Message Boards Digest

July 22, 2022

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

PamR created a topic in 401(k) Plans

Schwab 'Solo 401(k)'

"I know they don't really exist, however, I have a client that has a 'solo 401(k)' with Schwab. He's hired an employee and that employee has become eligible. Schwab won't allow us to open an account for the employee under the current plan. They say we can open a company retirement account (CRA) for that money. When I asked how to transfer the 'solo 401k' account over to the CRA, I was given a distribution form. Well, there's no distributable event here. Andy they say it would generate a Form 1099, etc. Has anyone else run into this situation? Have any idea how to solve it? We restated the plan on our plan document. I guess we can just keep his 'Solo 401k' account and combine it with the CRA account for 5500 purposes. Seems like there should be an easier way."

9 replies so far   |    Click Here to Add a Reply

Belgarath created a topic in Retirement Plans in General

Lifetime Income Illustrations for Pooled Plans When Supplied Data Is Last-Minute

"Suppose you have a pooled plan, annual valuation only, and the client (on extension) doesn't get you data until the last minute. (Naturally, no one else has any such clients...) I guess you just have to send them late. Only other alternative is to send them out with duplicate of 12/31/2020 statements, with some sort of disclaimer, but I don't much like that option. Other alternatives/thoughts? This is weighing on my mind, with a lot of folks on extension this year."

5 replies so far   |    Click Here to Add a Reply

metsfan026 created a topic in Defined Benefit Plans, Including Cash Balance

Terminating Cash Balance Plan Mid-Year -- Contribution Obligation for Partial Year?

"If a client opts to terminate a Cash Balance Plan prior to the end of 2022 due to selling the business, is there any contribution obligation for 2022?"

8 replies so far   |    Click Here to Add a Reply

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