BenefitsLink.com logo   

BenefitsLink
Message Boards Digest

May 30, 2022

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

Luke Bailey created a topic in 401(k) Plans

Good faith amendment for Fidelity preapproved adopter that is terminating its plan

"I have a situation where client wants to terminate its 401(k) before a stock sale. Client uses a Fidelity preapproved document and has already adopted its restatement but is being told by its Fidelity rep that it needs to come up with its own good faith amendment for SECURE Act and CARES Act because Fidelity does not have yet and will roll those out only later this year. I have a form of good faith amendment that I can use for this client, but I am a little incredulous that Fidelity does not have its own by now. Can anyone confirm or deny what the client’s Fidelity rep is saying? This must have affected a lot of terminating plans over the last couple of years."
1 reply so far   |    Click Here to Add a Reply

MS created a topic in 457 Plans

Special 457 3-Year Catch-Up - 457(b) Governmental Plans

"To determine the amounts for 3-year 457 special catch-up that can be used at City B A government employee goes to work for City B in 2022 and wants to start making catch-up contributions at 457(b). Assume that he meets the NRA rules as defined in the at City B, Assume he can provide all the documentation from City A to City B He has underutilized amounts from City A prior to 2022 - let's just 2002-2022. He never really used the three-year catch up at City A anyway so it is true underutilized - no double dipping. Question: Can he use his underutilized amounts from City A 457(b) be used at City B Question: confirm this is a code specific interpretation and not something specific to plan provisions Citing the 457 code would be helpful. It appears that underutilized amounts are individual to the participant and a personal limit that can be carried from employer to employer. the catch-up can only be used once per employer but the underutilized amounts is not specific to the City B contribution history but to the City A contribution history as well"
No replies yet   |    Click Here to Add a Reply

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

Death after RBD - then Designated Beneficiary/Participant dies after RBD

"There are 5 Participants in Plan - Owner, her husband, their 3 over 21 and not disabled children. Both Owner and husband began taking RMD's. Owner dies in 2018, after RBD. Her husband is taking RMD's of her account. Husband dies in 2022, also after RBD. The 3 children are the beneficiaries for both accounts. Looking to confirm what I think the new rules are: Owner:
  • 2022 - Paid as intended based on subtracting 1 from 2021 RMD factor used
  • 2023 on - Must be paid by 12/31/32 to 3 children, using life expectancy of oldest son, then subtract 1 each year, w/bulk being the RMD for 2023
Husband:
  • 2022 - Paid based on his age in 2022 using new table
  • 2023 on - actually the same as for the Owner above
"
1 reply 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 Analyst - Defined Contribution

Retirement Plan Analyst - Defined Contribution  View details

Compensation Strategies Group, Ltd
Remote / Beaumont TX

View job as Sr Advisor New Business - Insurance & Financial Services

Sr Advisor New Business - Insurance & Financial Services  View details

National Rural Electric Cooperative Association (NRECA)
Arlington VA / Lincoln NE

View job as Relationship Manager

Relationship Manager  View details

HORAN
Cincinnati OH

►View More Jobs

►Post a Job

►Get Instant Job Alerts

BenefitsLink.com, Inc.
56 Creeksong Road
Whittier NC 28789
(407) 644-4146

Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager

Copyright 2022 BenefitsLink.com, Inc. All materials contained in this mailing are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.

Unsubscribe | Privacy Policy