Message Boards Digest

July 7, 2022

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

Peter Gulia created a topic in Retirement Plans in General

With a Transfer of a Plan's Assets and Liabilities, Does the Transferor Employer Risk Anything?

"A labor union wants an employer to transfer assets and liabilities of the employer's individual account retirement plan, for the collectively-bargained employees, to the labor union's multiemployer individual-account retirement plan. Would this involve risks to the employer?"

4 replies so far   |    Click Here to Add a Reply

PS created a topic in Plan Terminations

Springing Safe Harbor

"Plan is terminating due to asset sale and the termination date is 07/08/2022. Because the plan is terminating mid-year, should a safe harbor notice be sent and will an amendment be required?"

4 replies so far   |    Click Here to Add a Reply

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

Participant Shown as Being Vested Too Much on Actuarial Report

"We took over a DB plan a few years ago. Getting the last Valuation Report as well as SB was like pulling teeth (and we are not oral surgeons).

The participant in question has terminated and client is looking for me to calculate the amount due, through a current date. Upon his review, he's telling me the prior actuary counted a part-time employee as full time (1,000 hrs) for two years.

Of course employers always complain the participant is getting too much money, but according to these new facts (and he supplied the hours worked for each year) the participant's place on the vesting schedule is lower than reported by prior actuarial firm. Instead of being 60% vested per the actuarial report, she is actually 20% vested.

My dilemma -- should I redo the calculations with the correct information (my actuary's opinion) or 'what's done is done' as per my ERISA attorney. Regardless of what the client 'wants', if the plan is audited by IRS, they will consider this an operation failure and sanction the client."

2 replies so far   |    Click Here to Add a Reply

Peter Gulia created a topic in Retirement Plans in General

Does the IRS Do Anything with Form 5310-A?

"An employer spins off from its 401(k) plan a portion of that plan's assets and liabilities into an unrelated 401(k) plan. Neither the transferor plan nor the transferee plan has any defined benefit or other pension obligation. On receiving the transferor's Form 5310-A, what does the IRS do with it. How likely is it that the IRS will ask the transferor a follow-up question?"

1 reply so far   |    Click Here to Add a Reply

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