Message Boards Digest

May 15, 2023

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

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

2021 EZ filed but no SB done

"Hi Looking at a potential takeover for 2022. Although 5500EZ was filed for 2021, no valuation was done and no SB signed. Forget the AFTAP for a sec. Looks like some contribution was made, not sure if satisfies MRC. As I have never seen this before, what are corrective steps to be taken? If anyone has experience with this and can share it, would appreciate it. Thank you"
12 replies so far   |    Click Here to Add a Reply

CLE Pension created a topic in Defined Benefit Plans, Including Cash Balance

RMD marital status unknown

"Looking for opinions on what to do with DB RMD when marital status is unknown. IF you were going to force someone into payment, and did not know if the participant was married or not, would you set up with a life annuity form of payment or a QJSA with spouse date of birth the same as participant's? What if the normal form of payment in the plan, for an unmarried participant, is a 10-year certain and life?"
2 replies so far   |    Click Here to Add a Reply

thepensionmaven created a topic in Plan Terminations

profit sharing plan termination with leftover funds

"We have a profit sharing plan that was terminated effective 7/1/22. Most participants rolled over by 12/31/22, the remaining participants, exclusive of the owners were paid out between 1/1/23-5/12/23. After the owners rollover, there is an excess of roughly $2,500 sitting in the plan master account at Schwab and the client is asking what to do with it. Usually the excess is paid to the TPA as an administrative expense, but they are complaining because they had paid my fee 12/22; this is the only plan I have that the excess probably will not be paid as an administrative expense. To whom would the excess be reallocated, those that were paid after 12/31/22 or all participants of the plan that were paid out."
5 replies so far   |    Click Here to Add a Reply

dragondon created a topic in 401(k) Plans

Enhanced safe harbor and testing requirements

"Is a enhanced safe harbor match (6%) still exempt from top heavy and ADP and ACP testing?"
1 reply so far   |    Click Here to Add a Reply

Zinco created a topic in Relius Administration

Brokerage to Platform Plan Specs Changes in Relius

"Hello, I need to switch investments in plan specs to allow the use of an allocated link on a balance forward plan. After making the changes (added Voya as investment and generated accounts for everyone), I am unable to run a profit sharing transaction, and I am not sure where the disconnect might be. Also, how should the brokerage account assets be transferred over to the new record keeper platform accounts within relius to reflect the actuality of the account balances at their new record keeper platform? Any guidance is greatly appreciated"
No replies yet   |    Click Here to Add a Reply

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