Message Boards Digest

October 19, 2022

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

ktrombino created a topic in 401(k) Plans

2021 Form 5558s Being Denied

"Mailed in 59 Form 5558s to the IRS for the 2021 plan year on July 22, 2022, certified mail return receipt. Now my clients are getting Notices CP216H indicating that they have denied the request for an extension of time because the request was not filed on or before the due date of the return.

I have a copy of my Certified Mail receipt showing the package being mailed out on July 22, 2022. I cannot get through to the IRS on the phone 'due to extreme call volumes' and I should try again tomorrow. Anyone else getting these denial letters? Should I resend the entire package again with all 59 forms?"

3 replies so far   |    Click Here to Add a Reply

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

Mandatory Force-Out of Less Than $5,000 -- Cannot Do Once Participant Attains NRA?

"Plan documents appear to say that a default IRA rollover cannot be done for those who severed employment, attained the later of 62/NRA and have balance of less than $5,000. So if they don't respond to the distribution process, they get a cash-out less withholding and are not to be rolled to a default IRA. This seems to be something I had not noticed. I doubt we've had a case since retirees are diligent about getting their funds rolled out. Am I right about this?"

2 replies so far   |    Click Here to Add a Reply

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