Message Boards Digest

April 11, 2023

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

Laura Frank created a topic in Relius Administration

SGN & TD Ameritrade/Schwab

"Has anyone been contacted in regard to FIS declining the project to create change the SGN link from TD Ameritrade to Schwab. We were notified last week. Our contact at Schwab informed us and wanted to know how we were going to proceed with this block of business. What are others doing about this issue?"
No replies yet   |    Click Here to Add a Reply

BG5150 created a topic in Cross-Tested Plans

Will an 11-g Amendment Work for this Situation?

"Plan has three allocation groups, with pro-rata allocations within each: Owners (2 participants) Other HCE (3 participants) Staff (6 participants) Passes testing at gateway (4.25) Right now HCE group gets 5% of pay. They want to give ONE of those HCE 8%. Can they do an 11(g) amendment giving the HCE 8% and 2 NHCE also 8%?"

4 replies so far   |    Click Here to Add a Reply

FishOn created a topic in 401(k) Plans

Successor Plan - the Surprise Plan

"I have a plan that was a start up plan in 2023. They just notified us through their annual compliance questionnaire that the owner had a soloK that he rolled into the start up plan that was set up with a different name and EIN. Upon further questioning as to why he did not tell us about this prior plan he stated because it was for his other company before he had employees. He did not make any contributions to it in 2023 - he only made contributions in the new start up plan along with his employees. He only mentioned it because his provider for his soloK told him that he had a problem because of the successor plan rule. What is the best way to correct this situation?"

1 reply so far   |    Click Here to Add a Reply

PensionPro created a topic in Correction of Plan Defects

Match Coverage Failure and Failsafe Language

"Matching contributions fail coverage due to allocation conditions. Plan has failsafe language. it is FTW document. Can you bring in participants who did not defer and give them no match because they did not defer? Seem right based on plan language but seems wrong to bring in employees for coverage without giving them a contribution. Thanks."
2 replies so far   |    Click Here to Add a Reply

Jakyasar created a topic in Form 5500

Terminated Plan: Residual Amount Remains After Final Year End; When Is Final 5500 Due?

"Client told me all assets were distributed by 6/30/2022. Filed an extension on 1/31/2023 till 4/17/2023 Now found out that still 0.02 is in the account and they will close it this week. When is the final 5500 due?"

1 reply so far   |    Click Here to Add a Reply

truphao created a topic in Defined Benefit Plans, Including Cash Balance

Participant Died, No Beneficiary Form on File

"A NHCE participant has passed, never returned a Beneficiary Designation form. The CB is < $1,000. What paperwork the client should have in place in additional to a 'normal' distribution package? What should be the process to disburse the funds? I am thinking: [1] Some kind of documentation regarding the estate trust; [2] Documentation regarding who the trust administrator is; [3] Money should be payable directly to estate with the estate administrator being signatory after the paperwork is on file. Anything else?"

9 replies so far   |    Click Here to Add a Reply

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View job as Retirement Plan Consultant - Combo Plans

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Retirement Plan Consultant  View details

The MandMarblestone Group, llc

View job as Relationship Manager for Defined Benefit/Cash Balance Plans

Relationship Manager for Defined Benefit/Cash Balance Plans  View details

The Retirement Plan Company (TRPC)/an ABG firm

View job as Benefits Specialist

Benefits Specialist  View details

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