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Message Boards Digest

July 20, 2022

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

TPABob created a topic in Form 5500

Form 5500 Schedule C Service Codes

"Curious to know what others are doing. In Part I, item 2, field b of the Form 5500 Schedule C, do you use service code 10 for non-3(16) third party administrators handling such things as preparation of 5500, 1099R, 8955-SSA and other governmental forms; compliance testing; providing annual participant notices; etc.? If not, what code do you use?"

No replies yet   |    Click Here to Add a Reply

JOH created a topic in 403(b) Plans, Accounts or Annuities

Non-ERISA 403(b) Plans Are Subject to QJSA Rules?

"For ERISA plans I know that the spouse has to be the designated primary beneficiary and that the spouse has to acknowledge that he or she is not the primary beneficiary of the plan in order for a non-spouse to be the designated beneficiary. Does such a rule apply to Non-ERISA plans? In particular, are Non-ERISA 403(b) plans subject to the Retirement Equity Act?"

3 replies so far   |    Click Here to Add a Reply

Tom created a topic in 401(k) Plans

Lifetime Income Disclosure Needed for an Owner-Only Plan?

"Is the Lifetime Income Disclosure needed for an owner-only 401(k) plan? I would think (hope) not. These often involve one broker account and thus the disclosure will not generate from an institutional record keeper."

3 replies so far   |    Click Here to Add a Reply

Trisports created a topic in Correction of Plan Defects

QACA Matched Only Up to 5% Instead of 6% of Compensation

"The client thought they were a QACA Safe harbor for several years now -- BUT they only matched up to 5%. The formula was 100% up to 3% and then 50% of elective deferrals on the next 2% of compensation. They put in a total of 4% (0.5% more than required for QACA safe harbor) but did not stretch the match up to the required 6%. The vesting was 100% after 2 years of service. Because the client matched more than the required 3.5%, do we need to do anything?"

3 replies so far   |    Click Here to Add a Reply

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

New DB Plan -- Identifying the First Year for Filing Form 5500

"One-person DB plan, adopted in 2022 for 2021. First contribution deposited in 2022. Say contribution is > $250,000. File 5500 for 2021? Say it's less. No 2021 filing needed?

Let's move to 2022: 2022 contribution deposited in 2023, taking net balance over $250,000. File for 2022, or ultimately file first 5500 for 2023?"

1 reply so far   |    Click Here to Add a Reply

kmhaab created a topic in 401(k) Plans

Gross Pay Insufficient to Deduct Full Amount of Elected 401(k) Deferrals

"What happens if an employee's gross pay for a pay period is insufficient to cover the employee's salary deferrals and they are therefore not deducted in accordance with the employee's election? Is this a plan failure? I recognize this would be a rare occurrence, but think it's possible in a scenario where an employee has fixed $$ deductions that take precedence over benefits (i.e., child support, wage garnishments)."

7 replies so far   |    Click Here to Add a Reply

blguest created a topic in Qualified Domestic Relations Orders (QDROs)

Church Plan Claims Survivor Benefit Reduction Under a QDRO

"While I have written thousands of QDROs, I have never run into this issue before, so anyone who might wade in here is welcome.

DB church plan participant elected a 100% J&S. This elderly couple then divorced years after benefit commencement. My client is the former spouse joint annuitant for the benefit currently in pay status.

Submitted a QDRO to the plan assigning my client (the AP) 50% of the benefit in pay status and confirming her 100% SB benefit already in place. The plan refused to qualify the order because they claim that per the plan document, as an AP, my client is only entitled to a 50% survivor annuity, notwithstanding the fact she is already a 100% joint annuitant. The language in the plan document does not directly address an in pay status survivor benefit for a former spouse who is already a joint annuitant.

If the plan's interpretation of its document stands, the plan would benefit by divesting a current joint annuitant of their property as already paid for by the participant. Any thoughts?"

5 replies so far   |    Click Here to Add a Reply

TPApril created a topic in Form 5500

During 2022, Plan Sponsor Changes Its Name and Plan's Name -- What to Put on 2021 Form 5500?

"Plan Sponsor changes its name and its plan's name as of 7/1. 5500 for prior 12/31 has not yet been filed. I'm wondering which is the best set of names to file with - the prior which were in effect as of 12/31, or the current in effect as of signing date?"

4 replies so far   |    Click Here to Add a Reply

Belgarath created a topic in Retirement Plans in General

Lifetime Income Illustrations Required for a 457 Plan?

"The requirement to supply lifetime income illustration does not apply to 457 plans, right?"

2 replies so far   |    Click Here to Add a Reply

Purplemandinga created a topic in Form 5500

Would USERRA Make-Up Contributions Require an Amended Form 5500?

"Would a participant who had the opportunity to make up deferrals due to military service under USERRA result in a prior year 5500 being amended to record the deferral in that plan year?"

3 replies so far   |    Click Here to Add a Reply

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