Message Boards Digest

October 11, 2022

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

bhodge113 created a topic in Form 5500

Amending a Large Plan Form 5500 to Show a New Participating Plan -- Refile Everything, or Just Schedule D?

"I have to amend a Schedule D attached to a large plan 5500 that was just filed for 2021. The employer neglected to give me a new participating plan. Do I just attach the updated Schedule D to the 5500 for filing or do all the Schedules and original documents get refiled as well? The 5500 Instructions are not clear."

1 reply so far   |    Click Here to Add a Reply

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Dalai Pookah created a topic in 401(k) Plans

Mid-Year Conversion from Safe Harbor Match to Safe Harbor Non-Elective Contribution

"The question has come up whether a plan currently using a safe harbor match can mid-year amend the plan to provide for a 4% safe harbor non-elective contribution. The request is prompted by the sponsor considering adding a DB plan for the current year, realizing that the non-elective form of SH would be a better fit for a combo plan. Notices 2016-16 and 2020-86 don't seem to address this specific situation. I think it should be allowed. Any other thoughts?"

4 replies so far   |    Click Here to Add a Reply

dragondon created a topic in 401(k) Plans

Automatic Revocation of Now Ex-Spouse as Designated Beneficiary

"Is it normal to automatically revoke beneficiary designations of a spouse upon legal divorce of a participant and the spouse? If this is not automatic would the participant have to manually update this within their elections or would there be some sort of legal designation of assets?"

2 replies so far   |    Click Here to Add a Reply

Tom created a topic in Relius Administration

Client Puts Electronic Signature on Copy of Form 5500

"Almost all of our clients hand-sign the 5500 with a signing authorization. One of our clients had made an electronic signature on the 5500 copy, which we will attach to the filing before I e-sign. There is still time to get a hand signature but not much time. Comments?"

2 replies so far   |    Click Here to Add a Reply

dragondon created a topic in 401(k) Plans

Top Heavy Plans Vesting and How to Accommodate

"If a plan has 15 employees, 11 of whom are considered HCEs, what are some amendments that can be made to the plan in order to pass compliance? Should we edit the vesting schedule of HCE employees to include a cliff, make 100% or keep as 'NA -- Vesting schedule is Top-Heavy Compliant'?

Do we also need to add in a safe harbor non-elective contribution in order to be able to make a safe harbor contribution of 3% at year end if necessary? This option states the following: 'This amendment only applies to the ADP testing safe harbor under Code section 401(k)(12). If the Plan provides contributions in which the ACP testing safe harbor is necessary, then an advanced notice is required and this amendment may not be used.'

Can you explain in which cases this amendment should and should not be used? Can you also explain how we can make a 3% contribution at year end and if we need this amendment in order to do so?"

3 replies so far   |    Click Here to Add a Reply

metsfan026 created a topic in 401(k) Plans

Form 5500-EZ Eligible? One of the Employees Is a 5% Owner

"Taking over a C-Corp with two employees: One owns 95% of the company, the other owns 5%. There is no relationship between the two. The previous TPA had been filing the Form 5500--EZ. Would this qualify for the 5500-EZ, however? Unless that type of ownership would classify them as a 'partner', I don't see it but I just wanted to confirm. Was planning to switch it to an 5500-SF, but wanted to confirm."

2 replies so far   |    Click Here to Add a Reply

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