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Message Boards Digest

March 21, 2022

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

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

How to Define the Pay Credit under a Cash Balance Plan That Rises Each Year?

"What's the best way to word the definition of the pay credit in a Cash Balance Plan, if you want to allow it to rise each year? I'm not an actuary, but I've seen charts that show limitations for Cash Balance contributions based on their age (like a 40-year old may only be able to contribution $100,000). I know it's not the 415 limitation, so just trying to figure out the best way. I apologize for all of the questions, I'm just trying to learn more about these plans so I can be more helpful to the people in my office."

4 replies so far   |    Click Here to Add a Reply

Ananda created a topic in Retirement Plans in General

Sale of Artwork by an ERISA-Covered Plan -- Avoids State Sales Taxes?

"A Money Purchase Plan invested in artwork that has appreciated in value. The artwork will be sold by the plan in a particular state. Typically when artwork is sold within a state, state-imposed sales tax must be paid. Are there any justifications for a qualified plan subject to ERISA being exempt from state sales tax upon sale of such a plan asset? I don't see any ERISA preemption argument, because the artwork will leave the plan and will be taxed as a non-plan asset when distributed and sold."

2 replies so far   |    Click Here to Add a Reply

Gilmore created a topic in 401(k) Plans

Tiny 402(g) Excess. Any 'De Minimis' Exception to Withholding Requirement?

"Is there a minimum 402g excess that does not require the Plan Administrator to provide a notice to the participant regarding making a withholding election? We have a 402g excess of $12."

3 replies so far   |    Click Here to Add a Reply

bzorc created a topic in Correction of Plan Defects

Effective Date of Document That Corrects a Missed PPA Restatement

"I've inherited a new client. Looking at their documents, I see there was never a PPA restatement filed before April 30, 2016. The last document I have is an EGTRRA restatement. The client searched its records and agrees that the PPA restatement was never prepared. The client has authorized the preparation of the PPA document and the VCP filing. In 35 years in this business, I've never had to do a VCP filing, thankfully. What should be the effective date of the PPA restatement? Is it something before 4/30/2016 (like 1/1/16), or should it be current, say 1/1/2022?"

No replies yet   |    Click Here to Add a Reply

Molgilny89 created a topic in 401(k) Plans

Service Provider Agrees to Pay Fees on Behalf of the Plan

"Can a service provider agree to pay fees that would have otherwise been charged by a different provider and taken from plan assets?"

1 reply so far   |    Click Here to Add a Reply

RSPGH18 created a topic in 401(k) Plans

Handling Lifetime Income Illustrations for Plans with Brokerage Accounts

"My understanding is for self directed 401(k) accounts - that the Income illustrations must be reflected on the June 30th statement. What are administration firms doing that have plans that utilize brokerage accounts?

I do not believe broker dealers and going to show the illustrations and the simple answer is to make sure the compliance reporting and statements are prepared before June 30 (for those plans not utilizing a nice recordkeeping platform). However, that might not be that simple for my firm to accommodate (i.e., the need to identify these particular plans, and document restatements due). Just wondering if anyone had any creative thoughts they are willing to share, heard if it might get extended, would doing by 10/15 in these cases be considered OK?"

1 reply so far   |    Click Here to Add a Reply

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