Message Boards Digest

September 20, 2022

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

justanotheradmin created a topic in 401(k) Plans

Reporting by TPAs of Fees on 5500-SF Lines 10e and 8f -- Shady Emails to Employers from Bundled Providers

"This past week several of our clients have received e-mails from a large bundled provider attempting to drum up business. (We are a traditional TPA.) The e-mail states in part, 'Your TPA is filing your 5500 wrong' and then goes on to explain that Lines 10e and 8f MUST match, and that the employer is opening itself up to audit and penalties from the DOL.

The e-mails have screenshots of the two lines from their most recent filed Form 5500-SF. I was outraged when I saw the e-mails. I'm just wondering if my outrage is a bit displaced, or perhaps a disproportionate response, because like many folks we are really really focused on getting everything done by 10/17/2022 and things that I would typically be able to shrug off are getting under my skin. Thoughts?"

7 replies so far   |    Click Here to Add a Reply

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R. Butler created a topic in Distributions and Loans, Other than QDROs

Motorhome Can Be Principal Residence for 401(k) Hardship Distribution Purposes?

"Participant is requesting a hardship distribution for purchase of an RV that will be used as participant's principal residence. Plan document allows for hardship distributions for safe harbor purposes. I think an RV can be a principal residence for this purpose. Recordkeeper says no, and asserts that the IRS requires that a principal residence be a 'fixed' dwelling and that they have unequivocally indicated that a motorhome is not considered a principal residence. The recordkeeper offers no documentation, just their assertion. Has the IRS indicated that an RV cannot serve as a principal residence?"

6 replies so far   |    Click Here to Add a Reply, Inc.
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