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Message Boards Digest

June 14, 2022

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

AmyETPA created a topic in Retirement Plans in General

Pooled Account Plan -- Amend to Allow Disitrbutions in Year of Employment Termination?

"PSP-only pooled account. Client is considering amending plan from distributions as soon as administratively feasible in plan year following termination to as soon as administratively feasible in year of termination. We never do that and have our reasons but just trying to think through if I'm missing anything. Who allows this? What kind of issues do you encounter? Plan has a right to an interim valuation if warranted and will be doing that this year if they make this amendment."

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metsfan026 created a topic in 401(k) Plans

Excluding Part-Time Employees from 401(k) Plan

"Our document software defaulted to add the following when we entered to exclude part-time employees: 'Notwithstanding the foregoing, any Part-Time Employee who is excluded hereunder will nevertheless be considered an Eligible Employee if he or she is credited with at least 1,000 Hours of Service during any Eligibility Computation Period beginning on or after his or her Employment or Reemployment Commencement Date and is an Employee on the last day of such Eligibility Computation Period.' Is there an issue with removing this language? They want to exclude all part-time employees, even if they ultimately work 1,000 hours in a year, and they definitely wouldn't have a testing issue."

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