Message Boards Digest

November 15, 2022

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

Sarah73 created a topic in 401(k) Plans

Any Issues If Plan Never Uses Its Forfeiture Account?

"Are there any concerns as to a plan that never uses a forfeiture account? big balance? What if some investments are volatile?"

3 replies so far   |    Click Here to Add a Reply

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

Amicable Divorce -- Do-It-Yourself QDRO Needed?

"Got a call from a client. He and his spouse are getting a divorce. It's amicable, so he intends to give 1/2 of his plan balance to her, no problem. They don't want to pay for an attorney to draft a QDRO. Couple of questions:

  1. Do they need to wait until the divorce is final to complete the distribution? Probably, just in case they reconcile, because then the payout would have been premature.
  2. Do they need a QDRO?
  3. The distribution election form is asking for the QDRO checklist. Just maybe have them create a statement stating that the account is being split due to a divorce and have them both sign it in front of a notary?"
7 replies so far   |    Click Here to Add a Reply

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

Changing from Full and Immediate Vesting to a 3-Year Cliff Vesting Schedule

"Cash balance plan currently has immediate 100% vesting. Plan sponsor would like to change to 3-year cliff vesting effective for those hired 1/1/23 and later. Eligibility is 21 & 1, and entry is 1/1 & 7/1. What are the considerations in terms of whether or not this works?"

7 replies so far   |    Click Here to Add a Reply

Jennifer D. created a topic in Other Kinds of Welfare Benefit Plans

Document for a Supplemental Unemployment Benefit Plan

"I have a client whom we're taking over from a prior TPA. They have a retirement plan as well as a SUB (supplemental unemployment benefit) plan. The client is a prevailing wage client (long story short -- the fringe is what funds the SUB plan). Because it is a SUB plan they file a 5500 for it, but they are not been able to get a copy of their plan document or the SPD. Instead, the prior TPA keeps giving them a copy of their 125 plan.

My understanding is that a SUB plan needs to have a separate document. Even if I were to correct that for them with the IRS, I have no idea where to start in getting a SUB plan document. I have no idea which companies provide this specialized plan document other than a TPA.

Does a SUB plan document need to be separate from a traditional cafeteria plan document? If so, does anyone know of a document provider I could use to draft a SUB plan document?"

No replies yet   |    Click Here to Add a Reply

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