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Message Boards Digest

May 4, 2023

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

karl created a topic in 401(k) Plans

Hardship Withdrawal for Refinancing to Purchase Half of Primary Residence

"We have a plan that allows hardship withdrawals and uses the safe harbor provisions. Participant purchased a home with a boyfriend (not married) and that relationship has ended. Participant has been court ordered to pay the ex-boyfriend an amount for his share of the home by way of the participant refinancing or selling the home. Participant is asking for hardship to purchase primary residence. Does refinancing fall under purchase of primary residence?"

11 replies so far   |    Click Here to Add a Reply

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

Cash Balance Plan Termination with Insufficient Assets

"Non PBGC covered CB plan. Terminated and ready to distribute assets 6 rank&file -- very small lump sums (total 30k out of 2M) 1 former owner (terminated 2021) -- nowhere near 415 (120k) 2 non-owner HCEs -- nowhere near 415 (700k) 1 spouse of an owner -- nowhere near 415 (150k) 2 owners -- not at 415 limits (1.1M but only 1M remaining -- split 50/50) Plan is underfunded by 100k. One of the owners insist that the allocations have to be made prorata as if a terminating PS plan Plan document states 'Assets will be allocated in a manner which does not discriminate in favor of Highly Compensated Employees' Checked with document provider and they agree that this is a language corresponding to 4044 or RR 80-229. Other than paying first 3 on the above list and then allocating the rest between the 2 owner and spouse, how else would you allocate theoretically?"

2 replies so far   |    Click Here to Add a Reply

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