Message Boards Digest

September 8, 2022

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

Jim Chad created a topic in 401(k) Plans

Top Heavy Minimum Contribution Required for This Prevailing Wage Plan?

"A 401(k) is TH and has SHMAC and prevailing wage. No discretionary match or discretionary non-elective. Is 3% TH required?"

5 replies so far   |    Click Here to Add a Reply

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Coleboy1 created a topic in 401(k) Plans

6 Months and 1,000-Hour Eligibility Requirement

"Client wants to amend the plan to 6 months and 1,000 hours for eligibility. Currently the plan has 1 year and 1,000 hours. Can this be done? If so, are there any ramifications to having this? I have had 6 month eligibility before but not with an hours requirement."

10 replies so far   |    Click Here to Add a Reply

Tom created a topic in Plan Document Amendments

Physician Is Cycle 3 Late Adopter

"So today one of our very few clients not on our document, tells me he just now is seeing my communication regarding the restatement deadline. I reminded these clients to contact their document provider to make sure this was done. It's possible the doctor just doesn't remember signing it. It's an owner-only plan. If it hasn't been updated, what is the fix step?"

4 replies so far   |    Click Here to Add a Reply

Archimage created a topic in Form 5500

'Closed' MEP Filed Separate 5500s as If It Were an 'Open' MEP

"Got a plan that has always been a closed MEP due to common ownership. For some reason, it was thought by a previous provider that this MEP was open and needed the two employers to file separate 5500s going back to 2018. My question is, how do you amend a 5500 that should never have existed? The only option I can really think of is to just amend last year's returns and show it as a transfer of assets to the 'main' plan and as a final 5500."

No replies yet   |    Click Here to Add a Reply

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

Lump Sum Then Rolled Over Within 60 Days -- How to Complete the Form 1099-R?

"Lump sum distribution is taken, then rolled over. Just curious about the 1099-R for the distribution. I'm thinking that it's marked as nontaxable (i.e., nontaxable amount equals zero). Or, alternatively, is there a second 1099-R issued where it's rolled over (which doesn't make sense to me but I'm just trying to cover all the bases)?"

7 replies so far   |    Click Here to Add a Reply

Santo Gold created a topic in Retirement Plans in General

Sole Proprietor Considering a Solo 401(k) Start-Up -- EIN Required, or Is SSN Sufficient?

"An individual, who does significant work for herself, does not have a separate business name/EIN. She wants to start a 401(k) using her Social Security number. Is this permitted?"

2 replies so far   |    Click Here to Add a Reply

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Remote / PA

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M2B Retirement Consulting LLC
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