Message Boards Digest

May 6, 2022

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

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

Participant with 75% J&S Benefit in Pay Status; Then Participant and Spouse Divorce

"Participant elected 75% J&S and started receiving pension benefit. Then she and her spouse divorce. Divorce decree says the ex-spouse is not entitled to any pension benefit the participant may have. Despite divorce decree, isn't ex-spouse still entitled to the benefit if the participant dies before the ex-spouse?"

3 replies so far   |    Click Here to Add a Reply

metsfan026 created a topic in 401(k) Plans

Voluntary Fiduciary Correction (VFC) Filing

"One of my clients got a letter about prohibited transactions and the opportunity to correct via the VFC program. This stems from the accountant marking on the Form 5500 that there were delinquent 401(k) contributions/loan repayments. We've gone through making everyone whole, with charging the employer interest on the late payments. My question is what's involved in responding to the VFC program? Is it simply a letter aknowledging the deficiency and outlining what has been done to: 1) Correct the past issue 2) Prove that steps have been taken to ensure it isn't repeated Or are there actual forms that need to be completed (similar to the VCP program)? This isn't something I've done before, so I'm sure how to proceed."

1 reply so far   |    Click Here to Add a Reply

HCE created a topic in Nonqualified Deferred Compensation

Termination and Liquidation of Non-Account Balance (Defined Benefit) NQDC Plan

"We are terminating and liquidating a non-account balance (defined benefit) NQDC Plan. This is not in connection with a company dissolution, bankruptcy, or change of control. I understand all the rules for terminating and liquidating a NQDC Plan (payment timing, aggregated plan termination, no similar plan for 3 years). My only question is that since this is a non-account balance plan, are there any rules or best practices for determining the liquidation amount for each participant? I don't see any official guidance, but how do we value benefits for purposes of making liquidation distributions?"

1 reply so far   |    Click Here to Add a Reply

Belgarath created a topic in 401(k) Plans

Safe Harbor Nonelective, Eligibility Requirements Based on Service Different Than Deferrals

"Suppose you have a plan that allows immediate deferrals, but for eligibility requirements for the safe harbor nonelective, wants to have 3 consecutive months with 250 hours to be eligible. Now, automatic top heavy exemption is blown, but that's immaterial for this plan. Shouldn't be any problem with this, if you pass testing using the OEE, right? Or is there something else I'm missing? Most likely this isn't going to be an issue anyway, as prospective client most likely doesn't have any HCE's..."

3 replies so far   |    Click Here to Add a Reply

Dan created a topic in 401(k) Plans

Quarterly Vesting Schedule

"A client is instituting a match for the first time. They requested the plan implement a quarterly vesting schedule. I have never heard of quarterly vesting. I asked a few colleagues and no one has heard of it. Has anyone here heard of this before? If you have, can you explain how it works or where I could learn more about it. The plan is currently being restated on a pre-approved document, which offers the standard vesting options. I expect a quarterly vesting structure would be permissible on a custom document. So, we could modify the pre-approved document and treat it like a custom document going forward. Any thoughts about that?"

3 replies so far   |    Click Here to Add a Reply

Here are the most recently posted jobs on, a service of BenefitsLink:

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BlueStar Retirement Services Inc.
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