Message Boards Digest

September 2, 2022

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

Belgarath created a topic in Retirement Plans in General

Corporate Resolution: Date Signed vs. Date Adopted

"Amendment just came in. The adopting resolution language says it was 'duly adopted' on August 25th. However, it was SIGNED on August 31. Is it still valid, or do those dates need to match? Does it depend on state law? P.S. I'm talking about the corporate resolution. The amendment itself, while being signed on August 31, isn't effective until November 1, so no worries there."

2 replies so far   |    Click Here to Add a Reply

JHalligan created a topic in 401(k) Plans

Can We Still Use Safe Harbor to Fix Top-Heavy Plan with 9/30 Plan Year End?

"I have a plan that is well into Top-heavy territory now, and because of the family/HCEs that will not be changing. They have a match now, but if they change to a SHM, this should fix the top-heavy issue, I believe. My questions are: because they're now 29 days to pye, they cannot amend and fix the issue for 21-22, correct? I don't think they're interested in a non-elective SH plan They have a non-elective profit sharing source now, if they use SHM to avoid adp/acp and top-heavy, will they need to not contribute to that source again to remain exempt? Thanks for your help."

1 reply so far   |    Click Here to Add a Reply

BG5150 created a topic in Retirement Plans in General

Contingent Beneficiary Question

"Participant indicates spouse is primary beneficiary and the contingent beneficiary is his nephew. participant then gets divorced so spouse is no longer primary beneficiary. Does the nephew now become the primary beneficiary until he (the participant) remarries? The beneficiary form says the spouse is primary and if not living at the time of participants death, the the named contingent beneficiaries will get the benefit. But the ex-spouse is still living.... Does the whole thing get blown up due to divorce, and new paperwork would need to be filled out or the plan's hierarchy will take over?"

13 replies so far   |    Click Here to Add a Reply

TPApril created a topic in Form 5500

Extending 5500 Deadline by Means of Automatic Extension

"2 questions, unrelated to each other, but related to use of Automatic Extension:

  1. I understand the plan year has to match employer's tax year. How about just the plan year end? e.g., a short plan year was declared from 7/1-12/31 and the employer's tax year is 12/31.
  2. Plan sponsor insists they never use Form 5558 but always rely on their own Automatic Extension of their business tax returns. Do other TPAs have plans that rely on this? We have always taken the approach to file 5558 no matter what, if it needs to be extended.'
2 replies so far   |    Click Here to Add a Reply

metsfan026 created a topic in 401(k) Plans

Termination for Embezzling Money + Profit Sharing

"So this is a new situation for me. We have a client who terminated a long-time employee in '22 for embezzling money from the company. Technically the participant is eligible for a contribution in '21. My understanding is that, regardless of the reason for termination the participant is still required to make a contribution for them. I just wanted to confirm that's accurate? Also, is there anything that the employer can do in terms of withholding the Profit Sharing account to recoup the money that was stolen? I know that's more of a legal question, but I wasn't sure if anyone knew. Thanks everyone!"

4 replies so far   |    Click Here to Add a Reply

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