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Message Boards Digest

August 4, 2022

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

Jakyasar created a topic in 401(k) Plans

Can I Invest My 401(k) in My Hedge Fund?

"Hi Approached by a hedge fund manager/partner. They want to set up a 401k plan and invest in their own hedge fund. Any comments on if can be done? Thank you"

6 replies so far   |    Click Here to Add a Reply

thepensionmaven created a topic in 401(k) Plans

New to Voluntary Contributions

"We have a SHNE no PS. Client (with "help" from broker) decided to add voluntary contributions up to the 415 limit. Three owners, two are doing the max up to $62K between elective, SH and voluntary. To play it safe, ran both ADP and ACP tests, apparently plan passes both on the basis that the unused portion of the employee deferrals were moved over to pass ACP. Does this make any sense?"
6 replies so far   |    Click Here to Add a Reply

cpc0506 created a topic in 401(k) Plans

Establishing a Ps Only Plan After Plan Year Ends

"We have a new client who wants to establish a Profit Sharing Plan for 2021. The client (12/31 FYE) tells us that they already filed their 2021 taxes (and did not put their return on extension.) My gut response is 'it is no late' since filing deadline as passed. Now what if the client filed an extension (deadline now 10/15), but still has already filed their corporate return last week. Does this change my response? I am thinking so, since the corporate return was extended. Do you agree? If anyone can provide documentation to support or refute my answers, please provide. Thanks."

1 reply so far   |    Click Here to Add a Reply

Peter Gulia created a topic in Governmental Plans

Can a Participant's Governmental ยง 457(b) Account Be Taken for Restitution to the Employer the Participant Stole From?

"Imagine this situation: A government employee makes elective salary-reduction contributions under a § 457(b) plan. The plan receives only salary-reduction contributions. Later, the employee is found to have stolen from his employer. In the criminal case’s plea agreement (for a reduced sentence), the defendant agrees to pay restitution to his former employer. Trying to get money for himself with no setoff or pay-over to his former employer, the participant asserts that the § 457(b) plan must not deny him his distribution because to do so would be contrary to the plan’s exclusive-benefit provision. (Assume the plan’s provision is no more than § 457(g)(1) requires for the plan to § 457(b)-eligible.) Has anyone worked on or observed a situation like this? How do you think the exclusive-benefit issue should sort out?"

4 replies so far   |    Click Here to Add a Reply

gc@chimentowebb.com created a topic in 401(k) Plans

When Do Catch-Ups Occur?

"If a person defers the full 402(g) basic limit with full catch-up, when do the catch-ups occur? If deferrals were pro-rata during the year, do they occur with each payroll period? Or do the catch-ups only occur in months after the basic 402(g) limit has been reached? I understand that an amount is not a catch-up until the basic limit is deferred. However, assuming the basic limit is met, what is the crediting date for the catch-ups? For fiscal year plans with 415 concerns, the timing of catch-ups is important, because catch-ups are not additions. My position has been that catch-ups are the last dollars contributed in a calendar year and are not pro-rated for tax purposes, regardless of how the TPA characterizes the timing."

3 replies so far   |    Click Here to Add a Reply

Roxie99 created a topic in 401(k) Plans

Definition of Eligible Compensation - Different Kinds of Stock Compensation

"I have a 401(k) plan that defines eligible compensation for deferral purposes to mean W-2 compensation, but excluding (1) reimbursements or other expense allowances, fringe benefits, moving expenses, deferred compensation and welfare benefits, and (2) the value of restricted stock or of a qualified or non-qualified stock option to the extent such value is includable in the employee's taxable income. I'm trying to figure out if income arising from the exercise of a nonqualified stock option is excludable or not based on the definition above - would it be excludable as a fringe benefit in (1) or excludable under (2). I'm not that familiar with stock compensation issues. I'm also trying to figure out if income arising from the vesting of restricted stock units would be excludable as a fringe benefit in (1) or excludable under (2). I understand that restricted stock units are different from restricted stock so I didn't think (2) would apply to exclude it. Any help would be greatly appreciated."

2 replies so far   |    Click Here to Add a Reply

Belgarath created a topic in Retirement Plans in General

Amendment Extensions for CARES/SECURE

"Most of you probably get the BenefitsLink Bulletins, but if not, see the following. I expect a huge sigh of relief from many places... https://www.irs.gov/pub/irs-drop/n-22-33.pdf"

8 replies so far   |    Click Here to Add a Reply

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