|
|
|
|
BenefitsLink
Message Boards Digest
November 8, 2022
|
|
|
|
|
|
Here are the most recently added topics on the BenefitsLink Message Boards:
|
RatherBeGolfing created a topic in 401(k) Plans
"Dr. Acula had a practice with several full time employees. Dr. Acula leases a small space in the offices of Dr. Van Helsing. At some point Dr. Van Helsing takes over as the employer of Dr. Acula's employees. As part of this agreement, the two parties agree that Dr. Van Helsing will make his staff available to Dr. Acula for up to 30 hours per month at a set rate. The staff that will help Dr. Acula could be one of his old employees or a staff
member who has always worked for Dr. Van Helsing, or any combination thereof. Question Does the prior service to Dr. Acula satisfy the leased employee condition that he or she has performed such services for the recipient (or the recipient and related persons) on a substantially full-time basis for at least one year? Thanks!"
|
dragondon created a topic in 401(k) Plans
"If a company may need to make a non elective to pass non discrimination testing at the end of the year does it matter in the plan docs if the non elective contributions are determined at the end of plan year or each pay period? I suppose per pay period would give them the option to do it earlier then end of plan year but wanted to make sure there are not other drawbacks to doing per pay period instead of end of plan year?"
|
dragondon created a topic in 401(k) Plans
"How do we determine who is an HCE if the company did not exist in the "look back" year?"
|
Basically created a topic in SEP, SARSEP and SIMPLE Plans
"I understand Simple IRA plans. Setup is an IRS form 5304 or 5305 depending on where the money is invested. Contributions are put in an IRA in the participant's name. I don't handle them. So what is a Simple 401(k)? Basically a 401(k) with only a 3% match or a 2% NEC? - For setup I see on the ftWilliam system there is a toggle to designate the 401(k) as a Simple
- A 5500 is required. A 5500-SF? Same filing deadline?
- You
have to pull together all the financial info to prepare the 5500, Is an annual report prepared, participant statements?
Is it really just a "vanilla" as it can get 401(k) with Simple IRA eligibility requirements, no testing, no PS contribution?"
|
Tom created a topic in 401(k) Plans
"Client restated for Cycle 3 in 2022 and after much discussion decided on the Flexible Discretionary Match primarily because they wanted 2 different match allocation groups. They are matching 100% of 2.5% for NHCEs and 100% of 1% for HCEs on a pay period basis. My understanding is the first notice is required for the 2023 plan year and within 60 days of making the final match contribution so likely in March 2024. First question - is the
allocation groups they chose - HCE and NHCE, not job related necessarily. We can change that to define positions that are HCE if we have to such as CEO, COO, CFO, HR Director, etc. Do you think HCE and NHCE is ok? There are no working owners and so it is just prior year comp based. Secondly - under flexible match, must the match allocation groups be mentioned in the plan adoption agreement? Or can that be left unmentioned since this is a
discretionary match and the notice isn't due until after the end of the year? This is the only flexible discretionary match client we have - fortunately. Thank you Tom"
|
Here are the most recently posted jobs on EmployeeBenefitsJobs.com, a service of BenefitsLink:
|
|
The MandMarblestone Group, llc
Remote / Philadelphia PA
|
|
Northwest Retirement Plan Consultants
Remote
|
|
Third Party Administrators, Inc.
Remote / Bedford NH
|
|
Sheet Metal Workers' National Pension Fund
Falls Church VA
|
|
|
|
|
BenefitsLink.com, Inc.
56 Creeksong Road
Whittier NC 28789
(407) 644-4146
|
|
|
Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Copyright 2022 BenefitsLink.com, Inc. All materials contained in this mailing are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.
Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.
|
|
|
Unsubscribe |
Privacy Policy
|
|
|
|
|