Message Boards Digest

January 17, 2023

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

stayingbusy created a topic in 401(k) Plans

Avoiding Plan Asset Status for Revenue Sharing

"Is there a way to avoid plan asset status for revenue sharing? Client, a large 401k plan, has a large amount of revenue sharing that will continue to be forfeited. I am aware of DOL Advisory Opinion 2013-03A in relation to plan recordkeeper accounts. But can client take the money from that account for their own use?"

3 replies so far   |    Click Here to Add a Reply

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401kAllTheWay created a topic in Retirement Plans in General

Missed Profit Sharing Contribution and Calculations

"Newbie here but nonetheless, determined there were a handful of missed profit sharing contributions from our annual profit-sharing calculations for the past two years. Do we calculate any missed earnings on these contributions and how is that done? Do we handle the earnings similar to missed salary deferrals through QNECs or is there another formula that would need to be calculated?"

No replies yet   |    Click Here to Add a Reply

B21 created a topic in Cafeteria Plans

Eligibility of Partners for Section 125 Plan

"IRC Sec 125 does not consider self employed individuals, including 2% Sub-S owners, to be eligible employees for participation in an employer's cafeteria plan. Is there an ownership threshold for partners which would make certain partners eligible employees? Specifically, nonequity partners or partners that own less than 2% of the partnership?"

No replies yet   |    Click Here to Add a Reply

Belgarath created a topic in 403(b) Plans, Accounts or Annuities

'20 Hour Exclusion' Rule and SECURE 2.0 LTPT Rule

"I assume the LTPT rules will override the 20 hour exclusion (for deferrals), thereby making the 20 hour provision even more difficult to administer than it already is? Anyone have any particular observations on this issue?"

2 replies so far   |    Click Here to Add a Reply

401king created a topic in 401(k) Plans

Cycle 3 Discretionary Match: When Is the First Notice Due?

"Plan adopted a Cycle 3 restatement in Dec 2021, effective Jan 1 2022. Is the first required discretionary match notice due for the 2022 plan year, or for 2023?"

3 replies so far   |    Click Here to Add a Reply

mal created a topic in Retirement Plans in General

New Form W-4P and Flat Dollar/Percentage Withholding

"In the past many retirees have used the old W-4P (or home-grown substitute forms) to elect a flat dollar amount, or flat percentage of withholding on their periodic benefit payments. The new Form W-4P allows them to elect an additional withholding, but does not appear to allow the flat dollar or percentage approach. (As an aside, the new W-4P has been very confusing to the retiree population.) Questions:

  1. Can an administrator continue to allow participants to modify the W-4P and elect a flat percentage or dollar amount for withholding? I saw an update from Empower suggesting that the flat percentage or dollar approach was not acceptable even with the older W-4P forms and that if participants don't file a new W-4P then they will be converted to the default of single with no adjustments.
  2. What is the potential penalty if an administrator insists on allowing a flat dollar or percentage withholding?"
No replies yet   |    Click Here to Add a Reply

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