Message Boards Digest

May 26, 2022

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

Will.I.Am created a topic in 401(k) Plans

Convert Only After-Tax Employee Contributions via In-Plan Roth Rollover?

"Assume you have a Solo 401(k) that allows after-tax employee contributions and in-plan Roth rollovers and you have pre-tax money and after-tax employee money. Can you do an in-plan Roth rollover/conversion and convert only the after-tax amounts and exclude the pre-tax amounts from the conversion?"

3 replies so far   |    Click Here to Add a Reply

TPApril created a topic in Form 5500

Fidelity Bond with Inflation Guard -- How to Report on 5500?

"Haven't seen this before. Fidelity bond coverage is lower than 10% needed, set at $20,000, but according to the agent, has a built in 'inflation guard' up to $500,000. Assuming that is fine, what would we report on the 5500? In this case $500,000 is greater than plan assets even."

6 replies so far   |    Click Here to Add a Reply

BG5150 created a topic in 401(k) Plans

Correction of Missed Deferral Opportunity That Spanned Two Plan Years

"I know the missed deferral opportunity amount is a percentage of the ADP of the group to which the participant belongs. But what if it crosses plan years? I have someone who was missed on 7/1/21 and we just found out about it this month. The ADP of his group was 3.25% for 2021. But do I have to calculate the 2022 ADP (next year!), or do I just use 3.25% for the entire period?"

No replies yet   |    Click Here to Add a Reply

Anaahu created a topic in 401(k) Plans

Installment Payments in Pay Status at Time of Money Purchase Plan Termination -- Accelerate as Lump Sum?

"Money purchase pension plan with an anticipated termination date in the coming months. Sole participant is taking installment payments in the amount of annual RMDs. Duration of installments is likely to blow the ability for the participant to make an eligible rollover. As a result, participant looking to take remaining installment payments in a lump sum upon plan termination. QJSA rules do not apply to the distribution.

This shouldn't be a cutback issue because the plan is not removing an optional form of benefit; instead, the participant in pay status is merely wanting to change the form of distribution. The plan does not prohibit this, and the participant election to take installment distributions did not say the election was irrevocable.

I know this issue has been dealt with in some fashion on the defined benefit side, but what about on the money purchase/defined contribution side? Can someone point me in the direction of authority for whether changing installment payments to a lump sum upon termination is prohibited or allowed?"

5 replies so far   |    Click Here to Add a Reply

Barry Levy created a topic in Retirement Plans in General

Hardship for the Purchase of Participant's Primary Residence -- Title to Be in Participant's Spouse's Name

"DC plan provides for hardship withdrawals using the "safe harbor" definition. Ms. Jones wants a hardship withdrawal for the purchase of her primary residence. The catch: the home will be in her husband's name. Is this allowable?"

2 replies so far   |    Click Here to Add a Reply

HCE created a topic in Qualified Domestic Relations Orders (QDROs)

QDRO Can Require Plan to Pay Guardian Ad Litem Fees?

"We received a QDRO (just a draft at this point) under which the court is ordering the plan to pay the fees of the Guardian Ad Litem of the participant's minor child.

I don't see any way this is possible. QDROs are only supposed to award benefits to an Alternate Payee who is a spouse, former spouse, child, or other dependent, right?"

1 reply so far   |    Click Here to Add a Reply

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