Message Boards Digest

March 28, 2022

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

Jakyasar created a topic in Retirement Plans in General

Multiple Schedule C's

"I know this has been discussed before, but cannot find the message thread. A sole-prop has multiple businesses and files multiple schedule C's. Let's call them X, Y and Z. No employees. Pension plan is sponsored by X only. X net amount is $200k -- only sponsor of the plan. Y net amount is $50k Z, net amount is negative $75k. If I recall correctly, net C for pension is the sum of all 3, i.e., $175k, and that this is the amount SE tax needs to be calculated. Correct?"

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

Schedule SB, Line 6 B -- What Are Plan-Related Expenses?

"What do you consider a plan-related expense?"

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BG5150 created a topic in Distributions and Loans, Other than QDROs

Loan Offset Question

"It is my understanding, the loan gets offset when the participant has a distributable event. Therefore, if the plan allows for distributions at age 59 1/2, and the participant is still employed. the loan will offset when the participant turns 59 1/2. But what happens if the 59 1/2 withdrawals are restricted to deferrals only and the loan was taken from deferrals and match?

For example, a $10,000 loan was taken: $6,000 from deferral and $4,000 from match. $5,000 was paid back, so his loan balance is $3,000 in deferral and $2,000 match. Loan defaults, deemed distribution processed. Participant still employed, and turns 59 1/2 on May 1. Plan allows for distributions of deferrals only at age 59 1/2. So he has a distributable event (for deferrals) on May 1. Does $3,000 get offset? All $5,000? None?"

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Coleboy1 created a topic in Form 5500

Pooled Separate Accounts -- Sched. A

"I am currently working on a Sched. H in which my predecessor had reported a figure in Part 1 Line 10 for the past few years. The accounts in question are really pooled separate accounts. My predecessor included a Sched. A that was blank for each of the prior years. Trust and Insurance were also checked off for the funding arrangement but no assets are with an insurance company.

If I 'move' the value that shown at the beginning of the year to where it should be (registered investment accounts), will that raise a red flag? If I leave it where it was and make the ending balance zero, FTW is looking for a Sched. A still. The ending balances would still be the same. Or do the prior years need to be amended? Any help would be appreciated."

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Belgarath created a topic in 401(k) Plans

Mid-Year Amendment to Vesting Provisions in QACA

"Plan is a QACA, with 1-year vesting. The plan currently utilizes the Plan Year (calendar) as the vesting computation period. Client wants to amend the plan, for vesting purposes only, in 2022, to be elapsed time. This would apply only to employees hired on or after 1/1/2022. At the very least, even IF it is permissible, it would require a 30 day advanced notice. Is it permissible?"

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Patricia Neal Jensen created a topic in 403(b) Plans, Accounts or Annuities

Will Non-ERISA 403(b) Satisfy CalSavers Exemption?

"The plan sponsor is a 501(c)(3) org and can sponsor a 403(b).... Either ERISA or Non-ERISA. The CalSavers program requires the employer to have a plan for exemption. CalSavers is an IRA so I think a non-ERISA plan would satisfy the exemption, but CalSavers is a little vague about this. Any knowledge or opinions on this subject?"

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