouble getting through to him. Any suggestions?"

3 replies so far   |    Click Here to Add a Reply

Opinionswanted created a topic in Health Plans (Including ACA, COBRA, HIPAA)

What Services Does a Benefits Broker Provide?

"I'm trying to assess what services a benefits manager needs from their benefits broker. For instance, do you have them provide employee manual help, vendor evaluations and compliance updates? Of course, help with health insurance design, claims assistance and renewals is requisite but what other services are important to you that your benefits broker provides?"

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