Message Boards Digest

May 2, 2022

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

austin3515 created a topic in Form 5500

Audit Threshold -- Only Count Participants with Balances?

"Can someone send me a link to the DOL proposal to limit audits to those participants who have balances in the plan? Apparently there was a comment window that closed in November 2021 or something."

5 replies so far   |    Click Here to Add a Reply

thepensionmaven created a topic in Form 5500

Client Has Not Yet Filed the Pink 1099-R/1096

"Participants were given 1099-Rs by January 31. Form 945 filed with IRS by 1/31/22. Client has not yet filed the pink 1099-R/1096. Excuse my ignorance, but what is the penalty for late filing with IRS? Can the fine be paid with the submission (and on what form, if possible)?"

1 reply so far   |    Click Here to Add a Reply

metsfan026 created a topic in 401(k) Plans

Reporting of Management Fees on Form 5500

"Curious how everyone handles management fees on the investments and reporting it on the Form 5500. I've seen a few different things, most notably:

  1. Include them as part of the Investment Gain/Loss - Line 8(b)
  2. Include them as "Other Expense" - Line 8(g)

I'm not sure if it matters either way, but just curious since I've seen different things in the past."

2 replies so far   |    Click Here to Add a Reply

BG5150 created a topic in 401(k) Plans

Owner and Union Employee at the Same Time?

"On the client's census, they tell us that Jim owned 2.5% of the company last year (S Corp), and belonged to the union. He made $121k in 2020. This year (2021), they tell us that he owns 6% and he's still in the union. Now he's an HCE for 2021. He's the only union person who defers (there's only one other). So the ADP test is failing. I think I read somewhere that a person cannot be an owner and a member of the union at the same time. How can someone be part of management and be a union employee? If that's true, how is it handled?"

3 replies so far   |    Click Here to Add a Reply

BG5150 created a topic in 401(k) Plans

Difference Between 401(a)(30) and 402(g) EPCRS Application

"EPCRS gives a correction for "[f]ailure to distribute elective deferrals in excess of the §402(g) limit (in contravention of §401(a)(30))." Section 401(a)30 just points to 402(g). Can there be excess 402(g) deferrals NOT in contravention of 401(a)(30)? And also, the plan MUST remove the 402(g) excess (in contravention of 401(a)(30)), or the plan risks disqualification. I seem to remember that, if the excess deferrals were there after April 15, you didn't do anything until the participant took their money (year?) later. And I have read that if the excess deferrals are NOT in contravention of 401(a)(30), then the deferrals HAVE to stay there until there is a distributable even. Again, under what circumstances would that be?"

3 replies so far   |    Click Here to Add a Reply

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

If the Employer Add a New Pay Code, What Procedure or Regulation Should Be Followed to Determine Whether It's Pensionable Earning?

"If the company adds in a new pay code, what procedure or regulation does the plan sponsor need to base off to determine if it's pensionable earnings?"

2 replies so far   |    Click Here to Add a Reply

K-t-F created a topic in Retirement Plans in General

ERISA Bond Coverage.... Combine Bonds?

"Client has a bond but needs to increase coverage. He is asking, 'To meet the coverage requirement does it matter if I have 2 bonds that in total meet or exceed the coverage requirement?' "

3 replies so far   |    Click Here to Add a Reply

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