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Message Boards Digest

May 9, 2022

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

metsfan026 created a topic in Defined Benefit Plans, Including Cash Balance

DC/DB Combo - Gateway Goes Into DC Plan?

"When we have a DC/DB combo plan, the 7.5% gateway contribution (I know it can be less than this, but generally 7.5% is viewed as the "safe harbor") comes exclusively into the DC plan, correct?"

3 replies so far   |    Click Here to Add a Reply
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TPApril created a topic in Retirement Plans in General

New Attorney on the Letterhead Is Treated as Independent Contractor -- Controlled Group Issue?

"Affiliated Service Group question: Attorney, with his own LLP and his own retirement plan, moves into a new law firm's offices, and his name is put onto the firm's website. He has access to the admin staff. Law firm treats him as an independent contractor, not a W-2 employee. Law firm does not intend to give him retirement benefits. I just get so dizzy from these controlled group concepts. Not sure if he needs to be included in nondiscrimination/coverage testing with the existing law firm's retirement plan (after the first year as Otherwise Excludable)."

1 reply so far   |    Click Here to Add a Reply

Peter Gulia created a topic in Retirement Plans in General

Can a Participant/Decedent's Creditor Go After Her Retirement Plan Account?

"Those of us who advise retirement plans' administrators often turn to two articles of faith: [1] Federal law generally, and ERISA particularly, supersedes and preempts most State laws. [2] A retirement plan's benefit cannot be assigned or alienated (except for a QDRO or the plan's offset against a breaching fiduciary's benefit).

Those points often frustrate people who deal with accounts not so privileged. Imagine a participant dies with an almost-zero bank account and no other asset beyond her individual account under a retirement plan. Imagine a creditor recognizes the only way to get paid what the decedent owes is by pursuing the retirement plan. Has anyone experienced a situation in which a creditor tried to get a retirement plan to hold off on paying a beneficiary, asserting some right against the retirement plan?

If so, did the plan's administrator get rid of the creditor's effort quickly and easily? Or was it a pain-in-the-neck to make the creditor go away? Did the plan's administrator act by itself, or did they use a lawyer to shut down the creditor?"

1 reply so far   |    Click Here to Add a Reply

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