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Message Boards Digest

October 20, 2022

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

metsfan026 created a topic in 401(k) Plans

401(k) + 457 Contributions

"I just wanted to make sure that I was reading the regulations correctly. If someone participates in both a 401(k) and a 457 plan, they can max out their contributions in each ($20,500 + $6,500 catchup) if their compensation allows it, correct? I know with a 401(k) and a 403(b) the $20,500 is total between all plans, but I believe I read that 457 is completely separate so you can max out in both simultaneously (for a total of $54k). Just wanted to make sure I was correct"

4 replies so far   |    Click Here to Add a Reply
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Sully created a topic in Form 5500

When Is CPA Audit Displayed on EFAST

"Greetings, A large plan filer filed their 5500 on Monday (10/17) and the CPA audit was attached. The audit attachment is still not showing up on the EFAST website 2 days later. Any idea how long it normally takes EFAST to include the audit as part of the filing you can see on the EFAST website? The filing was done through the ftWilliam software. Thanks in advance."

4 replies so far   |    Click Here to Add a Reply

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

2023 PBGC premiums increase - FYI

 

Rate 2018 2019 2020 2021 2022 2023 Increase, 2022-2023
Per participant rate for flat-rate premium $74 $80 $83 $86 $88 $96 +$8
Variable-Rate premium, rate per $1,000 of unfunded vested benefits $38 $43 $45 $46 $48 $52 +$4
Variable-Rate premium, per participant cap $523 $541 $561 $582 $598 $652 +$54
Per participant rate for flat-rate premiums, multiemployer plans $28 $29 $30 $31 $32 $35 +$3
4 replies so far   |    Click Here to Add a Reply

Renee H created a topic in Retirement Plans in General

Question on VFCP Eligibility

"I am seeking guidance on whether the Plan Sponsor can submit an application to VFCP for funds that were moved back and forth from the plan to the corporation over the course of 3 years. Turns out one of the owner/trustee was mishandling funds unbeknownst to the other owner/trustees. This is a family business and they trusted him. All funds have been restored and lost interest deposited and excise taxes paid with 5330 forms. The company recently sold and the buyers attorney is requiring they apply for relief through VFCP. She claims it qualifies for this program under one of the 19 categories that states 'the use of plan assets for corporate purposes is a prohibited loan to a party in interest.' I don't see where she sees this category on the application form. I explained the situation to a DOL agent in Washington D.C. and Los Angeles and both of them told me the application would be rejected if there is any indication that there was fraudulent activity. Is the attorney confused or am I? I would appreciate any comments and/or guidance in this matter."

1 reply so far   |    Click Here to Add a Reply

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