Message Boards Digest

September 7, 2022

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

Calavera created a topic in Defined Benefit Plans, Including Cash Balance

OK to Allocate of Portion of DB Contribution to the Prior Plan Year?

"A $1,000,000 contribution was made to a DB plan on 7/1/2022. Are there any problems assigning a portion of this contribution to the 2021 plan year, i.e., $700,000 will be shown on the 2021 Schedule SB, and the remaining $300,000 will be shown on the 2022 Schedule SB?"

4 replies so far   |    Click Here to Add a Reply

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justatester created a topic in 401(k) Plans

414(s) Testing for Safe Harbor Plans

"SAFE HARBOR Match Plan Plan excludes a number of items from their definition of compensation for deferral purposes (including several types of special bonuses). For the SH match, they exclude the same things as deferral, but have an additional 'bonus' exclusion. 414(s) testing would be required for both the deferral and the SH match definitions of compensation. My understanding is that the plan must pass 414s testing. The plan does not pass 414(s) for deferral, but does for the SH match. In a Non-SH plan, I would run the ADP testing on total compensation and be done. What are my options for a SH plan? If the SH match compensation failed, I would amend the plan and recalculate the match. Thoughts?"

1 reply so far   |    Click Here to Add a Reply

Carol V. Calhoun created a topic in 401(k) Plans

Carryover of 401(k) Deferral Elections to New Plan

"We have a situation in which a company is acquiring a new subsidiary in a stock transaction. The acquiring company has a 401(k) plan. The acquired company had a 401(k) plan before the transaction, but it was terminated immediately before the transaction to avoid the rule that you can't terminate a 401(k) plan if the employer maintains another 401(k) plan.

Acquiring company would like to provide that an individual's election regarding deferrals in the acquired company's plan would carry over to the acquiring company's plan. (Obviously, employees can change their elections at any time, but that would at least be the starting point.) That seems to me like a perfectly reasonable thing to do, so that you don't have to get new elections from all the employees at once (and risk having some of them offended that they have to make new elections when in their mind they already made elections). But everything I can see refers to employees making elections under a plan--not employees making elections under one plan and having them carry over to a different plan.

Has anyone experienced this situation? And has the IRS ever approved or disapproved of it that you know of?"

5 replies so far   |    Click Here to Add a Reply

pcbenefits007 created a topic in Cafeteria Plans

Embryo Adoption Expenses Qualify for Section 137 (Adoption Assistance) Plans?

"Wondering what other practitioners' thoughts or experiences are on how expenses of the adoption of an embryo could apply under an Adoption Assistance program under Code Section 137?"

3 replies so far   |    Click Here to Add a Reply

Tom created a topic in 401(k) Plans

Attribution Between Spouses -- 50% Is Not Same as 'Greater Than' 50%

"Realtor is 50% owner in a real estate business with a 50% partner (not related). Realtor's spouse owns a business 100% -- a salon. No services are performed for each other's businesses. The Realtor and his spouse have minor children so they are deemed to own the interest in each others' business. But to be a controlled group they need GREATER than 50% common ownership to EFFECTIVE control I believe, from what I'm reading. Would you agree? Thank you!"

2 replies so far   |    Click Here to Add a Reply

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