Message Boards Digest

November 18, 2022

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

metsfan026 created a topic in 401(k) Plans

Assets Distributed at Plan Termination -- But Plan Now Gets a $0.50 Dividend Check in the Mail

"We have a plan that terminated and distributed all of the assets. Unfortunately a residual dividend came in, despite the money having been liquidated into cash. It's a small amount, so what's the best way to handle this without having to cut everyone a $0.50 check? Can the plan sponsor issue an invoice to the Plan for mailing, etc. and pay it that way?"

4 replies so far   |    Click Here to Add a Reply

Plan Doc created a topic in 457 Plans

Retroactive Effective Date for 457(b) Plan

"Can a 6/30 fiscal year tax-exempt plan sponsor adopt a calendar year nongovernmental 457(b) plan today, having an effective date of 1/1/2022? The plan will have no employee elective deferrals, so the only contributions will be employer nonelective contributions. The idea is for the employer to be able to contribute the maximum of $20,500 for 2022 based on full-year compensation of eligible employees by providing for either a retroactive 1/1/2022 entry date or a current entry date while including pre-participation compensation since the beginning of the calendar year. Relatedly, must employer nonelective contributions for 2022 be made by 12/31/2022?"
3 replies so far   |    Click Here to Add a Reply

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