|
Here are the most recently added topics on the BenefitsLink Message Boards:
|
HarleyBabe created a topic in 401(k) Plans
"One of my clients is adding union employees to the company. It will take them over the 120 count. Is there a way to set a separate plan to avoid this. Although the same owner will own the company although he doesn't participate, still a controlled group because of it, so I'm thinking no, but am I missing a way to avoid this? BTW, it's a plain vanilla 401(k) plan."
|
HCE created a topic in Health Plans (Including ACA, COBRA, HIPAA)
"We received a Medical Support Order in the form found on the HHS website: https://www.acf.hhs.gov/css/form/national-medical-support-notice-forms-instructions - The form seems a bit lacking to me. The rules for QMSOs require the Order to include, among other things, [1] a reasonable description of the type of coverage to be provided, and [2] the period to which such order applies. This Order doesn't seem to
do either -- they checked the box for 'medical' coverage, but we have several options, and I don't see a place to put down the period of coverage anywhere. That said, it is a model document from the Federal government, so has it already been deemed sufficient?
- Since we have several medical options, do we just contact the participant and tell him he has to pick an option that provides for dependent coverage?
- If the participant signs up, and he is married, can he also sign up his spouse? I would think this counts as an open enrollment window for him and the dependent, but not for the spouse.
- If the participant is on his spouse's insurance, can he just add the dependent there rather than having to enter our plan (I assume this would require a different QMSO relating to the spouse's plan)?"
|
Tom created a topic in Retirement Plans in General
"I have a client who is hoping their audit requirement is eliminated for 2021. The active/eligible participants plus inactive with a plan balance as of 1/1/2021 are 98. A fixed match true-up was calculated and funded in 2021 for those eligible in 2020. Included in the true-up were 3 participants who terminated in 2020 and had no plan balance as of 1/1/2021. So their plan balance was zero on 1/1/2021, then the small match true-up was
deposited in mid-2021 and then they had that paid out as well. So they had no plan balance as of 1/1/2021 unless you count their true-up A/R. If we count them as participants with a balance as of 1/1/2021, then the count is 101. The plan reports on the 5500 and audit on a cash basis. I suspect everyone will say get the audit to be sure and that is what I wil tell them. I did look at 1/1/2022 as well which is clearly 98 and so 2021
will be the last year (for now) which I guess is the silver lining. Just curious about comments at this point. I will tell the client to get the audit."
|
Santo Gold created a topic in Form 5500
"The IRS letter suggested DFVC is an option if the DFVC requirements are met. The only requirement I could find is that the plan has not been contacted by the DOL about the late filing, which they have not, but the IRS has contacted them. Can they use the DFVC then in this instance?"
|
01123 created a topic in Plan Document Amendments
"Are prototype documents allowed to use language that effectively allows for each participant to constitute their allocation group for purposes of a profit sharing allocation? Effectively the employer is allowed to choose the amount each participant gets in terms of a profit sharing allocation... assuming you are passing top heavy and whatever testing is necessary (general test/cross test). I have only administered volume submitter
and individually designed plans. I have read through 2 or 3 adoption agreements and have not seen anything like this in a prototype document."
|
JustMe created a topic in Defined Benefit Plans, Including Cash Balance
"Can a cash balance plan have a full calendar year plan (i.e., effective date of 1/1) if the entity only came into existence in the middle of the year?"
|
Here are the most recently posted jobs on EmployeeBenefitsJobs.com, a service of BenefitsLink:
|
|
Alerus
Remote / MI / MN / ND / NH
|
|
Alerus
Remote
|
|
Nova 401(k) Associates
Remote / Houston TX / Scottsdale AZ
|
|
California Benefit Planners
Pasadena CA
|
|
Blue Ridge ESOP Associates
Remote
|
|
Pentegra
Remote
|
|
Dynamic Pension Services, Inc.
Remote / Dayton OH
|
|
Employee Benefits Security Administration [EBSA]
Remote / Fort Lauderdale FL / Atlanta GA
|
|
Alerus
Remote
|
|
Nova 401(k) Associates
Remote / Houston TX / Scottsdale AZ
|
|
Definiti LLC
Remote / Findlay OH
|
|
|
|
|
Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager
Copyright 2022 BenefitsLink.com, Inc. All materials contained in this mailing are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.
Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.
|
|