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Message Boards Digest

March 15, 2023

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

thepensionmaven created a topic in 401(k) Plans

elective contriubtion did not go through payroll

"For some reason, the last salary deferral for a participant did not go through payroll. In an effort to get the contribution invested by 12/31, he wrote a personal check, which was then deposited into his account. How does one correct this???"
4 replies so far   |    Click Here to Add a Reply

thepensionmaven created a topic in 401(k) Plans

eligibility upon rehire

"We have client that sponsors both a cash balance and 401(k) safe harbor. A participant terminated in 2019 and was paid from both plans in 2020 and receive distributions of the entire account(s). She has subsequently returned 6/17/2022. Since less than 5 years, she enters both plans on her date of rehire. She was FT when she quit, returned PT. I seem to remember "once a participant, always a participant" so it is irrelevant she is now PT and must receive the safe harbor based on W-2. Cash balance accrual is 1,000 hours. Even though she may not have worked the 1,000 hrs, the question is, does she re-enter the cash balance plan and is entitled to receive the "hypothetical allocation"? of course, the client tells me yesterday they will not be filing an extension and needs the contiubtio numbers today! (What else is new.)"
2 replies so far   |    Click Here to Add a Reply

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

How much must an employer contribute to get a QACA safe harbor?

"If a charity’s § 403(b) plan provides a qualified automatic contribution arrangement with auto-escalation, to get coverage and nondiscrimination safe harbors: how much must the employer provide as a matching contribution? how much must the employer provide as a nonelective contribution?"
1 reply so far   |    Click Here to Add a Reply

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