Message Boards Digest

August 25, 2022

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

guaccounts created a topic in SEP, SARSEP and SIMPLE Plans

SIMPLE contribution limit

"Probably a very basic question for most of you, but I am pretty new to the industry. I know the 2022 SIMPLE IRA contribution limit is $14,000 (or $17,000 with catch up if over age 50). Does that contribution limit apply only to the amount the employee contributes, or does that limit also include the employer matching amount? Thanks!"
2 replies so far   |    Click Here to Add a Reply

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boccfam created a topic in 401(k) Plans

NYS Healthcare Workforce Bonus and effect on 401(k) compensatiom

"Has anyone come across whether the NYS HWB program is required be included in compensation for deferrals and match? I would have thought since it is being run through W2 wages (although exempt from state taxes) it would be treated like any other "bonus" and depending on the definition of compensation, included for deferral and match. However there was specific language from the NY DOH that says "Employers are not requird to match 401k or other retirement accounts for the bonus payments under the HWB statute". I am well aware that federal trumps state law but as this is being pushed out imminently I would like some more solid footing to consult my NY clients. Comments appreciated."
No replies yet   |    Click Here to Add a Reply

MJR created a topic in Retirement Plans in General

Vesting error by Plan administrator - they want money returned

"I worked for a company that had their qualified retirement plan at Nationwide. When i retired i requested a rollover to vanguard. Nationwide cut me a check for the full balance of the account and I completed the rollover. Six months later, they claim there was an error in calculating the vesting percentage and want that amount returned. They have agreed to accept either the dollar amount of the error or the current value of the amount of stock purchased with the error amount. Assuming I agree that there was an error, my questions are : 1. Has anyone seen this?2 2. Is there a way to correct this which would not involve selling shares of my rollover IRA and creating a taxable event 3. Can I pay this with funds outside of my IRA?"
1 reply so far   |    Click Here to Add a Reply

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

Loan of Deceased Participant - Can it be repaid by estate prior to the Beneficiary taking a distribution?

"Can it be repaid by the estate or family prior to the Beneficiary taking a distribution?"
2 replies so far   |    Click Here to Add a Reply

401kay created a topic in 401(k) Plans

Plan doc allows for provisions, but no service provider offers it

"If a plan doc allows for certain provisions (for example, voluntary after-tax contributions) but none of the service providers include that in their offering, what right do participants have to demand it? Thank you!"
3 replies so far   |    Click Here to Add a Reply

R. Butler created a topic in 401(k) Plans

Safe Harbor plan exclude some HCEs, but not all

"Plan sponsor is considering excluding certain HCEs, but not all, from the safe harbor from a safe harbor match. Would such a design still be considered to be a plan consisting "solely" of a safe harbor 401(k) arrangement? Thanks for any guidance."
3 replies so far   |    Click Here to Add a Reply

R. Butler created a topic in 401(k) Plans

Potential 414(s) failure

"Plan excludes bonuses from compensation and has a potential 414(s) failure. Assuming ADP and ACP testing passes using 415 comp are corrective contributions required? I read conflicting information about that. Thank you for any guidance"
3 replies so far   |    Click Here to Add a Reply

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

Both spouses die in the same calendar year.

"Both spouses (business owners) were taking RMD's. Husband dies. Wife dies 8 days later. No 2022 RMD's taken yet. Both spouses had each other as primary beneficiaries, 2 adult children as 50/50 secondary beneficiaries. These questions are more difficult than pre-SECURE Act, which is why I'm double-checking myself. Since there are multiple "Other Designated Beneficiaries" - the 2022 RMD is calculated as usual - using the deceased participant's age to calculate the 2022 RMD. 1099-R's , since neither spouse is alive to receive the RMD, will go to the beneficiaries (children)? For future years (although I expect children will roll over entire remaining accounts to inherited IRA's) the RMD's would be calculated on the older child's age, unless separate shares, etc. Have I got that right?"
No replies yet   |    Click Here to Add a Reply

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