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Message Boards Digest

November 3, 2022

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

Bill D. created a topic in 401(k) Plans

415 limit and Match True-Up

"I have a plan that has four participants that maxed out pre-tax deferrals, all of them also made after-tax (non-roth) deferrals, and all received some safe harbor match during the year. Based on contributions made each pay period, they all reached their 415 limit as of the last paydate. However, the plan requires that a safe harbor match true-up be done. Each of the four is due to receive a true-up, but that true-up will push them over the 415 limit. Since it's a match and required by the document I'm leaning to allowing it to go through then just deal with the 415 excess and refund accordingly. However, another person here believes that, since we know this true-up will push them over the 415 limit we should not allow it to go through, so that means they won't receive the match they are required to. Thoughts? I've struggled to find clarification if we should allow this true-up to go through, deal with 415 refunds, or just not provide the true-up and 415 passes."
3 replies so far   |    Click Here to Add a Reply

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

New Forms W4-R and W4-P

"We still prep some distribution forms for plans that are not on a platform. For RMDs, we have a box where they tell us how much to withhold, or if they want to elect out. We've always considered this as a substitute W4-P; not sure if it is totally legit or not but it gets the job done. Do we need to do something differently starting next year?"

3 replies so far   |    Click Here to Add a Reply

AmyETPA created a topic in Operating a TPA or Consulting Firm

TPA Organizational Design

"Our TPA firm has been around almost 50 years. We've been a one person does most type of set up for plan administration. We've grown more rapidly in the last few years and are considering making some changes to how we operate to be more efficient. For those who have a more segmented approach to plan administration what have you found works to segment out of the process and are there any items you tried but didn't work? Thanks for any input that would help as we tweak our set up."
No replies yet   |    Click Here to Add a Reply

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