Message Boards Digest

September 6, 2022

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

CuseFan created a topic in Using the Message Boards (a.k.a. Forums)

Happy Labor Day Weekend!

"Wishing you all a safe, happy, relaxing and enjoyable Labor Day holiday weekend, however you choose to celebrate!"

8 replies so far   |    Click Here to Add a Reply

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

Permit a Hardship Withdrawal Despite Resulting Reduction in Portion of Account That's Securing an Outstanding Loan?

"A participant meets all the requirements for a hardship withdrawal and the plan allows hardship withdrawals in the amount of the participant's elective deferral account. However, there is an outstanding loan on the participants account and the hardship withdrawal will wipe out the amount in the account securing half of the loan. The plan does not have a provision prohibiting hardship withdrawals given outstanding loans but my conclusion is to deny the hardship withdrawal given loan security issues unless the participant can prove the loan is secured by other than plan assets. Any comments?"

3 replies so far   |    Click Here to Add a Reply

thepensionmaven created a topic in Operating a TPA or Consulting Firm

Sample Language to Use When Firing a Client?

"I have never dismissed a client, so I'm lost as to how to commit this to writing. I took over a DB plan I never should have. I should have known from my conversations with, and then an in-person meeting, this guy who was totally clueless as to what plans he had. But he always expected someone else to do the job. I'm sure a few TPAs have fired clients. Could you share any 'sample' wording? The only thing I can think of would be totally unprofessional, but this has been a total waste of my time. Thanks!"

1 reply so far   |    Click Here to Add a Reply

Jakyasar created a topic in Retirement Plans in General

Does Professional Corporation's DB Plan Become Covered by PBGC If Plan Covers Non-Professional Controlled Group Members?

"All-M.D. office, fewer than 10 employees. Owner also owns 2 pizza restaurants with a few employees. If a DB plan is set up just for the M.D. office, is it covered by PBGC? If a DB plan is set up with the pizza restaurants as participating employers under a plan for which the M.D. office acts as the plan sponsor, would the DB plan be covered by PBGC?"

1 reply so far   |    Click Here to Add a Reply

JimboPColtrane created a topic in Employee Stock Ownership Plans (ESOPs)

Electronic Distributions from a Qualified Plan

"I am a trustee of my company's ESOP. Historically we have issued distributions from the plan in the form of a check. But every year or two we will have a check get lost either in the mail, or by the participant, or by an investment brokerage. When this happens, we have put a stop payment on the check and renewed the stop payment one or two times while efforts are made to locate the check. Eventually, if the check isn't found, we end up closing the checking account, which is a hassle. We'd like to move to an electronic form of payment so we don't have this problem, but ACH payments won't work because there's no way to indicate whose account it should go to when you route it to an investment brokerage's bank (i.e., there's no memo field, as with electronic wires). Plus, electronic wires are expensive because there are fees at both ends of every transaction. And the daily check writing limit is prohibitive for using our bank's Bill Pay system. What method of payment do other ESOP companies use? Is there a good way to make distributions electronically?"

2 replies so far   |    Click Here to Add a Reply

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Houston TX

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