Message Boards Digest

April 6, 2022

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

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

Offer a Joint and Survivor Annuity with Child (or Other Non-Spouse) Named as the Survivor?

"Pension plans typically offer JSA options (50% through 100%) that name the spouse as beneficiary and which satisfy the QJSA rules. Could a pension plan offer a JSA option for a non-spouse beneficiary, such as a child? Of course, spousal consent would be required, but I've never seen a plan offer a JSA option for a non-spouse beneficiary, such as a child. Any issues or concerns here?"

4 replies so far   |    Click Here to Add a Reply
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SSRRS created a topic in 401(k) Plans

Records Show 100% Vesting in Undistributed Accounts of Participants Who Forfeited 40% at Termination of Employment

"A PS Plan is under audit. The agent is questioning why three participants (terminated in 2012) are shown with 100% vesting if, based on their years of service, they should only be 60% vested. It's true that their vested percentage should only be 60%, but the unvested amounts were forfeited and used to reduce the contribution back in 2016. Hence their remaining account balance is fully vested, and that's why the report shows them as having 100% vested balances. Will this response open up any potential issues?"

3 replies so far   |    Click Here to Add a Reply

LMD1 created a topic in Retirement Plans in General

Treatment of Qualified Replacement Plan When Plan Sponsor Is Sold During 7-Year Allocation Period

"Terminated DB plan transferred overfunded assets to QRP. Currently they are still in the 7 year period to allocate. If the sponsor is looking to sell the company, can the new sponsor keep and allocate the suspense assets, or does the excess have to revert back to the original sponsor?"

1 reply so far   |    Click Here to Add a Reply

Insurnacegirl555 created a topic in Health Plans (Including ACA, COBRA, HIPAA)

Under 30 Full-Time Employees = No ACA Penalties?

"I understand penalty A and B calculations. I also see that the B calculation will never be larger than a according to IRS guidance. If business has 59 FTE (so they are an ALE) but *only* 28 truly full-time employees, then the business is shielded from both penalties, correct? Because when you subtract the 'free' 30 from penalty A they would be at $0. So, even if 4 people go and get PTC, their penalty A would be $0 and their penalty B wouldn't kick in because B can't be bigger than A (it says). So, a business with 30 FT all year (or less) is protected from penalties, correct?"

No replies yet   |    Click Here to Add a Reply

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PAi Retirement Services
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