Message Boards Digest

May 11, 2023

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

Lou81 created a topic in 401(k) Plans

Late Deferral Contribution: Correction and Reporting

"Client had a late deposit for the 12/23/2022 pay date. The total deferral was $1,400 It was discovered, deposited and the lost earning were calculated and deposited into the plan in Feb 2023. Since the payroll was 12/23/2022 , is it considered late for 2022? Do we need to put on the 2022 5500 and complete the 5330 for 2022? Could this be corrected with self-correction and no need to report?"

3 replies so far   |    Click Here to Add a Reply

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Peter Gulia created a topic in Retirement Plans in General

Are Lawsuits Against Retirement Plan Fiduciaries Few in Proportion to the Number of Plans?

"Many practitioners recognize the wave of lawsuits asserting a retirement plan's fiduciary's breach in allowing unreasonable expenses began with the Schlicter firm's first few in 2006. An insurance business's infographic BenefitsLink helpfully points to shows an average of 83 fiduciary-breach lawsuits a year for 2019-2022. And it shows 625 lawsuits for 2010-2022. For 2009-2021, the Labor department's EFAST database shows an average of 833,722.4 Form 5500 reports a year. Year by year, some plans enter that count, some plans exit that count, and many plans continue over many years (and decades). Further, not all plans are pension or retirement plans, and of those not all are individual-account (defined-contribution) plans.... But extrapolating from these numbers and filling-in or assuming other facts, what's our guesstimate of the percentage of individual-account retirement plans' fiduciaries not sued? Is it 99%?"

6 replies so far   |    Click Here to Add a Reply

aaronb26 created a topic in Form 5500

Would a 5500-EZ Be Required in This Situation?

"This IRS article has me a bit confused on what filing is required: '$250,000 combined plan assets -- Many plan sponsors didn't know the $250,000 in plan assets is a combined total for all their one-participant plans. Sponsors must file a Form 5500-EZ for each of their one-participant plans when the total assets at the end of the plan year for all one-participant plans they maintain is greater than $250,000. Some plan sponsors incorrectly thought the $250,000 filing requirement was per plan, per participant or per investment.'

"Let's say a person has two solo 401k plans setup: [1] Sole proprietorship -- solo 401k balance of $1,500,000 [2] S-Corp -- solo 401k balance of $125k. Both companies have separate EINs and 401k accounts. Since the individual is the sole participant in both plans would they be required to report the smaller account balance on Form 5500-EZ since in aggregate they are over $250k or is it not required since these are two different sponsors and the 2nd account is under the $250k threshold? If required, would it be wise to file and request late filer relief and pay the fee?"

4 replies so far   |    Click Here to Add a Reply

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