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Message Boards Digest

January 19, 2023

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

ERISA guy created a topic in Health Plans (Including ACA, COBRA, HIPAA)

Looking for Comprehensive List of State Laws More Stringent Than HIPAA

"The HIPAA Notice of Privacy Practices must be tailored to include state laws that are more restrictive than HIPAA (see https://www.hhs.gov/hipaa/for-professionals/faq/464/must-a-covered-entity-with-a-notice-revise-the-notice-every-time-it-changes/index.html). Is there a resource that puts out a good survey of those state laws? Practical Law does not appear to have have anything like that."

1 reply so far   |    Click Here to Add a Reply
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Belgarath created a topic in Retirement Plans in General

SECURE 2.0: Looking for Source That Incorporates All Changes in a Single, Updated Document

"Very confusing, as you all know, to follow 'insert comma after x, add the following text after y, delete the words z and b' etc., etc. Do you know of a source where all this has been done, and there is final updated text of all the updated provisions?"

4 replies so far   |    Click Here to Add a Reply

JProehl created a topic in Nonqualified Deferred Compensation

Mechanics of NQDC Distribution

"First of all, I want to thank all of the great resources on this board for answers as we are trying to set up our NQDC plan. It appears that we are moving toward an account balance type plan with either a limited menu of investments or something that mirrors our 401k plan. We are either going to use an outside broker to hold the accounts or possibly our 401k plan administrator. I am looking down the the road at the eventual distributions. I know that they are supposed to be reported on a W2 to the employee. I am really trying to understand the mechanics of the distribution if we use the 401k company. Do the custodian send the funds to the company and then we send to the former employee? I have heard some nightmare issues regarding participants getting both 1099s and W2s and then it looks like the income gets double reported. As I understand it, the proper procedure is that we would report Box 1 wages, nothing in Box 3,5 as the FICA should have already been paid under special timing and the report a Deferred comp amount in Box 11. Am I basically on the right track?"
3 replies so far   |    Click Here to Add a Reply

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

Rollover for Missing Participant: 1099-R Required?

"Profit Sharing plan took the balance of an unlocatable participant and transferred it to a Default IRA. Question is does the plan have to prepare a 2022 Form 1099-R for this participant, knowing that the form will never been received by the person? Thanks for any replies."

3 replies so far   |    Click Here to Add a Reply

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Plan Document Specialist  View details

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Remote / Lansdale PA

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