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Message Boards Digest

June 2, 2022

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

JustSayin created a topic in Employee Stock Ownership Plans (ESOPs)

Section 409(o) Payout Limits

"I have a calendar year ESOP that normally pays over 5 years of installments except for participants with large balances that may be stretched to up to 10 installment payments. For a participant with a large balance, if the first installment is paid in 2022 based on the 12/31/2021 share valuation, do you use the 2021 or 2022 409(o) limit to calculate how many years in excess of 5 are used?"

No replies yet   |    Click Here to Add a Reply

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

RMD Needed for Year of Death of Participant Who Was Exempt During Life (Because Not a Business Owner)?

"A full-time employee old enough to need an RMD but not required to take one because she isn't an owner (just an employee) died in December 2021. Technically she wasn't employed as of her date of death. That wouldn't mean that her estate needs to get an RMD for 2021 based on the participant's 2020 balance, would it?

Maybe the short question to ask is, do deceased plan participants (who have not been paid out yet) need to take RMDs? I guess technically they still aren't owners, so no?

I just read that 'once a participant starts taking an RMD they must continue taking one, even after death. The twist is that this participant was never required to take one due to the fact that she was an employee but not an owner. Would that mean that her account is not required to distribute an RMD for 2021 because she was just an employee? Am I answering my own question?"

9 replies so far   |    Click Here to Add a Reply

RayJJohnsonJr created a topic in Retirement Plans in General

What's the Easiest Way for a TPA to Withhold Federal Taxes and Remit the Withholding to the Gov't?

"What's the most efficent way to withhold federal income taxes and remit the withholding to the governmentt? I've never had to do this before because my plans are typically with John Hancock or Charles Schwab, who take care of the withholding on distributions.

The plan I need to start withholding and remitting taxes on is a 1-participant (age 80) profit sharing plan with all investments in a Charles Schwab account, which I have access to as the Advisor. But Schwab is not the TPA -- I am. I just want to do this the easiest way possible."

1 reply so far   |    Click Here to Add a Reply

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