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BenefitsLink
Message Boards Digest
June 28, 2022
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Here are the most recently added topics on the BenefitsLink Message Boards:
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thepensionmaven created a topic in 401(k) Plans
"Reviewing my client's W-2s, I noticed box 12, Code 'C'. I have not seen this before. Looking at the instructions, it's the cost of employee portion over $50K of coverage, I guess. Would this be considered a 'fringe' benefit, to be added back to W-2, similarly to employee contribution to 401(k)?"
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Between CARES, SECURE, and new proposed regulations, a lot has changed with RMDs. Derrin Watson, JD has authored a completely new RMD chapter for the Qualified Plan and 403(b) Plan eSources. Use ERISApedia to make sure you keep up-to-date.
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Tax Cowboy created a topic in Employee Stock Ownership Plans (ESOPs)
"Group: Client's ESOP has been under audit for 2018-2020 by IRS, which recently issued its notice of deficiency stating the plan was ineligible (much of which related to a former ESOP advisor and a much longer story). The TPA has determined there are 2 participants who left the company in 2020 and have not received distribution of their vested shares. The distribution amount would be approximately $20k each. We're assessing
what steps to take for plan participants shares, if any. [1] Is the trustee/plan administrator still obligated to pay distributions for a plan year that has resulted in being disqualified? [2]] Wouldn't any share value be zero, such that participants, even if fully vested, would have no distribution? Client plans on filing in tax court to challenge. [3] Does trustee have ability to freeze plan until a court has resolved the
issues?"
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BG5150 created a topic in Form 5500
"Employer filed 2020 Form 5500 in February, 2022. No DFVC (still looking into why). Got a letter from IRS looking for $22,000. Any options, other than pleading for a reduction?"
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Here are the most recently posted jobs on EmployeeBenefitsJobs.com, a service of BenefitsLink:
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CEP Consultants Inc.
Remote / NY
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Duncan Financial Group, LLC
Remote
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BenefitsLink.com, Inc.
56 Creeksong Road
Whittier NC 28789
(407) 644-4146
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Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager
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