Message Boards Digest

August 31, 2022

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

Sabrina1 created a topic in Other Kinds of Welfare Benefit Plans

We Offer Top Hat Medical Plan. Can We Set Up an ICHRA?

"We offer a top hat medical plan. Can we set up an ICHRA?"

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SSRRS created a topic in Form 5500

On 5500-EZ Hurricane Ida Extension But Still Received Late Penalty

"We have two separate DB plans that filed Form 5500-EZ for their 2020 calendar year, which were extended due to Ida to January 3 and then further extended to February 15. The plans have received late filer penalty notices of $16,500 and $17,000 respectively. They both filed in mid-December 2021, well before the January 3 extended due date. In addition, on top of each form it was written in bold, 'New York -- Hurricane IDA -- FEMA IDR 4615.' Has anyone else heard about this?"

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Nate S created a topic in Distributions and Loans, Other than QDROs

Involuntary/Mandatory/Automatic Distribution Requires Plan Provision?

"Seeing as how section 401(a)(31) is a statutory provision, does a plan need a separate document provision electing to be able to use an automatic rollover, or is it available to any plan that claims to be tax-qualified under section 401(a)?

The DC LRM from 10/2017 includes a required provision about automatic rollovers, which references the mandatory distribution section, but no adoption agreement provisions are noted as needing to be included.

Also, the mandatory distribution section the LRM says should be included, is not addressed anywhere in the LRM."

2 replies so far   |    Click Here to Add a Reply

Kac1214 created a topic in 401(k) Plans

Electronic Signing of Plan Documents -- Getting Pushback from Record Keeper

"Is anyone else getting push back from any record keeper regarding e-signed plan documents? Nationwide is telling us that they have to wet signatures and are not accepting our e-signed versions. I know that other RKs send their documents out using e-signing so this has to just be Nationwide."

14 replies so far   |    Click Here to Add a Reply

Suellen Howard created a topic in IRAs and Roth IRAs

Roth Conversion with Withholding, Under 59-1/2

"How should withholding be reported on a Roth conversion if under 59-1/2? We have 2 opinions.

1. If a conversion occurs for someone under 59-1/2 and there is withholding then report on two 1099-Rs -- one showing the distribution as code 2 and another saying the withholding was distributed to the client as code 1.

2. The conversion both the cash and withholding would fall under the exception to excise tax withholding so both legs should be reported under a distribution code 2.

Which is right?"

2 replies so far   |    Click Here to Add a Reply

Belgarath created a topic in 401(k) Plans

Does Corporate Resolution to Make a Discretionary Contribution Create Legal Obligation to Do So?

"I recall seeing some debate on this in the distant past, but I don't recall any consensus. Say an employer does a corporate resolution to make a discretionary match, or PS, then doesn't make it. Are they now legally required to make it? If not, it shouldn't be a plan qualification issue, just revising valuation(s). (And let's assume there's no employment contract that dictates an employer contribution.)

Many employers never end up doing a resolution. If they never did the resolution, then I presume the "'failure' to make the contribution isn't a problem anyway? There may be a potential bankruptcy looming."

2 replies so far   |    Click Here to Add a Reply

Belgarath created a topic in Retirement Plans in General

ERISApedia Webcast Yesterday on CARES/SECURE Amendments

"For anyone who watched it (good webcast if you didn't) -- at one point my attention got diverted for a couple of minutes by an e-mail popping up. When I dragged my attention back to the webcast, I THOUGHT I heard them say that for a tax-exempt 457(b), a SECURE amendment is due by 12/31/2022. Did I hear that correctly?"

5 replies so far   |    Click Here to Add a Reply

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