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Message Boards Digest

May 31, 2022

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

Jakyasar created a topic in 401(k) Plans

Life Insurance in a 401(k) Plan

"I have not dealt with insurance in DC plans for many years and need a refresher. Plan had 401k, 3% NESH and PS provisions. Assume whole life, thus up 49.99 percent cumulative limit of the contributions. They want to use all 3 provisions to maximize insurance. Which provisions have seasoned money for future? PS definitely."

4 replies so far   |    Click Here to Add a Reply

Santo Gold created a topic in Distributions and Loans, Other than QDROs

Participant Was Paid Out Twice

"We have a 401k participant who was accidently paid out twice, in separate calendar years (the assets were pooled). These were cash distributions, taxes were withheld and remitted to the IRS for both distributions. 1099Rs were prepared for both distributions (2 different years). The participant has agreed to pay the excess back to the plan.

How would the plan administrator go about getting the money paid in taxes back from the IRS? Does the participant pay the entire amount (including taxes) back to the plan and recoups the taxes when he files his amended tax return?

How would we go about reporting this for the participant's records? For the second distribution he would need to file an amended tax return and a corrected 1099R for that year would be needed as well. Is that correct?"

No replies yet   |    Click Here to Add a Reply

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