Message Boards Digest

October 21, 2022

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

Draper55 created a topic in Qualified Domestic Relations Orders (QDROs)

Failure to Name a Beneficiary Per Marital Settlement Agreement

"Profit sharing plan states that, in the absence of a designated beneficiary, the spouse becomes the beneficiary, and, if no surviving spouse, then the children.

Plan also states that an ex-spouse can take the spouse's place on death if so provided under a domestic relations order.

In this case, the marital settlement agreement stated that the participant was to name the former spouse as beneficiary under the plan. The participant has died but there is no executed beneficiary designation form effecting what the marital settlement agreement called for.

There is no surviving spouse at death, only the former spouse and surviving children.

Does it matter that the deceased did not physically name the ex-spouse as beneficiary while alive or was the intent of the marital settlement agreement sufficient?"

6 replies so far   |    Click Here to Add a Reply

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

Implementation of the 2022 W-4P

"Does anyone have any feedback or concerns implementing the 2022 W-4P in their DB systems? I am being told that the IRS didn't rule on implementing, but from what I can find, the W-4P is required to be in place for 2023, whereas a W-4 was required in 2022. I found IRS Publication 15-T that specifically addresses this, so I'm unsure why some don't think this is law. Any thoughts or insights are appreciated."

1 reply so far   |    Click Here to Add a Reply

ManUtdFan2013 created a topic in 401(k) Plans

How to Handle Unpaid Auto-Enrollment Contribution Amounts for Employee Who Hasn't Returned Required Information?

"In the case (due to employees not filling out required information) that a plan sponsor is unable to create an account for an eligible employee entitled to auto-enrollment contributions, what should the 401(k) plan do with the money that is not being contributed? Should the cash be returned to the employer, held in trust, etc.?"

6 replies so far   |    Click Here to Add a Reply

SSRRS created a topic in Form 5500

$250 a Day Is Quite a Penalty!

"At $250 a day for the late filing of Form 5500, isn't that quite steep? Is there a grace period? Of course, there's the DFVCP. Heck, tax returns are allowed to be file a few days late with barely any penalty (relatively). Thank you for any insights."

4 replies so far   |    Click Here to Add a Reply

metsfan026 created a topic in 401(k) Plans

2021 RMD Calculations -- Is a Receivable Included if Made in 2022?

"I believe I know the answer, but I wanted to confirm: For a Profit Sharing Plan for the RMD to be taken in 2022, we obviously use the 12/31/21 Balance. If a receivable is made in 2022 for the 2021 Plan Year, is that included in the balance used for the calculation?"

4 replies so far   |    Click Here to Add a Reply

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

Distribution to a Terminated Participant Before Filing for PBGC Termination

"Sponsor just signed the resolution to terminate the plan by 12/31/2022 (PBGC termination). Form 500 will be filed in 2023. They just told me about a recently terminated employee. Can they pay out this employee now with 60% vesting, or do they have to wait through the whole termination process and pay in 2023 with 100% vesting?"

1 reply so far   |    Click Here to Add a Reply

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