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Message Boards Digest

May 17, 2022

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

Alan Simpson created a topic in 401(k) Plans

Affiliated Service Group?

"Have two attorneys that each own 100% of their own s-corps. Those two attorneys each own 50% of an accounting firm of which they do not perform any legal work or share mutual client. Is this a ASG?"

1 reply so far   |    Click Here to Add a Reply
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HCE created a topic in Qualified Domestic Relations Orders (QDROs)

QDRO After Death of the Alternate Payee?

"We've been asked whether we can process a QDRO provided to us after the death of the AP. Our QDRO procedure does not address this scenario. Can we?"

4 replies so far   |    Click Here to Add a Reply

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

How Long to Get a PBGC Coverage Determination for a Financial Firm?

"I want to check others' experience on time frame and expectations for getting a PBGC coverage determination. Applied for determination on PBGC coverage beginning of March 2022 for a financial company. Was contacted for additional information multiple times during March and provided everything they asked for. Last communication was on 3/31/2022. Haven't heard from PBGC by mid-April so I've followed up multiple times. The responses I have been getting are: 'We are working on the request for an opinion letter for the proposed plan. I do not have an estimated date that a letter will be issued.' 'We still don't have an estimated date for issuance of an opinion letter. We'll let you know when we do.' That one was last week. Anyone had a recent experience? Client is anxious because this is for 2021."

3 replies so far   |    Click Here to Add a Reply

Tom created a topic in 401(k) Plans

Must Be at Least One Key Employee?

"A plan sponsor was sold 100% to an ESOP for its employees. So the plan sponsor is now the ESOP. I'm told there are no corporate officers but I am checking with their CPA firm. The ESOP has a Board of Directors who are also plan participants. I'd think of them as officers. But if none of them has a wage over the key employee limit, then it seems there are no key employees. I think I read at one time there has to be a minimum number of officers, or at least one. All I can find now is there is a defined maximum number but I don't see anything about minimum number."

3 replies so far   |    Click Here to Add a Reply

MeetMeInTheBackdoorRoth created a topic in 401(k) Plans

How Do You Freeze a 401(k)?

"I haven't found anything concrete on the IRS web site that shows how one proceeds with freezing a plan in the case of a merger, only that it's an option. Does freezing it require an amendment to the plan, or will a notice to current participants suffice (similar to a black-out period)?"

3 replies so far   |    Click Here to Add a Reply

ERISAGal created a topic in Mergers and Acquisitions

Asset Sale -- Seller's Plan Terminating with Participant Loans

"When an asset sale occurs between two entities both having 401k plans and the seller's plan terminates, what happens to the outstanding loans in the seller's plan? Because it is being terminated rather than merged, is there any way to 'transfer' the outstanding loans to the buyer's plan in order to avoid the loans being defaulted and taxed to the participant?

I know it will depend on the plan documents of both plans, but wondering if the plan's could be amended to allow for the transfers of the outstanding loans."

4 replies so far   |    Click Here to Add a Reply

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

View job as Retirement Plan Administrator

Retirement Plan Administrator  View details

Retirement Solutions Specialists, LLC
Remote / Jacksonville FL

View job as Defined Contribution Plan Administrator

Defined Contribution Plan Administrator  View details

MGKS
Remote / Phoenix AZ

View job as Recordkeeping Processor

Recordkeeping Processor  View details

Definiti LLC
Remote

View job as Recordkeeping Specialist

Recordkeeping Specialist  View details

Definiti LLC
Remote

View job as Billing and Accounts Receivable Specialist

Billing and Accounts Receivable Specialist  View details

ERISA Services, Inc.
Knoxville TN

View job as Quality Assurance Specialist

Quality Assurance Specialist  View details

ERISA Services, Inc.
Knoxville TN

View job as Sales Consultant

Sales Consultant  View details

Leading Retirement Solutions LLC
Remote / Seattle WA

View job as Plan Compliance & Benefits Specialist

Plan Compliance & Benefits Specialist  View details

UNITE HERE HEALTH
Aurora IL

View job as Counsel / Assistant Division Director

Counsel / Assistant Division Director  View details

CT Office of the State Comptroller
Remote / Hartford CT

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