Message Boards Digest

April 10, 2023

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

bzorc created a topic in Retirement Plans in General

Split plan to avoid audit

"This question might go out of style with the change in counting participants to determine whether a plan is required to have an audit. Normally, the answer is yes, you can split a plan into two and avoid the audit, assuming all of the good things that go into maintaining separate plans. The question that was brought to my attention is whether a sponsor, finding out today that their particpant count went over 120 on 1/1/22, do the split retroactively to 1/1/22. I don't think you can, but I raise this to make certain that I'm correct on that. Thanks for any replies."
1 reply so far   |    Click Here to Add a Reply

ejohnke created a topic in 401(k) Plans

Plan Takeover, Document questions

"We were recently hired to takeover as TPA for a plan. It is a mess. The previous TPA was sold in 2021 and the Plan was left to fend for itself. In the time since, the Plan Sponsor has retired most of the previous owners. The remaining owners and associates are all pretty new to the Plan. Outside of knowing where they funds are currently being held, they have little information on their Plan. Through some digging they were able to locate a plan document. It is a PPA document. None of the Trustees listed on this PPA document are with the company currently. Our office is working to get them a new document, but I am unsure about the exact process we need to take to keep everything in good standing as we correct everything that has happened over the last 2 years. Can we take their PPA document and restate it on our provider's Post PPA Document? What should we use as the effective date? Who should be listed as Trustees? They also changed the Plan Sponsor and Plan name in 2023. Does this change need to be made as an amendment after we have restated the Plan? Any assistance/guidance is greatly appreciated."
1 reply so far   |    Click Here to Add a Reply

Jakyasar created a topic in Retirement Plans in General

Is schedule F equal to schedule C

"Hi Sole proprietor, farm owner. CPA is asking if can use schedule for Pension purposes. Never heard of it but someone may have experience with farm owners. Thanks"
4 replies so far   |    Click Here to Add a Reply

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

senior moment

"If a profit sharing or 401(k) is a REA safe harbor, and therefore does not require spousal consent, is consent nevertheless required if the distribution is greater than $5,000"
4 replies so far   |    Click Here to Add a Reply

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