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Message Boards Digest

October 31, 2022

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

AmyETPA created a topic in 401(k) Plans

Controlled Group and Top Heavy

"Co. A sponsors SHNEC plan with a profit sharing contribution as well. Plan is TH. Owner of Co. A also owns Co B and Co. B is NOT a participating sponsor of the plan. Pass RPT without issue. Are these employees required to receive a Top Heavy contribution?"

1 reply so far   |    Click Here to Add a Reply

401kay created a topic in 401(k) Plans

Safe Harbor and Profit Sharing

"If a plan is Safe Harbor are you able to do discretionary profit sharing (like a new comparability model)? Where the owner wants a different end of year profit sharing contribution from the other employee."

4 replies so far   |    Click Here to Add a Reply

ftam created a topic in 401(k) Plans

Late Contributions to 401(k) Plan

"Just curious, if a partner(s) accidentally forgot to make a 401(k) contribution to the plan for 2021 via their Schedule C or K-1 income, can they still make it for 2021 even though it's no longer deductible on the business tax return for the 2021 year?"

2 replies so far   |    Click Here to Add a Reply

EBECatty created a topic in 401(k) Plans

414 & Non-Voting Partnership Interests

"Under 1563 and 414, brother-sister common control for corporations can be based on value or voting power. So five people owning all the voting stock of two corporations would create a brother-sister group regardless of the value of their shares relative to the overall value of either corporation. Under 1.414(c)-2(c)(2)(iii), effective control for a brother-sister group of partnerships is based solely on ownership of capital or profits interests. There is no separate reference to value or voting power, just ownership. Does this mean one individual could own the sole voting interests in two partnerships (but not sufficient economic ownership) yet not form a brother-sister group? This seems inconsistent. Or is there some implication that the ownership of capital/profits interests would be determined in part by reference to voting power? Or am I missing something altogether? Appreciate any insights."

2 replies so far   |    Click Here to Add a Reply

Plan Doc created a topic in 457 Plans

Timing for Deferral Elections under New 457(b) Plan

"Can a new nongovernmental 457(b) plan becoming effective 11/15/2022 allow employees to make initial deferral elections after 10/31/2022, but before the plan effective date, that will be effective to defer pay beginning 11/15/2022? These are not new employees."
No replies yet   |    Click Here to Add a Reply

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