Message Boards Digest

July 1, 2022

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

BTG created a topic in Defined Benefit Plans, Including Cash Balance

Divorce Turns Out to Have Become Final as of the Annuity Starting Date

"Our client has an interesting situation: A participant whose divorce became final ON her annuity starting date. The plan administrator was aware of the pending divorce, but could not suspend payments (as it normally would under QDRO procedures) because the participant had also reached her required beginning date under the RMD rules. The administrator did not receive the final decree until a few months after the ASD/RBD, and brought the participant into pay status with a QJSA because they believed her to still be married on her ASD. Under state law, the participant was not married on her annuity starting date. My thought is that the participant should be permitted to retroactively elect a life annuity. However, I'm curious as to whether anyone has seen a similar situation and how you handled it."

2 replies so far   |    Click Here to Add a Reply

My Three Sons created a topic in Defined Benefit Plans, Including Cash Balance

Can a Qualified Replacement Plan Be Used to Replace a Qualified Replacement Plan?

"DB plan terminated in 2018. The two participants received max lump sum, and the excess went into a QRP. The two original DB employees are no longer on payroll, so no 95% issue. Now there are new employees, including a new owner. Remaining unallocated assets are over $1 million. Can we set up a new DB qualified replacement plan using the remaining unallocated assets?"

4 replies so far   |    Click Here to Add a Reply

Peter Gulia created a topic in Plan Document Amendments

What to Choose as the Plan's Restatement Date?

"An IRS-preapproved plan's adoption agreement has a fill-in for the effective date of the Cycle 3 restatement. (But that date does not apply to a provision for which the basic plan document, the adoption agreement, an 'addendum,' or something else in the IRS-preapproved documents specifies a special effective date.)

Imagine the user's plan has for decades used the calendar year for the plan year, limitation year, and other provisions. If in July 2022 a user specifies a date on the fill-in for the general restatement date, what would you choose: July 31, 2022? July 1, 2022? January 1, 2022? Something else? What is your reasoning for the restatement date you choose?"

5 replies so far   |    Click Here to Add a Reply

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

Which Account Balance to Use in Making RMD to Owner under Non-Calendar Year Plan?

"Have an owner who just reached age 72 on 6/14/22. Plan Year is 4/1/21- 3/31/22. Under SECURE 2.0 he has to take his RMD by either 12/31/22 or 3/31/23 (if he takes 2 RMD's in 2023).

[1] Must I use his Account Balance at 12/31/21? Or instead use the Account Balance at 3/31/21 or 3/31/22? If I am required to use 12/31/21, an interim valuation would be needed.

[2] I've read that the Senate and House are working on a bill extending the RMD to 73 in 2023. Would that help him in any way?"

1 reply so far   |    Click Here to Add a Reply

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

New York State Withholding on a Small Distribution

"Has anyone had any experience with New York State withholding on a minimal distribution? Participant is receiving about $1,200, and wants to withhold about $300. How does the client report this? Assuming the use of Form 945, how do they pay it? Client uses Paychex, which says it cannot give them any guidance."

1 reply so far   |    Click Here to Add a Reply

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Remote / Akron OH / AL / IN / KY / MO / TN

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CMC Pension Professionals

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Primark Benefits
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