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Message Boards Digest

May 8, 2023

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

KEM created a topic in 401(k) Plans

Can a Trust Sponsor a 401(k)?

"With the understanding that the entity sponsoring the plan is usually the employer, this question arose in connection with a transaction where we just found out the seller, and plan sponsor, is a trust. Forgive me if there is an obvious answer, but wondering if, as a technical matter, a trust can be the plan sponsor of a 401(k) plan?"

10 replies so far   |    Click Here to Add a Reply
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TPApril created a topic in 401(k) Plans

New Plan Delays 401(k) Start; Which Comp Is Considered for Match?

"Brand new 401(k) plan, effective 1/1 of the last year, adopted the year before so 401(k) able to start on 1/1. It's not a safe harbor plan. Took them awhile to get going with the admin of the 401(k) so they started 2/1 and only matched based on comp from 2/1. Match was done on a payroll basis. The definition of comp is full year, so I believe the participants who contributed greater than the minimum required for the 3% match have been undermatched. Advisor disagrees."

8 replies so far   |    Click Here to Add a Reply

Jakyasar created a topic in 401(k) Plans

Testing When Plan Sponsor Becomes Part of Controlled Group Mid-Year

"Existing calendar 401(k) plan with Corp A. Becomes CG in November with Corp B Corp A has a 401(k) plan with eligibility of age 21/1 year of service with 1000 hour requirement Corp B has a 401(k) plan with eligibility of age 21/3 months of service. When will the 2 plans need to be tested together? How about if each plan passes the 410(b) and also 401(a)(4) on their own, can they be tested separately? Top heavy issues aside. What else am I not thinking of or not asking? May be something related to 410(b)(6)?"

2 replies so far   |    Click Here to Add a Reply

Tom created a topic in Form 5500

How to Confirm 5500-EZ Filing

"We filed an EZ form as final as of Nov 2022 on a 2021 form. We received a Filing Received acknowledgement but with a warning message because of the short year and on a 2021 form I suppose. Is there a way I can confirm the 5500 was filed with the DOL? It isn't searchable on the regular search site of course. But I wonder if there is a help line or other practitioner site."

1 reply so far   |    Click Here to Add a Reply

Alex M. created a topic in 401(k) Plans

Participating Employer Wants to Start Separate 401(k) Plan

"I have a plan that has multiple Participating Employers in it. One of those PE's terminated with the original Employer 401(k) plan. They are wanting to start their own 401(k) plan. Would this cause any issues?"

2 replies so far   |    Click Here to Add a Reply

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